TALLAHASSEE, Fla. – Today, Florida Education Champions (FEC) – the political committee working to establish a competitive, legal sports betting market in Florida – and Washington Economics Group (WEG) released the results of a new study which indicate that the political committee’s proposed constitutional amendment is expected to generate $350 million in state and local tax revenue annually, including $247 million that would be directed to the Florida Department of Education’s Educational Enhancement Trust Fund.
The study, commissioned by Florida Education Champions and conducted by Washington Economics Group, also notes it can be anticipated that each year the proposed constitutional amendment will:
- Support 31,181 jobs
- Generate $1.24 billion in household income
- Create over $2.07 billion in Gross Domestic Product (GDP), and have a
- Total economic impact of over $3.5 billion every year throughout the state of Florida.
Florida Education Champions Chairman David Johnson said, “The findings represent the significant benefits our proposed constitutional amendment will provide to Florida taxpayers, consumers, and to our public education system. We will continue our work to secure the necessary petitions to offer our amendment to the voters on the November 2022 general election ballot, so Floridians can competitively bet on their favorite sports teams where and how they want, and students have the resources they need to receive the highest quality education, all while the state economy further diversifies and thrives.”
Washington Economics Group Founder and Senior Advisor Dr. J. Antonio “Tony” Villamil said, “The Washington Economic Group meticulously examined the Florida Education Champions’ sports betting amendment and estimated that its eventual passage would result in substantial positive economic benefits, extending beyond those directly related to increased gross gaming revenue and state tax payments. In our minds, there’s no doubt that it’s a ‘win-win’ for Florida taxpayers.”
About Florida Education Champions
Florida Education Champions is a political committee formed in June 2021 for the purpose of securing petitions in order to place a constitutional amendment on the November 2022 general election ballot. Specifically, this amendment authorizes sports and event betting at professional sports venues, pari-mutuel facilities, and statewide via online sports betting platforms, and if betting revenues are taxed, taxes must supplement the Educational Enhancement Trust Fund. For more information and/or to request a petition in the mail, please visit www.FloridaEducationChampions.com