Florida closes $2.5bn sports betting deal with Seminole Tribe

Legislators will discuss the compact in May.
Legislators will discuss the compact in May.

Florida has finalised a 30-year deal with the Seminole Tribe giving them control of all sports betting in the state.

US.- Florida’s governor, Ron DeSanti, has sealed a $2.5bn deal with the Seminole Tribe $2.5bn that guarantees the tribe complete control of sports betting in the state for 30 years.

Governor De Santis said the proposal, which still needs the approval of legislators, is the best result for both the tribe and the state.

He said: “Sports betting really is going on already. Why don’t we come together, put some structure to this, and let it be done in a way where the tribe is in control of the sports, and the state is able to share with some generous revenue payments.”

The proposal will be studied by legislators on May 17. The extraordinary session of this year it’s supposed to finish on April 30 but legislator leaders have scheduled an extra session to give more time to evaluate the deal.

The pact will allow gambling operators that work with the tribe to keep 60 per cent of sports betting revenue, while the Seminole Tribe will take 40 per cent.

The tribe will pay the state of Florida 10 per cent of pari-mutuel operators’ net winnings and 13.75 per cent of the tribe’s own sports betting net revenues.

This new deal aims to comply with a 2018 constitutional amendment, known as Amendment 3, which requires the approval of voters from the whole state of Florida for future gambling expansions.

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