At the end of last week, the U.S. Department of the Interior approved the gaming compact between the State of Florida and the Seminole Tribe of Florida.
This agreement, the largest gaming compact in history, will generate a minimum of $2.5 billion in new revenue to the state over the next five years and an estimated $6 billion through 2030. The Tribe is not currently making any revenue payments to the state.
“The final approval of this historic gaming compact is a big deal for the State of Florida,” said Gov. Ron DeSantis. “This mutually beneficial agreement will grow our economy, expand tourism and recreation and provide billions in new revenue to benefit Floridians. I again want to thank Seminole Tribe of Florida Chairman Marcellus Osceola Jr., Senate President Wilton Simpson and House Speaker Chris Sprowls for their part in getting this done for our great state.”
“Today is a great day for the people of Florida, who will benefit not only from a $2.5 billion revenue-sharing guarantee over five years but also from statewide sports betting and new casino games that will roll out this fall and mean more jobs for Floridians and more money invested in this state,” said Marcellus Osceola Jr., the chairman of the Seminole Tribe of Florida. “We thank Governor DeSantis, President Simpson, Speaker Sprowls and the Florida Legislature for their leadership and hard work.”
“I thank Governor DeSantis, House Speaker Chris Sprowls and the Seminole Tribe for their hard work and leadership to provide new opportunities for Florida’s legacy pari-mutuel industry, ensure oversight and accountability in gaming and secure billions of dollars in new revenue to invest in Florida’s future,” said state Senate President Wilton Simpson, R-Tribly.
“The approval of the Florida gaming compact by the Department of the Interior clears the way for a mutually beneficial arrangement to Florida taxpayers and the Seminole Tribe,” said state House Speaker Chris Sprowls, R-Palm Harbor. “After years without a compact, I’m pleased the Governor, the Seminole Tribe of Florida and the Legislature could come to an agreement.”
DeSantis announced the compact in April, and the compact was ratified by the Florida Legislature during a special legislative session in May. Larger and more expansive than any other gaming compact in U.S. history, the agreement increases the projected revenue to the State of Florida from the Seminole Tribe to over $6 billion over the next decade, with a guaranteed minimum of $2.5 billion dollars during the first five years. The State of Florida is not currently receiving revenue from gaming activities on Tribal lands.
The compact modernizes the gaming industry through the authorization of sports betting in Florida through the Tribe. The agreement also provides protections for pari-mutuel operations and the opportunity to participate in sports betting offered by the Tribe. By some estimates, sports betting is expected to create over 2,200 jobs for Floridians.