A year after sports betting legislation was passed in Puerto Rico, a public consultation period has begun for proposed regulations.
The period will last for 30 days, with suggestions and feedback that come before Wednesday to be potentially considered in the Puerto Rico Gaming Commission (PRGC)’s next meeting.
Daily fantasy sports and eSports betting were also passed into law last year.
Puerto Rico’s land-based gaming industry has been hit hard by COVID-19, meaning that online regulation is even more important now.
Puerto Rico is a US territory and controlled by Congress, with federal laws applying to the island. As such, the 2018 repeal of PASPA enabled it to discuss the possibility of legalising sports betting.
Proposed sports betting regulation was developed with the help of Gaming Laboratories International (GLI).
Both online and land-based betting will be available once the regulations are fully-developed. Online operators will be taxed at 12% of their gross gaming revenue (GGR), a figure which stands at 7% for land-based ones.
The PRGC is due to next meet virtually on 19th August. It’s possible that recommendations and feedback suggested before this could be considered.
The impact of COVID-19 makes sports betting revenue even more important
Puerto Rico has been impacted by COVID-19, especially due to the lack of tourism and land-based casinos being forced to close. Having started to welcome back international travellers last month and slowly re-open the economy, it was forced to take a step backwards after a spike in cases.
Other natural disasters have also impacted the island in recent years. Three years ago, Hurricane Maria and Hurricane Irma both left their mark as they tore through the Caribbean and US.
According to Specter Gaming Group, regulated sports betting and Daily Fantasy Sports could be worth up to $62 million for Puerto Rico’s economy within a year.