Puerto Rico governor introduces sports betting bill

Posted On 05 Apr, 2019 0

The South American country of Puerto Rico recently saw a sports betting bill being introduced in its parliament. The bill was tabled by the country’s Governor Ricardo Rossello. The bill, if passed, will become law and lead to the legalization of betting on sports and online video games in the country.

In a statement issued by the office of the governor, the revenue generated from gaming and betting will be distributed to help fund the retirement of pensioners of youth sports programs. It will also be used to pay for prevention and treatment of problem gambling.

Rossello said, “This industry has the potential to convert Puerto Rico into a jurisdiction in the vanguard of allowing the establishment of this new model, which will have a positive effect on our economy. We have worked on aggressive legislation that aspires at being able to market the island at the international and national levels as an attractive destination for the millions of people who bet on sports events.

The bill also encompasses online fantasy sports or eSports. Rossello further said, “Electronic games are a growing segment, with an estimated 400 million people who form a younger demographic global audience.” He further mentioned that $3 billion will be generated till 2023 globally in this industry.

The bill also mentions that operators will be expected to pay 6% tax on revenue generated from terrestrial wagers, rising to 11% for bets taken online. Sports betting licenses at licensed horse-betting agencies will get 50% discount for the first 10 years, if the bill becomes a law.

Formation of a new Gambling Commission will also be put into place over the regulation of sports betting. Recently, Brazil’s president Michel Temer signed a sports betting bill into law. The overall scenario for this industry seems to be moving ahead in a happy way, at least for the stakeholders of this industry.

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