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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of
the</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event
reported): July 9, 2012&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FLORIDA GAMING CORPORATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">(Exact
name of registrant as specified in its charter)</FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE ALIGN="CENTER" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Delaware</TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">0-9099</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">59-1670533</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission File No.)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(I.R.S. Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">of incorporation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><B>3500 NW 37<SUP>th</SUP> Avenue, Miami, FL 33142</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Address of principal executive offices) (Zip code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(502) 589-2000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Not Applicable</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report.)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="width: 95%; padding: 0; text-align: justify; text-indent: 0">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="padding: 0; text-align: justify; text-indent: 0">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding: 0; font-size: 10pt; font-weight: bold; text-indent: 0">Item 1.01</TD>
    <TD STYLE="width: 90%; padding: 0; font-size: 10pt; font-weight: bold; text-indent: 0">Entry into a Material Definitive Agreement</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July 9, 2012, the Registrant entered
into amended and restated Non-Plan Stock Option Agreements (the &ldquo;Agreements&rdquo;) with Freedom Holding, Inc. (&ldquo;Freedom&rdquo;)
and Sheila Mitchell (collectively with Freedom, the &ldquo;Optionees&rdquo;) which extended options held by the Optionees to purchase
a total of 325,000 shares (the &ldquo;Shares&rdquo;) of the Registrant&rsquo;s $0.20 par value common stock (the &ldquo;Options&rdquo;).
The Options were extended without cash consideration. The Agreements amended and restated prior Non-Plan Stock Option Agreements
(the &ldquo;Previous Agreements&rdquo;) between the Registrant and the Optionees for purposes of allowing for the extension, re-pricing
and transferability of the Options. The Registrant granted the Options to Freedom Financial Corporation under a Previous Agreement
on July 10, 2006. Freedom Financial Corporation assigned the right to purchase up to 10,000 of the Shares to Ms. Mitchell in January
2008 and also assigned the right to purchase 315,000 Shares to Freedom on March 11, 2008.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Options are exercisable in whole or
in part from time to time anytime before March 31, 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The purchase price for each Share subject
to the Options is $8.25. The closing market price of the Registrant&rsquo;s common stock on July 9, 2012 was $1.50. The Options
may be exercised by the Optionee tendering to the Registrant the aggregate purchase price of the Shares purchased plus, if required
by the Registrant, an amount of monies sufficient to pay all applicable federal, state and local taxes on the difference between
the purchase price and the market&nbsp; value of the Shares on the date of exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each Optionee acknowledged that (i) neither
the Options nor the Shares have been registered under the Securities Act of 1933 (the &ldquo;Act&rdquo;) or the securities laws
of any state, (ii) the Optionee is acquiring the Options and the Shares for its own account for investment and not with a view
to resale or distribution, (iii) the Optionee may be deemed to be an affiliate of the Registrant within the meaning of Rule 144
under the Act, (iv) the Options are non-transferable except to a permitted transferee, (v) the Shares can only be resold by the
Optionee&nbsp; if the Shares are registered under the Act&nbsp; and any applicable state security law, or if an exemption from
registration is available, and (vi) the stock certificate(s) representing the Shares will bear an appropriate restrictive legend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrant relied on the exemption afforded
by Section 4(2) under the Act&nbsp;for the issuance of the Options, and will rely on Section 4(2) under the Act for the issuance
of the Shares. Freedom is the ultimate controlling shareholder of the Registrant and some of the same persons serve as directors
and executive officers of the Registrant and Freedom, including: the Registrant&rsquo;s Chairman, W. Bennett Collett, Sr, who serves
Freedom as Chairman, and the Registrant&rsquo;s Chief Executive Officer and President, W. Bennett Collett, Jr., who serves Freedom
as a director and as Secretary and Treasurer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Options were approved by a majority
of the Registrant&rsquo;s independent directors who do not serve as officers or directors of Freedom, and who do not have a direct
or indirect ownership interest in Freedom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The descriptions of the Agreements set forth
above are qualified in their entirety by the terms of the Agreements which are attached as Exhibits 10.1 and 10.2 to this Form
8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding: 0; font-size: 10pt; font-weight: bold; text-indent: 0">Item 3.02</TD>
    <TD STYLE="width: 90%; padding: 0; font-size: 10pt; font-weight: bold; text-indent: 0">Unregistered Sale of Equity Securities.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">  The disclosure set forth in Item 1.01 above is hereby incorporated into this Item 3.02.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.75in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding: 0; font-size: 10pt; font-weight: bold; text-indent: 0">Item 5.02</TD>
    <TD STYLE="width: 90%; padding: 0; font-size: 10pt; font-weight: bold; text-indent: 0">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(e) &#9;On July 9, 2012, the Registrant&rsquo;s
board of directors (the &ldquo;Board&rdquo;) adopted the Registrant&rsquo;s Fourth Amended and Restated Master Stock Option Plan
(the &ldquo;Fourth Master Plan&rdquo;). The Fourth Master Plan incorporates previous amendments to the Registrant&rsquo;s 2006
Third Amended and Restated Master Stock Option Plan (the &ldquo;Third Master Plan&rdquo;), attached as Exhibit 99.1 to the Registrant&rsquo;s
Form S-8 (File No. 333-103654), providing for the extension, re-pricing and limited transfer of stock options issued under the
Fourth Master Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also on July 9, 2012, the Board approved
the extension of stock options held by the Registrant&rsquo;s Chief Financial Officer, two of the Registrant&rsquo;s other executive
officers and Freedom. The expiration date of each of the options was extended to March 31, 2017. Additional information regarding
the extended options is set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; padding: 2pt; font-weight: bold; text-align: center; border: Black 1pt solid; text-indent: 0">Option Holder</TD>
    <TD STYLE="width: 13%; padding: 2pt; font-weight: bold; text-align: center; border: Black 1pt solid; text-indent: 0">Original Issue Date</TD>
    <TD STYLE="width: 17%; padding: 2pt; font-weight: bold; text-align: center; border: Black 1pt solid; text-indent: 0">Previous Expiration Date</TD>
    <TD STYLE="width: 18%; padding: 2pt; font-weight: bold; text-align: center; border: Black 1pt solid; text-indent: 0">Exercise Price</TD>
    <TD STYLE="width: 24%; padding: 2pt; font-weight: bold; text-align: center; border: Black 1pt solid; text-indent: 0">Number of Shares Subject to Option</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">Freedom Holding, Inc.</TD>
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">7/10/2006</TD>
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">7/10/2012</TD>
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">$8.25</TD>
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">381,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">Freedom Holding, Inc.</TD>
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">7/11/2006</TD>
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">7/11/2012</TD>
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">$8.25</TD>
    <TD NOWRAP STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">325,000</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">Daniel Licciardi</TD>
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">7/10/2006</TD>
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">7/10/2012</TD>
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">$8.25</TD>
    <TD NOWRAP STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">7,125</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">Daniel Licciardi</TD>
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">7/11/2006</TD>
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">7/11/2012</TD>
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">$8.25</TD>
    <TD NOWRAP STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">17,500</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD NOWRAP STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">Kimberly Tharp</TD>
    <TD NOWRAP STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">7/10/2006</TD>
    <TD NOWRAP STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">7/10/2012</TD>
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">$8.25</TD>
    <TD NOWRAP STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">4,125</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">Jennifer Chong</TD>
    <TD NOWRAP STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">7/10/2006</TD>
    <TD NOWRAP STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">7/10/2012</TD>
    <TD STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">$8.25</TD>
    <TD NOWRAP STYLE="padding: 2pt; text-align: center; border: Black 1pt solid; text-indent: 0">2,250</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The description of the Fourth Master Plan
set forth above is qualified in its entirety by the terms of the Fourth Master Plan which is attached as Exhibit 10.3 to this Form
8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding: 0; font-size: 10pt; font-weight: bold; text-indent: 0">Item 9.01</TD>
    <TD STYLE="width: 90%; padding: 0; font-size: 10pt; font-weight: bold; text-indent: 0">Financial Statements and Exhibits.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><U>Exhibit No.</U>&#9;</TD><TD><U>Description</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1.5in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">10.1</TD><TD>Non-Plan Stock Option Agreement between Registrant and Freedom Holding, Inc. dated July 9, 2012.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">10.2</TD><TD>Non-Plan Stock Option Agreement between Registrant and Sheila Mitchell dated July 9, 2012.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">10.3</TD><TD>Fourth Amended and Restated Master Stock Option Plan.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

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    <TD COLSPAN="2" STYLE="padding: 0; text-indent: 0">FLORIDA GAMING CORPORATION</TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">Date:&nbsp; July 13, 2012</TD>
    <TD STYLE="padding: 0; text-indent: 0">By</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding: 0; text-indent: 0">/s/ W. Bennett Collett, Jr.</TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">W. Bennett Collett, Jr.</TD></TR>
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    <TD STYLE="padding: 0; text-indent: 0">President and Chief Executive Officer</TD></TR>
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[{"type": "8-K", "sequence": "1", "filename": "v318487_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 29196}]
{"company-data": {"conformed-name": "FLORIDA GAMING CORP", "cik": "0000312065", "assigned-sic": "7990", "irs-number": "591670533", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-09099", "film-number": "12962112"}, "business-address": {"street1": "3500 N.W. 37TH AVE", "city": "MIAMI", "state": "FL", "zip": "33142", "phone": "3056336400"}, "mail-address": {"street1": "2669 CHARLESTOWN ROAD", "street2": "SUITE D", "city": "NEW ALBANY", "state": "IN", "zip": "47150"}, "former-company": {"former-conformed-name": "LEXICON CORP", "date-changed": "19920703"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): July 9, 2012
FLORIDA GAMING CORPORATION
(Exact
name of registrant as specified in its charter)
Delaware
0-9099
59-1670533
(State or other jurisdiction
(Commission File No.)
(I.R.S. Employer
of incorporation)
Identification No.)
3500 NW 37
th
Avenue, Miami, FL 33142
(Address of principal executive offices) (Zip code)
(502) 589-2000
(Registrant's telephone number, including
area code)
Not Applicable
(Former name or former address, if changed
since last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
£
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
£
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement
On July 9, 2012, the Registrant entered
into amended and restated Non-Plan Stock Option Agreements (the "Agreements") with Freedom Holding, Inc. ("Freedom")
and Sheila Mitchell (collectively with Freedom, the "Optionees") which extended options held by the Optionees to purchase
a total of 325,000 shares (the "Shares") of the Registrant's $0.20 par value common stock (the "Options").
The Options were extended without cash consideration. The Agreements amended and restated prior Non-Plan Stock Option Agreements
(the "Previous Agreements") between the Registrant and the Optionees for purposes of allowing for the extension, re-pricing
and transferability of the Options. The Registrant granted the Options to Freedom Financial Corporation under a Previous Agreement
on July 10, 2006. Freedom Financial Corporation assigned the right to purchase up to 10,000 of the Shares to Ms. Mitchell in January
2008 and also assigned the right to purchase 315,000 Shares to Freedom on March 11, 2008.
The Options are exercisable in whole or
in part from time to time anytime before March 31, 2017.
The purchase price for each Share subject
to the Options is $8.25. The closing market price of the Registrant's common stock on July 9, 2012 was $1.50. The Options
may be exercised by the Optionee tendering to the Registrant the aggregate purchase price of the Shares purchased plus, if required
by the Registrant, an amount of monies sufficient to pay all applicable federal, state and local taxes on the difference between
the purchase price and the market  value of the Shares on the date of exercise.
Each Optionee acknowledged that (i) neither
the Options nor the Shares have been registered under the Securities Act of 1933 (the "Act") or the securities laws
of any state, (ii) the Optionee is acquiring the Options and the Shares for its own account for investment and not with a view
to resale or distribution, (iii) the Optionee may be deemed to be an affiliate of the Registrant within the meaning of Rule 144
under the Act, (iv) the Options are non-transferable except to a permitted transferee, (v) the Shares can only be resold by the
Optionee  if the Shares are registered under the Act  and any applicable state security law, or if an exemption from
registration is available, and (vi) the stock certificate(s) representing the Shares will bear an appropriate restrictive legend.
The Registrant relied on the exemption afforded
by Section 4(2) under the Act for the issuance of the Options, and will rely on Section 4(2) under the Act for the issuance
of the Shares. Freedom is the ultimate controlling shareholder of the Registrant and some of the same persons serve as directors
and executive officers of the Registrant and Freedom, including: the Registrant's Chairman, W. Bennett Collett, Sr, who serves
Freedom as Chairman, and the Registrant's Chief Executive Officer and President, W. Bennett Collett, Jr., who serves Freedom
as a director and as Secretary and Treasurer.
The Options were approved by a majority
of the Registrant's independent directors who do not serve as officers or directors of Freedom, and who do not have a direct
or indirect ownership interest in Freedom.
The descriptions of the Agreements set forth
above are qualified in their entirety by the terms of the Agreements which are attached as Exhibits 10.1 and 10.2 to this Form
8-K.
2
Item 3.02
Unregistered Sale of Equity Securities.
The disclosure set forth in Item 1.01 above is hereby incorporated into this Item 3.02.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
of Certain Officers.
(e) 	On July 9, 2012, the Registrant's
board of directors (the "Board") adopted the Registrant's Fourth Amended and Restated Master Stock Option Plan
(the "Fourth Master Plan"). The Fourth Master Plan incorporates previous amendments to the Registrant's 2006
Third Amended and Restated Master Stock Option Plan (the "Third Master Plan"), attached as Exhibit 99.1 to the Registrant's
Form S-8 (File No. 333-103654), providing for the extension, re-pricing and limited transfer of stock options issued under the
Fourth Master Plan.
Also on July 9, 2012, the Board approved
the extension of stock options held by the Registrant's Chief Financial Officer, two of the Registrant's other executive
officers and Freedom. The expiration date of each of the options was extended to March 31, 2017. Additional information regarding
the extended options is set forth below:
Option Holder
Original Issue Date
Previous Expiration Date
Exercise Price
Number of Shares Subject to Option
Freedom Holding, Inc.
7/10/2006
7/10/2012
$8.25
381,000
Freedom Holding, Inc.
7/11/2006
7/11/2012
$8.25
325,000
Daniel Licciardi
7/10/2006
7/10/2012
$8.25
7,125
Daniel Licciardi
7/11/2006
7/11/2012
$8.25
17,500
Kimberly Tharp
7/10/2006
7/10/2012
$8.25
4,125
Jennifer Chong
7/10/2006
7/10/2012
$8.25
2,250
The description of the Fourth Master Plan
set forth above is qualified in its entirety by the terms of the Fourth Master Plan which is attached as Exhibit 10.3 to this Form
8-K.
Item 9.01
Financial Statements and Exhibits.
Exhibit No.
Description
10.1
Non-Plan Stock Option Agreement between Registrant and Freedom Holding, Inc. dated July 9, 2012.
10.2
Non-Plan Stock Option Agreement between Registrant and Sheila Mitchell dated July 9, 2012.
10.3
Fourth Amended and Restated Master Stock Option Plan.
3
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FLORIDA GAMING CORPORATION
Date:  July 13, 2012
By
/s/ W. Bennett Collett, Jr.
W. Bennett Collett, Jr.
President and Chief Executive Officer
4