Regulated sports betting is coming to the state of Florida after Governor Ron DeSantis signed a deal with the Seminole Indian Tribe that ushers in a major expansion of gaming throughout the state. It’s a deal that will also put a minimum of $500 million a year in state coffers for the next 30 years.
Under the terms of the new gaming compact, the Seminoles will become the state’s exclusive sportsbook and will have the opportunity to introduce mobile sports betting apps. In return for three decades of exclusivity, the Seminoles will pay the state a minimum of $500 million a year. That number could go up if sports betting revenue exceeds certain benchmarks.
Governor DeSantis said he’d glad to see the Seminoles taking over sports betting in the state and hoped that it would put an end to the extensive offshore gaming that’s already happening. “We also just trust the Tribe to be the ones doing that rather than stuff that’s offshore,” he said before adding that he’ll be placing a wager on the Tampa Bay Bucaneers to win the Super Bowl.
In a statement reported on by the Miami Herald, Governor DeSantis also praised the bill saying, “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 Governor Ron DeSantis. Our agreement establishes the framework to generate billions in new revenue and untold waves of positive economic impact.”
Before the Seminoles take control of regulated sports betting in Florida, the deal must be approved the US Department of the Interior.