The Washington Economics Group

WEG Study: Florida Education Champions touts millions in economic benefits from 2022 sports-betting initiative

The Capitolist –  by Jordan Kirkland | Nov 24, 2021

FEC, a political committee that seeks to expand online sports gambling, released a new study on Wednesday analyzing the economic and revenue benefits from its 2022 proposed voting initiative. The FEC commissioned report found 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 findings represent the significant benefits our proposed constitutional amendment will provide to Florida taxpayers, consumers, and to our public education system. 

The study, conducted by The Washington Economics Group (WEG), also indicated that the amendment will have a major year-to-year impact on the state, noting that it will support over 31,181 jobs and generate over $1.2 billion in household income statewide. Additionally, the proposal will also create over $2 billion in Gross Domestic Product (GDP) and carry a total economic impact of more than $3.5 bill every year throughout the Sunshine State.

“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,” said WEG Founder and Senior Advisor Dr. J. Antonio Villamil. Read full article

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