Puerto Rico readies regulated sports betting program
Seven months ago, Puerto Rico officially joined the cavalcade of US States and territories that are embracing regulated sports betting as a means of increasing tax revenues to pay for vital services. This week, the island nation put out a request for proposals (RFP) from industry authorities to help them draft rules and regulations for governing their newest gaming vertical.
It’s hoped that regulated sports betting will bring in an additional $68 million a year to Puerto Rican coffers. An influx of cash could not possibly be more welcomed as the island has been battered by storms that have severely damaged its infrastructure.
In an interview with The Weekly Journal, José Maymó Azize, executive director of the Gaming Commission described the process saying, “We understand that there are different companies that can contribute the knowledge they have acquired in other jurisdictions and bring that knowledge to Puerto Rico, where we are facing the challenges of a new industry, which is quite complicated. It is not to write it, but to give us the recommendations and work hand in hand with the commission for the formulation of that regulation and of any other regulation that is required.”
Puerto Rico legalized sports betting last year (as a US territory it follows US law). In Puerto Rico’s version of regulated sports betting, land-based operators will be paying a seven percent tax while online operators pay a twelve percent tax. Daily fantasy sports and e-sports betting will also be legal under Puerto Rican law.
Tags: Sports Betting