Florida’s Gambling Market Expansion Attempts May Have Failed

In the current legislative session of Florida, the clock is winding down, and it is beginning to look like the future of Sunshine State’s sports gambling is not bright. For the past several weeks, with the Seminole Tribe of Florida, Governor Ron DeSantis is trying to develop a mutually beneficial gambling package.

Florida likely struck a brick wall as it hoped for sports gambling legalization. Over revenue sharing, the negotiations reportedly called off by the Seminole Tribe. In two weeks, the current legislative session will end, limiting the approval chance. There isn’t much time to find an equitable solution because only two weeks left in the current session.

On Sports Gambling, the Seminole Tribe Hold Out

Florida’s all gaming activity is virtually controlled by the Seminole Tribe due to the existing compact. The Tribe also covers the same agreement if it considered the gaming expansion; it has shown zero hesitation in the past. Due to the state, the revenue sharing payments have cut off, previously and in annual revenue, it deprived of nearly $350 million. For this reason, DeSantis is now taking a more cautious approach, and with the Tribe, it is trying to negotiate a deal.

The Tampa Bay Times reported that DeSantis presented the final offer this past Monday to the Seminole Tribe. The offer would allow the Seminole to control sports gambling, but the Tribe would require the acceptance for a new casino in Miami Beach.

Seminole Tribe Wants a Greater Cut

In making payments to Florida, Seminole have to give up hundreds of millions of dollars each year. On Tuesday, the Tribe rejected the offer as it failed to impress the tribe. Reportedly the financial terms of the arrangement were not liked by the Tribe. But it was not ready to call the negotiations entirely.

A spokesperson explained to lawmakers that the Tribe is still discussing the options. Senator Travis Hutson confirmed that discussions and negotiations with the Tribe are still going on at this time.

Along with the DC, 28 states have legal sports gambling markets, and Florida assumes to be the larger one.