The State of Florida and the Seminole Tribe of Florida have entered into an historic new 30-year compact. The agreement, confirmed by Governor Ron DeSantis, is expected to generate a minimum of $2.5bn in new revenue over the next five years and an estimated $6bn by 2030.
Larger and reportedly more expansive than any other gaming compact in US history, the compact modernizes the gaming industry through the authorization of sports betting in Florida through the tribe at its gaming venues in South Florida and Tampa.
The agreement also provides protections for pari-mutuel operations and the opportunity to participate in sports betting offered by the tribe.
“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,” said DeSantis.
He added: “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.”
Osceola Jr commented: “The Seminole Tribe of Florida is committed to a mutually-beneficial gaming compact with the State of Florida and looks forward to its approval by the Florida Legislature, the Seminole Tribal Council and the US Department of the Interior.
“The Tribe wants to express our sincere thanks to Governor DeSantis, Senate President Simpson, House Speaker Sprowls and many others who have worked hard to negotiate a historic agreement that cements our partnership with the state for decades to come.”
Simpson added: “The historic new 30-year gaming compact Governor DeSantis and the Seminole Tribe of Florida executed today restores the State’s relationship with the tribe, preserves and offers new opportunities for Florida’s legacy pari-mutuel industry, and provides substantial new revenues for the State of Florida.
“I’m grateful to Governor DeSantis for his leadership in finalizing this compact and look forward to our upcoming special session to address legislation related to the implementation of this monumental agreement and to ratify the compact.”
In addition to generating a significant income stream for Florida, the introduction of legal sports betting is, according to estimates, likely to create more than 2,200 jobs within the state.
