Casinos never had an easy road in Florida. And nobody knows this better than the Seminole Indian tribe. Sure, the Seminoles have reaped billions off the gambling industry in the Sunshine State, but the fact remains that the State of Florida does not have any revenue sharing agreement with the tribe nor do they permit the Seminoles to operate Class III casinos, which would essentially amount to table games like blackjack, roulette and craps.

Rather, the Seminoles must settle with slot machines, which is not too shabby a settlement either. In fact, slots account for over 70% of most casinos revenues. Without the one-armed bandits, the casino gambling industry, both offline and online, would not be what it is today. Now, what the Seminoles are really banking on are bingo slot machines, which look and act almost identical to regular slots. Last year alone, the Seminoles netted $1.6 billion on bingo slots spread out amongst their seven casinos.

If the State of Florida had been wise enough to make a standard 25% revenue sharing agreement with the tribe, they would have taken in approximately $400 million in gambling taxes last year alone. It appears the only governing body in Florida with any good business sense is the city government of Coconut Creek just outside of Miami, who now receive $1.6 million per year from the tribe for allowing them to operate one of their casinos in Coconut Creek.

With more and more Florida retirees and citizens putting stakes on these new bingo slots, just how much Florida is going to miss out on yet another year in gambling revenues will be nothing short of double-taking. Perhaps Florida thinks they have enough in revenues from the State Lottery. Perhaps it's the State Lottery which feels threatened by the prospects of Class III casino gambling? Indeed, it is just a little peculiar why the State would pass up $400 million a year to help fund public programs.