The good news is that Gov. Charlie Crist and the Seminole Tribe beat the clock in ratifying a new gambling compact. The bad news is that the compact needs work — lots of it — if it hopes to survive the Florida Legislature.

In the ideal world, the governor would be able to, with minimal obstacles, craft an agreement that is acceptable to all parties. The tribe needs a compact to expand its gambling operations, Florida lacks the revenue needed to keep up with its expenses, and the pari-mutuels seek a revival of their industry.

How hard could it be? Unfortunately, this is Tallahassee, where the gambling compact is caught in a political crossfire that, if left unchecked, could kill the initiative outright.

Crist negotiated a deal that would give the tribe a 20-year monopoly on blackjack and slot machines outside of South Florida. The deal provides the state with as much as $300 million annually. Eight pari-mutuel operations in Broward and Miami-Dade counties would get lower taxes and expanded poker operations.

The compact has its critics, primarily those pari-mutuels outside of South Florida that want a piece of gambling revenue but would get cut out from competing with the tribe. This part of the compact is a potential deal-breaker, since few lawmakers in this tough economic environment will support an initiative that could threaten an established industry and chances for new jobs.

Many legislators believe the Seminoles could afford to pay the state more money. Others remain upset that the governor kept the Legislature on the sidelines in the latest round of negotiations, and some just can't stomach the idea of more gambling in Florida. Add that all up, and you have the elements of a contentious and unproductive special session.

The governor, legislative leaders and the tribe would be wise to consider a compromise that generates broader support among stakeholders — and deliver as much revenue to the state as possible. Coming close may work in horseshoes, but not in establishing games of chance in the state of Florida.

BOTTOM LINE: Compromise is the name of the game now.