Seminole tribe signs a ‘historic compact’ with the state that will generate billions of dollars in revenue
The Seminole tribe Hard Rock Casino has been a hot topic since its opening in 2019. That’s among six other casinos in Florida, and more in Canada and the Dominican Republic. Hard Rock Casino is home to 5,000 slot machines and hundreds of poker, blackjack, and baccarat tables. So the success is undoubtedly there.
It’s impressive, especially since gambling wasn’t even a topic of discussion for Tribal people back in 1913. But now they host the largest legal sports betting operation in the United States and have been on a roll since the recent deal cut with Governor Ron DeSantis.
Ron DeSantis and the Seminole Tribe finalized a 30-year gambling agreement deal that will bring $2.5B to the state of Florida in the next half a decade, in exchange for granting the Seminole tribe control over statewide sports betting.
Desantis stated that the new deal with the Seminole tribe is expected to generate $6 billion for the state through 2030.
“This historic compact expands economic opportunity, tourism, and recreation, and bolsters the fiscal success of our state in one fell swoop for the benefit of all Floridians and Seminoles alike...Our agreement establishes the framework to generate billions in new revenue and untold waves of positive economic impact. I would like to thank Seminole Tribe of Florida Chairman Marcellus Osceola Jr., Senate President Wilton Simpson, and House Speaker Chris Sprowls for their collective commitment to modernizing the gaming industry in the state of Florida and setting the bar for the rest of the nation.” DeSantis commented.
"We are looking at this thing being hopefully operational by the summer. I think everyone wants it before football season, so that is going to be the goal," he said. "The tribe can monetize that. The state will be able to monetize part of that. We also just trust the tribe to be the ones doing this, rather than stuff that is offshore and all these other things. So, we think it brings a level of protection to the consumer."
This new agreement offers the Seminole Tribe an opportunity to run online sports betting, with pari-mutuel operators included in the contract. It would also permit Seminoles to keep 40% sports-betting revenue, with 60% going to the listed pari-mutuel. The state will get a cut also - 10% of the overall winnings, as well as 13.75% of the Seminole tribe’s sports betting net revenues.
It is expected that everything will be set in motion before fall, and players will have a chance to make sports bets on their favorite Superbowl teams.