The Seminole Tribe of Florida and the State of Florida have signed a landmark new 30-year compact. Governor Ron DeSantis announced the deal, which is projected to raise a minimum of $2.5 billion in new revenue over the next five years and a total of $6 billion by 2030.
The compact modernises the gaming industry by allowing sports betting in Florida through the tribe’s gaming venues in South Florida and Tampa. It is larger and reportedly more robust than any other gaming compact in US history.
The agreement also protects pari-mutuel activities and gives tribal members the ability to engage in sports betting.
Governor Ron DeSantis said: “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.
“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.”
Preserves and offers new opportunities
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 finalising 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 providing a major revenue source for Florida, the legalisation of legal sports betting is expected to generate more than 2,200 jobs in the state, according to estimates.