The wave of jurisdictions working to legalize sports betting may soon include Puerto Rico, according to local media. Governor Ricardo Rosselló says a bill that would legalize and regulate in-person and online sports betting was introduced to the legislature last week, reports Games Magazine Brasil.
The bill was authored by Rep. Néstor Alonso Vega, chairman of the House Tourism Committee. In addition to online and in-person sports betting, the bill also calls for legal fantasy sports and eSports, according to Caribbean Business.
Rosselló said the bill followed a studies that said the island could annually collect between $29 million and $87 million in taxes from legal gambling by the year 2024. He noted that sports betting has the potential to “capture a different demographic” than those who go to casinos.
In a news release, Rosselló said, “Our administration is committed to new and creative ways to improve the lives of all Puerto Ricans, especially as we continue our reconstruction in the aftermath of Hurricane Maria. This legislation, made possible by a Supreme Court decision last year, will make Puerto Rico an attractive place to visit, which will greatly benefit our tourism industry.”
According to Legalsportsreport.com, while the financial projections may be overly optimistic, Puerto Rico definitely needs an infusion of new revenues in the wake of the 2017 debt crisis and damage from Hurricane Maria, which struck in September of that year.
The legislation would create a gaming commission to oversee licensure and regulation of the new industry. The sector would be taxed at 6 percent for in-person bets and 11 percent for online wagers. Existing casinos and racetracks would be able to apply for sports betting licenses, and horse betting agencies will be offered a 50 percent discount on their sports betting licenses for a 10-year period, Games reported.
Betting taxes would be used to fund youth sports and educational programs and help provide equipment for law enforcement. With the bureaucratic hurdles ahead, sports betting in the country is not expected to launch until 2020 at the earliest.
