Puerto Rico is ready to move forward with legislation to legalize online and land-based sports betting according to Governor Ricardo Rosselló,
“We have worked on aggressive legislation that aspires at being able to market the island at the international and national levels,” Roselló said in a press release.
He predicted annual tax revenue of between $44 million and $66 million.
The bill is supported by the chairman of the House Tourism Committee, Nestor Alonso Vega and would create a new Gaming Commission of seven members, working with the Financial Institutions Commissioner’s Office to regulate the industry and oversee licensing.
“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,” said Rosselló. “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 addresses legalization of fantasy and eSports gaming. It would tax land-based betting at six percent and an 11 percent tax on online bets. Any existing racetrack and casino would be able to apply for a license.
Preferential consideration will be given to horse betting agencies, as well as a 50 percent reduction in the cost of the ten-year license.
“The legislation provides for all the security safeguards to exist in order to guarantee that children under 18 do not participate in these games,” Rosselló said. “It will also firmly address those problems of gambling addiction that may arise.”
