Massive Week For Online Sports Betting In Florida

Florida lawmakers will decide this week if sports betting along with a major gambling expansion will happen in the state.

Governor Ron DeSantis is pushing hard to get the compact across the line which would be a dream for the Seminole Tribe of Florida.

If the gaming compact gets done and then approved by federal regulators then it will see the Seminole Tribe of Florida get 30 years of exclusive rights to run online sports betting in the state. Given that Florida approves the deal it will become the largest state in the US to have online sports betting and that is massive to anyone who gets it.

Along with the online sports betting the Seminole Tribe of Florida will also be allowed to build another three casino resorts on tribal land.

With that comes a promise by the Seminole Tribe of Florida to pay the state a minimum of $500 million a year and could rise dependant on revenues and profits.

It may sound a lot to pay but with Florida having some 21 million residents and being the third largest state in the US, then it’s a really good deal say analysts.

But the deal is not done yet as there are powerful players involved who are against it and along with large amounts of powerful cash could try and derail the deal this coming week.

Indeed even pro-sports betting Senate President Wilton Simpson feels that it is going to be a struggle getting the deal done but feels that the deal will get done.

To get the deal over the line lawmakers are working double time to be ready for the vote and indeed having the laws in place to allow for online sports betting along with establishing a state Gaming Control Commission.

One challenge that could come in and slow the deal down is that opponents believe a referendum is needed, like that of 2018 when new casino games were introduced and so opponents could say this is a constitutional requirement for Floridians to vote on this deal.

Is this a good deal for the Seminole Tribe, indeed it looks a great deal for them, up until 2019 the tribe were paying $350 million a year for Seminole Hard Rock Hotel & Casino in Tampa and six other casinos in Florida. Now with online sports betting and three more casinos with $150 million extra to pay it seems a great deal.

The Seminole Tribe has in fact stopped paying their annual revenues payment because of a dispute with former Governor Rick Scott on pari-mutuels which the tribe believed they had exclusivity on.

Will the thirds largest state see online sports betting introduced next week, the signs are it could but expect legal challenges to it as it is such a massive deal for all parties.