Project 1534, would allow for local retail betting with remote sign up for online sports betting approved in the 2019 bill.
Anyone looking to place a bet for the first time would have to visit in person a land-based retail betting facility to register and then be able to partake in mobile and online sports betting.
The bill changes the previous legislation with the aim of ‘allowing new industries and businesses to create jobs’ whilst ‘creating new sources of revenue to sustain government programs and essential services.’
“It is with great satisfaction that I sign the PS 1534, as it leads the esports and sports betting industry in encouraging businesses and jobs in this sector. This amendment will complete and launch a new industry with the potential to create thousands of jobs,” Vázquez Garced said.
The new government of Pedro Pierluisi will now take over the reins of seeing the new law come into play.
Executive Director of the Puerto Rican Gaming Commission, José Maymó Azize, said: “Project 1534 amends the law in some aspects that needed to be changed. The most significant change is the fact that under the original law, players could register online and in person. Now, with this amendment, the first registration is required to be in person. It has been a very complicated process, full of obstacles. But some regulations are ready to be presented, they will define the sports betting and fantasy sports activities.”
The Gaming Commission selected Gaming Laboratories International (GLI) as a consultant to advise on sports betting regulations in May. Expected taxation include a 7% gross gaming revenue tax on land-based betting, a 12% tax on online betting and a tax equal to 12% of entry fees for fantasy sports.
In terms of who can offer betting, casinos, hotels without casinos, racetracks, horse betting agencies, and even shops are all expected to be in the mix.
Source: GMB
