“By signing this law, we are getting ready to witness the potential it provides to transform Puerto Rico into a vanguard jurisdiction, while benefitting the local economy. With this legislation, the island will be able to market itself nationally and internationally as an attractive destination for sports betting events,” the governor said via press release. According to this law, bookmakers as bet 365 are probably ready to work in Puert Rico, among others betting websites.
The signing comes nearly four months after Rosselló unveiled his proposal for legalization, saying it would help rebuild the island that was devastated by Hurricane Maria in 2017. Island officials say they will be the first in the Caribbean to allow sports betting.
To help spur tourism, Puerto Rico will offer some of the lowest taxes on sports betting in the US. The tax rate will be 7% on gross gaming revenue for retail sportsbooks. Online books will get taxed at 12%. A study published in March by Spectrum Gaming Group estimates sports betting in Puerto Rico could generate up to US$62 million in annual gross revenues.
Rosselló Resigning
While Rosselló helped shepherd the bill through the legislature, he will not be in a position to shape Puerto Rico’s gaming policy moving forward, and it remains unclear exactly who will serve in that role.
The signing serves as one of the final acts for Rosselló as Puerto Rico’s governor. Last week, he announced his resignation, effective on Aug. 2, after text messages between him and other political leaders were leaked. The texts were filled with offensive language and made fun of Maria survivors.
The revelation set off scores of protests on the island, demanding his resignation. Other officials, including Secretary of State Luis Rivera Marín, also resigned in wake of the texting controversy. Due to Puerto Rico’s succession laws, Marín would have replaced Rosselló. Now it appears Justice Secretary Wanda Vázquez is next in line. However, she doesn’t want the job.
Focus on eSports
One of the more unique aspects of Puerto Rico’s sports betting law is that it includes betting on eSports. It’s a highly growing market as interest builds in watching gamers play Fortnite, Madden NFL, and Tom Clancy’s Rainbow Six.
Puerto Rico officials said the eSports audience exceeds 400 million worldwide, and by 2023, the economic impact of the emerging sport will top US$3 billion.
Source: GMB / Casino.Org
