By TheNuts - Oct 16, 2024
Seminole Gaming Is Still Optimistic About Entering the Florida Online Casino Market
Seminole Gaming has gained considerable control over the operations of
internet gambling in the Sunshine State as a result of its recent court victory. According to Jim Allen, CEO of Seminole Gaming, this does not imply that people of Florida will be without options for their needs when it comes to online casinos.
Allen claims that Seminole Gaming will set the terms for any other prospective competitors in the industry and may find value in a semi-competitive environment.
For individuals who wish to bet on sports in a regulated environment, the Hard Rock Sportsbook App is now the only online casino Florida operator accessible to Floridians. At the moment, Hard Rock offers an online casino platform to customers in the state of New Jersey. Though it hasn't yet taken action, Seminole Gaming technically has access to the Michigan market.
The Seminole Tribe of Florida will eventually seek to amend its gaming compact with Florida and the US government in order to increase its control over online casino play throughout Florida's territories and jurisdictions. When the Seminole Tribe takes such action, it will enable them to run Hard Rock's online casino and make it accessible to Floridians who are eager to experience legally operating online casinos in their state.
If Seminole Gaming establishes an online casino area for potential competitors, online casino companies hoping to enter the Florida market will have to abide by the terms Seminole Gaming sets. The Seminole Tribe of Florida is currently able to essentially "license" out the capacity to conduct internet sports wagering in Florida thanks to Seminole Gaming's gaming compact. The similar idea might be included in a future online casino amendment to the compact, allowing citizens of Florida to eventually have access to real money online casino options.
But before it succeeds, the Seminole Tribe would have to amend the gaming compact and face another series of court cases if they wanted to enter the internet casino market. Allen stated that in order to make sure that everyone involved understands the rules and cooperates with the Seminole Tribe, Hard Rock and the Seminole Tribe see the possibility for additional players in the market.
"We are open to having conversations about how we can benefit from long-term, strategic relationships with some of the brands that truly have marquee value," Allen continued.
Allen and the Seminole Tribe are not open to negotiating with other possible Florida online casino operators once additional players want in and agree to Hard Rock's terms, given the strict legal requirements of running online casinos or sports wagering in Florida.
Data from many US jurisdictions indicates that a competitive market rather than a single operator sector in the regulated online gambling space generates higher profits. For instance, in August 2024, bets on authorized sportsbooks in Washington, DC, totaled about $40.6 million.
Nevertheless, Seminole Gaming runs the danger of losing market share to rivals they welcomed to participate in an open market. Hard Rock would still come out on top, though, given the likely compact terms. Residents of Florida shouldn't hold their breath too long in hopes that these online casino sites will soon be accessible in their state. The Seminole Tribe has revealed that negotiations on a new agreement amendment between Florida and the Tribe have not even started.
Although they have observed the development of positive ties with other possible rivals, the Seminole Tribe would need to overcome legal obstacles before they could establish an online casino that accepts real money in The Sunshine State. This process could take several years.
However, there is some hope that the greatest US online casinos may eventually open in Florida thanks to the Seminole Tribe's and Hard Rock's openness.