Florida Sports Betting Close to Reality As Governor Sign Seminole New Compact
Florida Sports betting is closer than ever after a deal was announced on Friday.
Governor Ron DeSantis and the Seminole tribe signed a new gaming contract that would bring mobile sports betting to the market in Florida Sunshine state.
The new pact still has to be approved by the legislature and the federal government and could face legal challenges. However, it is a big breakthrough in the third largest market in the US.
What we know about the new Florida Gaming Compact
A memo from the Florida Senator Wilton Simpson confirmed the signing of the 30 years compact.
Simpson said the new deal covered: “Nationwide online sports betting in partnership with the Pari-Mutuels.” The definition of this remains unclear.
The exact nature of the FL sports betting market in terms of skins and tax rate is still vague. Multiple skins may be available, however, with the Seminole tribe making a cut from each bet.
A Miami Herald report said that pari-mutuel operators could run mobile sports betting websites in exchange for donations 55% of income to the tribe. There are 35 equivalent operators in the state. Could they be potential partners for sports betting companies? Of course, a 55% revenue share doesn’t leave much room for profitability.
Simpson said in his memo to the Senators:
“Today, after months of negotiations, Governor DeSantis and the Seminole Tribe of Florida signed a historic 30-year new gambling contract that will restore the state’s relationship with the tribe, preserve Florida’s old pari-mutuel industry, and create new opportunities and essentials new provides revenue for the state of Florida. “
What’s Next for Sports Betting in Florida?
Simpson said the new pact would bring in 6 billion dollars in new revenue for the state 2030.
This of course also includes a variety of other game payments, not just FL sports betting.
Florida lawmakers must now approve the pact. This could take place in a special session that would last until May as the state’s regular session only lasts a few days.
Simpson said the special session will also discuss other gaming bills to “address the future of gaming more fully”.
- Senate Act 7076 would do a five-man Gaming Control Commission.
- Senate Act 7080 decouples game licenses. Pari-Mutuel and Cardroom licensees would no longer have to offer harness races, quarter horse races or Jai Alai.
The Miami Herald reported earlier this week that a deal was largely closed in principle. The prospect of some form of mobile sports betting in Florida could give a big boost to other states facing tribal gaming-related challenges.
4.23.21 2021 Gaming Compact