Five Florida pari-mutuels have entered into marketing agreements with the Seminole Tribe of Florida in preparation for the launch of sports betting in the state.
News of the pari-mutuel agreements was among the highlights of a gaming compact news update to the people of Florida from state Governor Ron DeSantis, Seminole Tribe of Florida Chairman Marcellus Osceola Jr and Seminole Gaming CEO Jim Allen.
The gaming compact, signed by DeSantis and Osceola Jr in April, was overwhelmingly approved with bipartisan support by the Florida Legislature in May. It was deemed approved by the US Department of the Interior in August, less than three months ago.
Osceola Jr commented: “The gaming compact is a mutually-beneficial partnership between the State and Seminole Tribe that positively impacts all Floridians. In addition to our revenue sharing contributions, we are hiring hundreds of Floridians and investing millions of dollars in the state.”
DeSantis commented: “As was promised when it was signed, this historic compact is expanding economic opportunity, tourism, and recreation in Florida. Not only will this compact bring a guaranteed $2.5bn in revenue over the next five years, but it also brings together Florida pari-mutuel businesses from across the state in a creative partnership with the Seminole Tribe providing increased access to safe and transparent sports betting in Florida.
The Governor went on to describe the announcement as a great success for the state and the Seminole Tribe, adding: “I look forward to the announcement of additional partnerships to come.”
The new Gaming Compact guarantees a minimum of $2.5 billion in revenue sharing for Florida over the first five years. The state received its first monthly revenue sharing contribution from the Seminole Tribe in October, when a $37m payment was transmitted.
The five pari-mutuels that have signed agreements with the Seminole Tribe are Palm Beach Kennel Club, West Palm Beach; Hialeah Park Casino, Hialeah; Ocala Gainesville Poker and Ocala Breeder’s Sales Company, Ocala; Tampa Bay Downs, Tampa and TGT Poker & Racebook, Tampa.
The pari-mutuels will market the sportsbook at their facilities and to their customers and in return earn 60% of the profits that are generated from their marketing efforts. Additional marketing agreements with Florida pari-mutuels are expected to be announced soon.
Allen concluded: “Today’s announcement follows through on the Tribe’s commitment to include pari-mutuel marketing partners in Florida sports betting. They are an important component for the coming launch of sports betting throughout the state of Florida.
“We have already exceeded the compact’s requirement for a minimum of three pari-mutuel agreements and we look forward to developing more relationships with pari-mutuels around Florida.”
