Florida has inked a brand new 30 year year gaming compact with the Seminole Tribe. What makes this compact so unique is that it makes allowance for the tribe to offer sports betting and fantasy sports betting in the state.
Governor Ron DeSantis is hopeful that the new compact will unlock $2.5 billion in revenue over the next five years, as it expands economic opportunity, tourism and recreation.
The Governor told the media that the compact “bolsters the fiscal success of our state in one fell swoop for the benefit of all Floridians and Seminoles alike.” It has the potential to bring in up to $6 billion in new revenue for the Sunshine State by 2030.
The compact still needs to be approved by the legislature and federal government, although it is not expected to run into major obstacles. The approval will most likely be given during a special session in May, as the regular session is currently winding down.
Senator Wilton Simpson confirmed that the compact had been signed and sent a memo to his peers in which he said that it covered “state-wide online sports betting in partnership with the pari-mutuels.”
There weren’t a lot of details published about the gaming compact, including tax rates and number of skins; however, it is certain that there will be multiple skins available.
Under the terms of the compact, the Seminole Tribe could be given as much as 55% of the revenue for passing the right to pari-mutuel operators in order to run mobile sports betting sites.
“By comprehensively addressing issues raised for almost a decade, the 2021 Compact will maximize revenues for the state and provide new opportunities for both the Tribe and Florida’s pari-mutuel businesses by updating Florida law to better reflect the current gaming climate.” wrote Simpson in his memo.