A good business owner will always keep a good eye on various parts of the law that may boost or hinder their operation. In Florida, one of those things can be gambling law.
Today, we take a look at how gambling laws in Florida can actually affect your business. Here are a few solid ways how:
It Affects Your Fundraisers
A fairly common usage for gambling would be for fundraisers. If you’re not aware of the fact, lotteries and even games of bingo are to be considered forms of gambling under Florida law. If you are going to throw a Vegas Night themed fundraiser, being aware of the law can spare you from some pretty unfortunate run-ins with the law.
For example, if you’re using poker, did you know that it is illegal to have a pot that exceeds the amount of $10?
It Affects the Licensing You Need
While most forms of gambling are not allowed in Florida, there are some that pass. One such thing would be horse racing. If you are planning to have a business that helps bettors place bets on a particular horse or racing result, you will naturally need a license to do so.
Not all business licenses are the same. It would be smart of you to determine which one will be needed by the business that you want to create.
It Affects Your Taxation
Taxes are always an unpleasant part of life. However, we can all agree that it is needed in order to allow our country and our community to keep growing and working. The gambling laws in Florida may actually affect how you are taxed—especially if your business is related to gambling.
While it may seem like you’ll have some extra hoops to overcome, these are all for your benefit and the benefit of the beautiful state of Florida. What effects would you say gambling laws have on a business? We’d love to know!