Florida Governor Ron DeSantis and the Seminole Tribe of Florida have signed an expansive revision to the tribe’s gambling compact that will run for 30 years and which could generate billions in dollars in revenue for the state. The new compact, signed on Friday, is designed to bring legalized sports betting to Florida while also resolving previous differences between the state and the tribe that caused the Seminoles to halt their revenue-sharing payments to the state for the past two years.
Florida’s Seminole Tribe agrees to a 30-year gambling compact with the state that includes sports betting and expanded gambling on games such as baccarat and craps. (Image: Miami Herald)
Under the terms of the deal announced on Friday, the Seminole Tribe will also drop its existing claims against the state’s pari-mutuel facilities and poker rooms over their alleged offering of games not authorized under Florida law. Those contentions served as the basis for the Seminoles to stop making the payments called for under their earlier tribal compact, which amounted to $350 million annually in 2018.
The new deal involving both live and mobile sports betting considerably sweetens the pot for both sides. Under the compact’s terms , the Seminole Tribe would guarantee the state at least $500 million per year for the next 30 years. However, the two sides project that the actual take for the state will be in excess of $600 million annually.
The Seminoles will drop its existing claims involving certain player-banked card games at the pari-mutuel-run card rooms. […]