The consultancy will also be responsible for developing ways for the Commission to carry out its key duties, modelled on the processes employed by regulators in other US jurisdictions. In addition, the successful bidder will deliver interim progress reports.
“This process will serve to identify qualified firms that meet the essential requirements to develop such regulations, thereby reinforcing the current public policy of Governor Wanda Vázquez Garced, which authorises sports betting, fantasy contests and electronic games,” AAFAF executive director and chief financial officer of the government, Omar Marrero, said.
“We understand that there are different companies that can contribute the knowledge they have acquired in other jurisdictions and bring that knowledge to Puerto Rico, where we are facing the challenges of a new industry, which is quite complicated,” José Maymó Azize, executive director of the Gaming Commission explained.
“It is not to write it, but to give us the recommendations and work hand in hand with the commission for the formulation of that regulation and of any other regulation that is required,” Azize added.
Last July, the legislature passed a resolution that legalized sports betting within the territory. This allowed customers to bet on sporting events both in person and by using online sportsbooks.
The move is an attempt by Puerto Rican officials to gain greater economic from the U.S. Sports gambling should help with that goal by providing a new source of revenue. The measure calls for a 7% tax on all land-based operations and a 12% tax on all online wagers.
Already, there are a growing number of firms that are interested in opening an operation in Puerto Rico. Because of the large number of potential suitors looking to get a license, Department of Economic Development and Commerce Secretary Manuel A. Laboy Rivera explained: “It is important to select a firm with the expertise required to guide us in the process of drafting the regulations of the Gaming Commission in order to develop, as soon as possible, a solid and comprehensive document.”
“This economic sector represents a great opportunity for Puerto Rico. Projections indicate that the government of Puerto Rico could collect approximately US$87 million from this activity within a five-year term,” Rivera concluded
Source: GMB
