The Seminole Tribe of Florida helped boost tribal gaming revenue nationwide last year. And that was with just two months of legal sports betting in the Sunshine State.
Gross revenue grew 2.4% in the US, a $967.6 million increase from a historic high of $40.9 billion in fiscal year 2022, according to the National Indian Gaming Commission.
The $41.9 billion generated in fiscal year 2023 comes from the aggregated gaming revenue of 527 operators from 245 tribes in 29 states.
Seminole’s Hard Rock Bet poised for a breakout year
The Seminoles relaunched Florida sports betting in November 2023. A decision by the US Supreme Court allowed the Seminole Tribe to continue to control all sports betting in the state for the foreseeable future.
After a few rocky years of legal challenges that halted online sports betting via its Hard Rock Bet in late 2021, the Seminole Tribe relaunched its sportsbook last November after the court victory.
The Seminoles are the only online sports betting operator in the Florida market and own six of the state’s seven land-based casinos. This puts the group in an enviable position in the third-most populous state with over 22 million residents.
Furthermore, its sportsbook is now poised to become the nation’s third-largest sportsbook behind DraftKings and FanDuel by the end of 2024, surpassing third-place BetMGM, according to market research firm Eilers & Krejcik Gaming. Hard Rock is just a percentage point behind BetMGM and has nearly passed fourth-place Caesars.
Florida receives 10% of Hard Rock’s revenue, a tax rate lower than in many jurisdictions, including fellow DC region state New York, which has a whopping 51% tax rate on mobile sports wagering.
Hard Rock Bet also operates in Arizona, Indiana, New Jersey, Ohio, Tennessee, and Virginia and is rumored to be preparing to enter the Michigan market.
Tribal gaming revenue up 2.4% in DC region
National Indian Gaming Commission (NIGC) Chairwoman Sharon Avery celebrated the growth of tribal gaming, which should continue to rise with Florida sports betting now in full swing.
“Again, this year, tribal gaming operators and regulators have proven that their ingenuity and tenacity are catalysts for growth, even in the face of an ever-changing gaming landscape.”
The NIGC splits member tribes into eight regions. Each region showed positive year-over-year growth, with the DC region, which includes Florida, showing a 2.4% increase. The DC region also includes North Carolina, Louisiana, Mississippi, Alabama, New York, and Washington, D.C., with 41 operators.
Because of its population density and number of casinos, revenue from Seminole Tribe operations significantly impacts the DC region.
