The Governor of Puerto Rico signed a bill that allows the American commonwealth to offer sports betting services.
US.- Puerto Rico has become the latest state in the US to legalise sports betting. The outgoing Governor Ricardo Rosselló signed this week that allows Puerto Rico to offer sports betting services, fantasy sports and eSports.
The signing of the law took place almost four months after the Governor presented his proposal to legalise the gambling segment. He claimed that revenue from sports betting would help Puerto Rico recover from Hurricane Maria. This way, Puerto Rico is now the first in the Caribbean to offer sports betting.
“We continue to work for tourism, which will help us improve economic development for the island,” said Rep. Nestor Alonso, the bill’s primary sponsor in the legislature, after Rosselló’s signed the bill.
In order to boost tourism, Puerto Rico will feature one of the lowest sports betting taxes in the US: only 7% on gross gaming revenue (GGR) for retail sportsbooks. On the other hand, online sportsbooks will be subject to a 12% tax. The bill also creates a Gaming Commission to oversee the segment. Its director was required to have 10 years of experience in the industry, but amendments cut it down to five.
“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 Rosselló.
The governor also said that they’re investing in this up and coming industry by legalising it in Puerto Rico. “This victory is part of the Governor’s Advisory Council on Video Games Affairs.”