Puerto Rico Bill signed into law allowing sports betting

Puerto
1534 bill being signed in by outgoing Governor Wanda Vázquez Garced

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 July 2019, the former Governor Ricardo Roselló signed the Betting Committee Act. This became significant for Puerto Rico in moving forward with legalizing sports betting and go beyond to expand on horse race betting, fantasy sports, egames, off-track betting sites, and more.

However, a few days after the bill was signed into law, Roselló was hit with a scandal forcing him to resign and putting the gaming expansion in the state on hold until further notice. Then, the Director of Gambling for Puerto Rico’s Tourism Board, Jaime Alex Irizarry, resigned in April 2020, pushing everything back further.

Now, it looks like Puerto Rico might have some stability with moving forward with sports betting. Although former Gov. Vázquez Garced passed a sports betting law in one of her last days in office for the proceeding Governor to take care of, it is better than having a Governor resigning just days after passing a bill.

Now, the political office can look over everything and take the best action to expand the countries gaming industry. Sports betting will be huge in Puerto Rico, but it is also important that Gov. Pierluisi to create the best plan so Puerto Rico can finally go live with sports betting and have no major setbacks.

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.

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