Florida Gov. Ron DeSantis reached an agreement with the Seminole Tribe leaders about expanding gambling in the state. The deal includes the introduction of sports betting. The Tribe will be the hub for the State’s online betting.
Roulette and craps will be added to casinos, giving Florida a more significant piece of the enormous $227 billion casino industry.
After signing, the Governor said that the 30-year deal would bring $2.5 billion to the state in the next five years and at least $6 billion by 2030. The deal will create an additional 2200 jobs.
As sports betting is now about 30%-40% of the worldwide gambling market, Florida is the latest state to jump on board. The state is hoping to go operational before the start of football season in September. That will make Florida the most populated state to allow sports betting.
The Seminole tribe will control sports and online betting in the state. They can sub-lease to other companies but will retain 60% of revenue, with 40% going directly to the tribe.
The Seminoles will pay to the state 10% of the operator’s revenue and 13.755% of its own sports-betting revenue. If the tribe chooses not to sub-lease, it will pay an additional 2% to the state.
The tribe can also license former dog tracks, Jai-Alai, and horse tracks to accept wagers for them.
The deal has to be approved by Legislature, most likely in May. It is facing some opposition, though. Some lawmakers and leaders have pointed out at a 2018 constitutional amendment that states any changes to gambling must be voted by the public.
We will see what unfolds in the next few months. One thing is for sure – sports betting is expanding in the US. More and more states are looking into legalizing it and bring in extra revenue.