According to reports from local news outlet the Caribbean Business, the piece was authored by Rep. Néstor Alonso Vega, who chairs the House Tourism Committee. It was namely that committee the legislation was introduced to on Monday. In addition to online and in-person sports gambling, the bill, if approved, will also legalize fantasy sports and betting on eSports.
Commenting on Puerto Rico’s push to expand gambling, Rosselló said last Monday that the introduction of the bill was prompted by a recent study by Spectrum Gaming Group, according to which the island could annually collect between $44 million and $66 million in taxes from regulated betting activities.
Addressing concerns that the introduction of new gambling services would cannibalize existing casino revenue, Puerto Rico’s top official said that sports betting has the potential to “capture a different demographic” than the one frequenting local casinos.
If the newly introduced bill gains traction in the Puerto Rico Legislature, it will result in the legalization and regulation of both in-person and online sports betting. The legislation would create a new Gaming Commission that will be responsible for regulating the newly expanded industry and issuing licenses to interested operators.
The Puerto Rico Treasury will collect revenue from license fees and taxes on the provision of sports gambling services. Sports betting will be taxed at 6% on in-person bets and 11% on digitally placed wagers.
Existing facilities such as casinos and race tracks will, too, be able to apply for sports betting licenses. It was also announced that horse betting agencies will be offered a 50% discount on their sports betting licenses for a 10-year period.
Tax funds from legalized sports betting will be allocated to programs for preventing and combating problem gambling, promoting youth sports, supplying better equipment to the local police, promoting different educational initiatives as well as to cover costs of the new Gaming Commission, said Governor Rosselló.
Source: GMB / Casino News Daily
