Online and In-Person Sports Betting is now legal in Puerto Rico

Legislative Assembly of the Commonwealth of Puerto Rico approves a bill that legalizes and aims to regulate sports betting both land - based and online wagering 

Legislative Assembly approves the bill after  the local Senate passed the bill, HR 2038, late last month.

After which, a conference committee was established by the direction of the upper house of the Legislative Assembly that would provide a more in-depth assessment of the bill before the ordinary session adjourned last weekend.

This Committee was set up with an objective to assess the methods by which the sports betting industry will be governed and part of this week’s approval is the establishment of Puerto Rico’s own Gaming Commission.

What Bill HR 2038 Allows

The bill aims to legalized and regulate all wagering on professional sports, eSports and fantasy sports  at approved brick-and-mortar gambling facilities as well as online all around the commonwealth.

The bill does not allow, however, for wagering on any form of amateur sports.

Further, the new Gaming Commission will be establish in line with the already existing organizations that regulate horse racing operators and other forms of gambling that were already legal.

Gaming Commission will be headed by a commissioner who will be appointed by the governor.  At least 5 years of experience with related industries or general business is the minimum requirement to be a commissioner of Gaming Commission.

Gaming Commission will also have a board of seven member who will be appointed for a 10-year term where two of them hailing from the private sector to represent private interests.

It is pertinent to note for all the operators across the world that the licencee fee and details of licence are yet to be finalized however, there will be a minimum fee of at least $50,000 esablished in the near future for large scale sports betting operators. Individual sports betting options will be sold at cheaper rates, some as low as $2,500 each.

What Wagering Could Bring

It is perceived that legalizing sports betting on the island  will help the island’s economy tremendously and help it improve in several areas at various levels. It is considered that 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 the economy. Further, 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.

Furthermore, How much money the new industry will bring in and where that money will go still must be observed, though the outlook is favorable.

Projections indicate that about $3 billion may be generated every year from sports betting by the year 2023 according to the governor.

Another $44 million to $68 million can be generated annually from expanded online gambling as a whole by the year 2022.

Thus, sports betting is expected to be a welcome addition to Puerto Ricos gaming culture as it’s already home to over eight brick-and-mortar casinos and other gambling establishments.