Parimutuels Get A Win In Florida Sports Betting Outlook With Seminoles

• Under the Seminole Tribe’s Gaming Compact with Florida, pari-mutuel facilities can offer sports betting in partnership with the Seminole Tribe, who was granted an exclusivity agreement.

TALLAHASSEE, Fla. – Florida’s Seminole Tribe has reached an agreement with five pari-mutuel facilities to offer sports betting when the Seminole tribe launches its sports betting venture.

According to the Seminole press release, these facilities will be able to offer sports betting once it officially launches in Florida: the Palm Beach Kennel Club; the Hialeah Park Casino; Ocala Gainesville Poker; Tampa Bay Downs; and TGT Poker & Racebook.

The facilities must pay the Seminole Tribe 40% of all sports betting revenue, and all bets will be processed via servers on Seminole land.

The historic compact between Florida and the Seminole Tribe was approved by lawmakers and Governor Ron DeSantis in May and provides the Seminole tribe with a monopoly on sports betting in the state.

The new Florida law will allow gamblers anywhere in the state to place sports bets on smartphones or other online devices, with the bets run through servers on Seminole land. Pari-mutuels that enter contracts with the tribe will market sports betting at their facilities.

The Seminole gaming compact also requires that the tribe have deals in place with a minimum of three parimutuels within 60 days of going live with legal wagering; these agreements satisfy those requirements, though the tribe says they plan on adding more agreements with pari-mutuel facilities. Under the compact, the tribe is expected to pay $2.5 billion to the state over the first five years in exchange for being allowed to operate sports betting and offer casino gaming at their tribal casinos.

Gov. DeSantis is very happy about how the newly-regulated sports betting industry in Florida is shaping up.

“As was promised when it was signed, this historic compact is expanding economic opportunity, tourism, and recreation in Florida,” Gov. DeSantis said via the press release. “Not only will this compact bring a guaranteed $2.5 billion in revenue over the next five years, but it also brings together Florida pari-mutuel businesses from across the state in a creative partnership with the Seminole Tribe providing increased access to safe and transparent sports betting in Florida.”

The Seminole Tribe has not announced an officially planned launch date, though the agreements with the pari-mutuel facilities certainly bring the industry one step closer to launch.

News tags: Florida | Hialeah Park Casino | Ocala Gainesville Poker | Palm Beach Kennel Club | Ron DeSantis | Seminole Tribe | Tampa Bay Downs | TGT Poker & Racebook