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Puerto Rico legalizes sports betting

Puerto Rico has become the latest U.S. state to legalize sports betting. The Outgoing governor, Ricardo Rosselló, signed the Betting Committee Act on July 29, which legalize sports wagering in the Commonwealth of Puerto Rico.

The legislation regulates sports betting, horse race betting, fantasy contests and betting on eSports at casinos, the island’s sole racecourse, off-track betting parlours and online.

To boost tourism, Puerto Rico will feature one of the lowest sports betting taxes in the US: only 7 per cent on gross gaming revenue for retail sportsbooks. On the other hand, online sportsbooks will be subject to a 12 per cent tax.

“With this law, we are getting ready to see how sports betting can potentially help Puerto Rico become an innovative jurisdiction and help the local economy. The island will be able to show off as a national treasure and international spot for sports betting,” said Governor Rosselló.

According to a report commissioned by the Puerto Rican Chamber of Commerce, estimated revenues to the Government could be $29m for 2020 and should reach $87m by 2024.

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