Floridians can now bet on the Olympic Games for the first time, but experts disagree on how much it will impact the industry.
Until last November, sports betting was illegal in Florida. Last month, the U.S. Supreme Court decided it would not take up the challenge against the treaty between the state of Florida and the Seminole Tribe which granted the tribe a monopoly on online sports betting.
Now, the dispute is resolved, at least temporarily. That means that Hard Rock Bet is the only sportsbook in Florida, and it will be offering betting on select events at this summer鈥檚 Olympics, which started in Paris this week.
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The Olympics fall during sports betting鈥檚 slow season: the summer. It鈥檚 off-season for basketball and football, two major sports for bettors. However, even though the Olympics are a major international event, experts aren鈥檛 sure if it will fully resolve sports betting鈥檚 summertime slump.
鈥淎nyone would be hard pressed to name their favorite decathlete or a sprinter,鈥� said Robert Linnehan, a sports betting regulatory reporter for Sports Betting Dime. 鈥淚t's more about the events and less about the individuals, and it's certainly going to attract more of the casual better than a professional better.鈥�
Florida is just one of many states wagering on the Olympics for the first time, but it鈥檚 one of the few states where betters won鈥檛 be shopping around for better odds 鈥� because there鈥檚 only one option.
In other states like Maryland and Ohio, sportsbooks have to compete to attract bettors. This means that it鈥檚 likely that Hard Rock Bet won鈥檛 be giving consumers the best odds, lines and prices, said Sports Betting Attorney Daniel Wallach.
鈥淚n a multi-competitor market, the consumer is given a lot of incentives and initial promotional discounts in order to participate. That is largely absent from the Florida landscape,鈥� Wallach said. 鈥淪o, number one, the pricing is less favorable for the consumer. And most importantly, there is no real or meaningful consumer dispute resolution procedure.鈥�
Wallach adds that in other states where there鈥檚 multiple sportsbooks, there鈥檚 a state gaming commission that could resolve any disagreement between a bettor and a sportsbook. However, in Florida, the compact mandates that any dispute will be taken to the company, which is the Seminole Tribe.
Linnehan said that some apps have avoided judged events, like ice skating or gymnastics, over fears of collusion and cheating. Similarly, the olympic events available on Hard Rock Bet seem to mostly be point-based sports, like basketball, tennis and soccer.
