DraftKings, FanDuel Want a Piece of Florida Sports Betting

    • DraftKings and FanDuel have paid a total of $20 million to block a compact between Florida and the Seminole Tribe.
    • The 30-year compact only allows gambling and sports betting on Seminole lands.

Today's Action

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DraftKings and FanDuel have paid a total of $20 million to block a compact between the state of Florida and the Seminole Tribe in which the latter will have a hold on gambling in the state.

The 30-year exclusive compact, which only allows gambling and sports betting on Seminole lands, was signed by Florida Gov. Ron DeSantis in May.

As part of the deal, the state would receive a cut — estimated to be at least $500 million annually — of the $20 billion the tribe expects to bring in over the lifetime of the deal.

If operators like DraftKings and FanDuel want to run online under the compact, the Seminole Tribe will take a 40% cut. The tribe entered the gaming business in 1971 and brings in roughly $3 billion from it each year.

  • Las Vegas Sands Corp. contributed $17 million toward a separate referendum to operate gambling businesses in Jacksonville and the Panhandle.
  • Miami casino Magic City, along with other opponents, filed lawsuits to block the compact, alleging that it violates both federal and state law.

The companies need a list of signatures by Feb. 1 to get referendums on the 2022 Florida ballot.

The Seminole Tribe has launched its own $10 million campaign in response, gathering signatures for a “non-binding petition to protect its control over sports betting.”