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Gov. Ron DeSantis has agreed to a historic gaming compact between the State of Florida and the Seminole Tribe of Florida, the governor’s office announced April 23.

The agreement would generate a minimum of $2.5 billion in new revenue for the state over the next five years and an estimated $6 billion through 2030, according to a news release.

Most notably, the compact modernizes the gaming industry through the authorization of sports betting in Florida through the Tribe. The agreement also provides protections for pari-mutuel operations and the opportunity to participate in sports betting offered by the Tribe, the release said.

The 30-year compact between the state and tribe must still be considered by the Florida Legislature at a special session that will begin May 17. It also must be approved by the Seminole tribal council and the U.S. Department of the Interior, which oversees tribal gambling operations,The Associated Press reports.

By some estimates, according to the governor’s office, sports betting is expected to create more than 2,200 jobs for Floridians.

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— Compiled by Business Editor Joe Crews

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