State Of Florida And Seminole Tribe Agree To Gambling Deal

Gambling News - September 2nd, 2009 - Written by Glen

The Seminole Tribe and Florida's executives came to an agreement on the gambling compact with very little time to spare. The compact had been in the works for months, and almost prompted federal intervention, but the two parties finally came to an agreement that would benefit both the state and the Tribe.

Governor Crist and Seminole's Mitchell Cypress gave the accord their signatures, but Florida's legislative branch must agree to the deal before it is to be 100%.

The Tribe has gained the right to operate card games within their casinos. Blackjack was the most commonly referenced game, but other banked games are a potential possibility.

While this agreement was advantageous to the Seminoles, it did not come without a price. The tribe must kick points to the state over the next twenty years, at which time the agreement will lapse. The first two years will see $150 million dollars to the state. After this initial $300 million, they must then provide the State of Florida with rising payments, which is estimated to total at nearly $7 billion dollars.

All seven of the Seminole's Casinos will be eligible for these games.

Florida is reputed for their donations to education. This money, as well as money from the state's lottery, will be given, in part, to the education system around the state. The Florida Lottery has donated over $19 billion dollars to education since it was launched, and the state boasts over 55% of their schools as "A" ranked schools.

Source - AFP

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