Sports betting in Florida will be legal on Oct. 15, but that doesn’t necessarily mean you will be able to place bets in the state through popular online betting apps like DraftKings (DKNG) and FanDuel.
The gambling compact with the Seminole tribe is the largest in history.
On Aug. 6, the largest gaming compact in history between the State of Florida and the Seminole Tribe of Florida got the go-ahead. Although the U.S. Department of the Interior didn’t approve or disapprove of the compact, it passed the 45-day approval period required for it to become law.
Florida Governor Ron DeSantis signed the 30-year gambling compact with the Seminole tribe in April. After receiving approval from both the House and Senate of the Florida Legislation, approval from the federal agency that oversees tribal gambling operations was the final step in legalizing gambling in the state.
The agreement is expected to generate a minimum of $2.5 billion in new revenue to the state over the next five years and an estimated $6 billion through 2030, DeSanits’s office said in a statement. Allowing sports betting in the state is also expected to create over 2,200 jobs, state officials say.
“The final approval of this historic gaming compact is a big deal for the State of Florida,” said DeSantis in a statement. “This mutually beneficial agreement will grow our economy, expand tourism and recreation and provide billions in new revenue to benefit Floridians.”
Under the agreement, the tribe will be allowed to add roulette and craps to its seven Florida casinos, start sports betting, and operate online and mobile sports betting through servers on tribal land. The tribe can also offer pari-mutuel operators online betting services under the compact.
Can you place sports bets in Florida through DraftKings or FanDuel?
Whether Florida gamblers will be able to place sports bets on popular sports betting apps is still up for question. The Seminole tribe, which now has exclusive rights to offer sports betting in the state, owns the Hard Rock Casino, so betting could be available through the Hard Rock Sportsbook.
Other mobile sports betting sites like DraftKings, FanDuel, or BetMGM (MGM) will have to agree to pay the tribe a percentage of revenue in exchange for the ability to operate in Florida, reports the Legal Sports Report.
DraftKings and FanDuel support ballot initiative to open online betting.
In June, officials with DraftKings and FanDuel each contributed $10 million to a political committee looking to launch a ballot initiative to open online sports betting in Florida to all competitors. The Florida Education Champions committee is proposing a constitutional amendment to allow for commercial sports betting throughout the state. Tax revenues from sports betting would be used to fund an Educational Enhancement Trust Fund.
“Our amendment will direct hundreds of millions of additional dollars toward Florida’s Educational Enhancement Trust Fund and open up the market for online sports betting to competition,” David Johnson, chairman of the Florida Education Champions, said in a press release.