Puerto Rico Sports Betting Could Be Here Soon
Gov. Rossello believes Puerto Rico sports betting could help offset the massive debt that Hurricane Maria caused to the island. Sports betting could also lead to increased tourism and revenue for the country. Representative Nestor Alonso Vega, a chairperson of the House Tourism Committee will be writing the sports betting bill that details the creation of a Gambling Commission.
Puerto Rico Sports Betting Would Lead To Large Revenue Says Two Commissioned Studies
The Puerto Rico Chamber of Commerce held two studies that were delivered by The Innovation Group and the Spectrum Gaming Group. The studies were promising for PR sports betting. The Innovation Group predicted that if started in 2020, five years of sports betting revenue from land-based facilities, as well as PR online sports betting would range from $29 million in 2020 to $87 million in 2024. The Spectrum Gaming Group estimated that Puerto Rico would see revenue between $44 million and $62 million.
Some of this revenue is based on the possibility of Esports betting, which does not currently occur within the US.
Puerto Rico Sports Betting, Plus PR Online Sports Betting Would Be Represented Across The Island
The Puerto Rico Treasury would net revenue from the license fees and sports betting taxes. There will be a six percent tax on PR sports betting for in-person betting and 11 percent would be taken from Puerto Rico online sports betting. Current horse betting facilities in Puerto Rico would get a discount on their sports betting licenses at 50% for 10 years.
In addition to PR online sports betting, these horse betting locations, casinos, racetracks, and former cockfighting facilities that were banned by the US Government in 2018 would be able to feature sports betting in Puerto Rico.
The legislation must pass through Puerto Rico’s legislative assembly before the Governor can sign it into law.