SHARE:
Florida's gambling deal with Seminole Tribe estimated to bring in $4.43 billion
A gambling deal with the Seminole Tribe of Florida is estimated to bring in $4.43 billion for the state through the 2028-2029 fiscal year, according to a report issued this week by state economists.
The deal, reached by the state and the tribe in 2021, allows the Seminoles to offer online sports betting statewide and craps and roulette at tribal casinos.
In exchange, the tribe agreed to pay a portion of revenues to the state.
The deal has faced state and federal court challenges, but the tribe moved forward in late 2023 with sports betting and the additional casino games.
It made payments to the state of $57.78 million in January and $62.24 million in February, according to the report posted on the website of the Legislature’s Office of Economic & Demographic Research.
The economists, who meet as the state Revenue Estimating Conference, estimated payments will total $343.9 million during the current fiscal year, which will end June 30.
The estimate would jump to $749.3 million in the 2024-2025 fiscal year and continue increasing to $889.6 million during the 2028-2029 year, according to the report.
With legal challenges to the gambling deal pending at the U.S. Supreme Court and the Florida Supreme Court, the report acknowledged “uncertainty” about future payments.
“The (Revenue Estimating) Conference believes that the continuation of these payments is dependent on outcomes in the judicial system that are unknown at this time,” the report said.
