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Sports betting agreement would bring billions to Florida

Governor proposes 30-year-deal
Posted at 5:13 PM, Apr 23, 2021
and last updated 2021-04-23 18:11:27-04

TAMPA, Fla. — Sports betting could soon be coming to Florida, bringing in billions of dollars in revenues to help pay for healthcare, education and infrastructure.

The proposed agreement would involve a 30-year deal with the Seminole Tribe, which currently operates Hard Rock Casino locations in Tampa and Hollywood.

The new agreement, which would vastly expand gaming in the Sunshine State, comes with a $2.5 billion revenue-sharing guarantee in the first five years and at least $6 billion in revenue by 2030.

Governor Ron DeSantis announced today that the state has reached a tentative 30-year agreement that would allow in-person and online sports betting for the first time.

The agreement is now headed to the Florida legislature for a vote.

Evan Davis, Managing Director of Betting for Seventy Six Capital, helped bring sports betting to Pennsylvania.

He says the agreement would bring big benefits to Florida.

“The casinos that exist in Florida now will get to really truly compete with casinos not just all over the country, but all over the world,” Davis said.

Davis says expanded gaming would also help create new streams of revenue by benefiting related businesses.

“Sports bettings an industry that dozens of states around the country have seen create additional tax revenues at the outset, but also it really creates a ton of additional benefits for other companies that touch on sports, whether that’s sports teams, media, their sponsors and the like,” Davis said.

The agreement would also allow the Seminole Tribe to offer craps and roulette, expand its casinos and to partner with Florida pari-mutuel tracks and poker rooms in offering sports betting.

If approved, Florida would be the 28th and the largest state in the country to allow sports gambling.

Legislative leaders have proposed starting the special session to consider the proposed compact on May 17.

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