Puerto Rico legalizes sportsbooks and electronic games
Wednesday 31 de July 2019 / 04:43
⏱ 2 min read
(San Juan).- Puerto Rico governor, Ricardo Rosselló, announced Monday that he signed the Betting Law of Puerto Rico government, which authorizes, for the first time in the island, sportsbooks, electronic games and fantasy contests.
“With the signing of this law, we prepare to witness the potential of converting Puerto Rico in an avant-garde jurisdiction, as well as benefit the local economy,” said Rosselló in a press release.
According to Rosselló, this measure- which includes Internet betting in Puerto Rico- will help the island to commercialize at a local and international level as an attractive place for sportsbooks. On top of sportsbooks, the project authorizes bets on the Fantasy league and on the emerging electronic gaming segment.
The global audience of electronic games is estimated to exceed 400 million people, while the industry could reach 3 billion annually for 2023 in the US. The legislative project also creates a Betting Commission, according to the model that other states have adopted for this type of legislation.
The commission, comprised by seven members belonging to the public and prívate sector, will be the government entity in charge of regulating sportsbooks, horse races, eSports and games of chance.
On the other hand, legislation guarantees that people under 18 years old will not participate in those games. Gambling addiction will also be treated, and money laundering and tax evation will be controlled, too.
Betting will be carried out in any place authorized by the Commission, such as casinos, horse racetracks, hotels, etc.
The government explained that he has proposed a 7% fee for traditional betting and a 12% for Internet betting. Besides, sportsbook licenses on authorized agencies will have a 50% discount on the first ten years.
The government plans to use the winnings for the retirement of pensioners and programs to promote sports, to offer better equipment to policemen, to promote educational initiatives and for administrative expenses on the implementation of the new commission.
Categoría:Legislation
Tags: Sports Betting, Sportsbook , Online Betting,
País: Puerto Rico
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