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Puerto Rico, a U.S.- controlled territory in the Caribbean, plans to offer sports gambling in near future. This would also open the doors for fantasy sports and esports gamblers.
Local media informed that Puerto Rico Governor Ricardo Rosello announced the bill this past Monday on April 1. According to Rosello legalized sports gambling could bring around $50 million in taxes annually.
This new bill would allow both in-person and online wagers. It requires creating a new Gaming Commission that would be responsible for creating the regulations for the sports gambling industry and for issuing licenses to operators.
The tax rates would be on the level with what is offered by various U.S. States. Online wagers and in-person bets would incur respectively 11% and 6% tax. Preferred status will be offered to horse betting agencies, which will be provided a 50% license discount if applied for 10-year period.
“This industry has the potential to convert Puerto Rico into a jurisdiction in the vanguard of allowing the establishment of this new model, which will have a positive effect on our economy,” said Governor Rosello.
Tax revenue generated from sports gambling would go to programs preventing problem gambling, as well as the ones which promote youth sports.
