Limited Poker Tourneys Allowed with new Florida Deal

Signing a gambling 'compact' agreement this week by Governor Charlie Crist and Tribal Chairman Mitchell Cypress, has allowed the Seminole Tribe casinos in Florida the allowance to expand their operation. Included in the agreement, is the allowance for six no-limit poker games each year.

The Sun-Sentinel in Florida states that the negotiations have been undergoing between the state of Florida and the Seminole Tribe that have involved the casinos for 16 years. The signing of the agreement that took place on Wednesday, brings this to a close.

The agreement allows a 25 year deal which allows the Seminole Tribe the advantage of offering Las Vegas style slots along with banked card games like: baccarat and blackjack at their seven casinos already operated by them in the state of Florida. Also allowing them six No-Limit poker games each year. 70% of revenues gained will go to charity.

In exchange for this allowance, the state of Florida will also get a share of proceeds from their casinos. The tribe initially giving them $50 million, after the federal government shows their approval of the deal.

The state getting a guaranteed payment annually of $100 million, and beginning in the third year of operation receiving 10 and 25% revenue that the tribe brings in.

Now along with the already allowed Class II slots, they will be able now have Class III - Las Vegas style slots, as well as the banked card games.