Stanley Cup Finals Huge for Florida Sports Betting

The 2024 NHL Stanley Cup Finals will face off starting on Saturday, June 8. And the season’s crowning matchup ensures it will be a banner series for the Florida sports betting.

After beating out the New York Rangers in the Eastern Conference Finals, the Florida Panthers will make their second consecutive appearance in the Stanley Cup Finals. This will also be just their third cameo in the championship round in franchise history. The Panthers came up short in their two previous title bids, most recently falling to the Vegas Golden Knights in just five games.

Will this year be different? Perhaps. But we’re not here to break down the series itself. For what it’s worth, though, the latest odds to win the 2024 Stanley Cup Finals do paint the Panthers as favorites to take down the Edmonton Oilers. And yet, even if they lose, this series figures to be a huge revenue driver for sports betting in Florida.

In fact, the Sunshine State could be gearing up for a record month in their sports betting handle. Will Florida’s profit follow suit? And why is this such a big deal for the state in general? Let’s talk about it.

The Florida Sports Betting Market Entering Uncharted Territory During the 2024 Stanley Cup Finals

There is a level of obviousness to this discussion. States see an uptick in sports betting action whenever a professional franchise from the market cracks the championship stage. The Panthers’ third-ever Stanley Cup Final appearance won’t be any different for Florida sports betting.

Still, there is a uniqueness to the circumstances. It can be easy to forget since the issue has remained tied up in the courts for multiple years, but sports wagering in Florida isn’t exactly longstanding. While it launched in 2021, it was quickly forced to shudder operations. And the Seminole tribe didn’t relaunch sports betting in Florida until this past December.

In that time, plenty of major competitions have come and gone. Most notably, betting on the Super Bowl in Florida was legal for the first time. Never before, though, has a team from the Sunshine State earned the chance to win a title during the Florida sports gambling era. The Panthers’ latest Stanley Cup Finals bid will be the first.

This should invariably incite an even larger increase in Stanley Cup Finals betting than usual. Sure, business always climbs during championship rounds. But the level of engagement from residents—especially more casual and recreational customers—skyrockets when there’s a widespread rooting interest in the final outcome.

Looming United States Supreme Court Decision Also Stands to Impact Stanley Cup Finals Betting in Florida

Of course, the Panthers aren’t the only reason we could see a massive ascent in June’s Florida sports betting handle. The pending decision from the United States Supreme Court (SCOTUS) in the matter of West Flagler Associates vs. the Seminole Tribe and Department of the Interior will also play a role.

Both sides of the lawsuit have submitted their petitions (West Flagler Associates) and requisite responses (Department of the Interior). The Supreme Court will now decide whether to hear the case. And that decision is expected to come soon—perhaps even this month.

Many do not expect SCOTUS to take the case. Certain experts, in particular, have cited that President Joe Biden’s top Supreme Court lawyer has outlined an argument in favor of Florida sports betting. If SCOTUS passes on the case, sports betting in the Sunshine State should carry on uninterrupted.

What happens if SCOTUS takes the case? That’s a good question. And one for which nobody has a definitive answer. We know SCOTUS won’t render a ruling before 2025. But will they also order Florida sports betting operations to cease while they try the case?

Our guess is no. The Seminole tribe likely wouldn’t have relaunched sports betting if they believed there was a possibility they’d have to pull back shortly thereafter. At the same time, this entire sage is peppered with twists and turns. So, you can never say never.

Faced with the prospect of future uncertainty once more, Florida bettors could potentially view the Stanley Cup Finals as maybe their last chance to partake in sports wagering without interruption. After all, nothing drives action and interest like the possibility of not being able to do it for a while.

The Florida Sports Betting Handle will be High During the Stanley Cup Finals, But Will Revenue Follow Suit?

Plenty of people still equate a high sports betting handle to equally high sports betting revenue. In reality, there doesn’t need to be a correlation.

A state’s sports betting handle is simply the total amount of money customers wagered during a select period of time. Tax revenue is derived from how much of that money becomes profit for sportsbooks after they pay out all the winning wagers.

For Florida sports betting, specifically, the Seminole tribe is the only operator involved in determining these figures. No other tribe has the right to offer sports wagering. The same goes for all of the top online sportsbooks in the United States.

Now, because the Panthers are competing for the Stanley Cup, a vast majority of the betting action will be on them to win it all. This isn’t just because they’re favored. It’s because in-market fans almost always wager on their team to emerge victorious if they’re challenging for a title.

One of two things can happen as a result. If the Panthers lose, the Seminole tribe sportsbook in Florida will likely turn a massive profit because so many wagers didn’t pan out. On the flip side, if the Panthers win, the Seminoles will probably have to pay out a king’s ransom in winning wagers. That will impact their bottom line for the month of June as well as the tax revenue allocated to the state.

Granted, this isn’t an exact science. The Panthers could win the series, and a sportsbook in Florida could still make out like bandits. Stanley Cup prop betting and single-game wagers don’t always correlate to the final outcome. Either way, though, Florida sports betting appears headed toward a record-setting handle in June. We’ll have to wait and see if the revenue report follows suit.

Take a look at this list of the top online sportsbooks so you can find one that works for all of your sports betting needs: