Puerto Ricans are closer to joining the growing number of states and territories with regulated sports betting in the US, but a date has yet to be set for a launch. Meanwhile, in-person betting was boosted last month by March Madness and the World Baseball Classic.
Step by Step
The Puerto Rico Gaming Commission (PRGC) has awarded nine licenses, seven of which are technical licenses, including one to the Kambi Group, while the other two are sports betting licenses awarded to sportsbook giants BetMGM and Caesars.
Regarding the launch, PRGC Executive Director Jaime Rivera-Emmanuelli, stated, “Once certain final details are clarified, the door will officially be open to online betting, which can be conducted from anywhere, including through mobile devices such as smartphones and computers.
“Puerto Rico will quickly be on par with US states that have already legalized sports betting. The island appeals to a broad and culturally diverse audience, and it will have the same security, controls, and regulations that the United States demands of its jurisdictions,” Rivera-Emmanuelli added.
Tax Conditions Are Already Set
Casinos in Puerto Rico that house sportsbooks are taxed at 7% of their sportsbook profits while mobile platforms will be levied a 12% tax on mobile and online wagers.
Reports are that the launch will occur sometime in 2023 and it would stand to reason that a date will be set sooner than later, as we are already nearing the end of April.
Caesars Sportsbook Joins Casino Metro
Casino Metro welcomed Caesars Sportsbook to open a joint book inside their casino at the Sheraton Hotel in San Juan, Puerto Rico back in December. The action has been brisk since the sportsbook opened and the two will partner in the digital realm when online betting is green-lighted on the island.
Ismael Vega, General Manager of Casino Metro, said: “Since we opened in December, every month, we have been in double digits in bets. That doesn’t mean that we have increased our earnings in double digits because it all depends on how the events develop, but we have grown in participation since MetroBets has become a favorite among Puerto Rico’s clientele.”
Vega addressed the partnership with Caesars at the time of the announcement and stated, “We are proud to launch the “MetroBets with Caesars Sportsbook” brand, at Casino Metro, generating more than 30 new jobs for our workforce.
“The foray into the world of sports betting is a natural step for our operation, which has been characterized by constant innovation. Due to its complexity, as usual, we were immersed in a process of analysis and preparation to achieve it and we are proud to achieve this alliance with a giant like Caesars,” he added.
There’s Still Room to Grow
Eric Hession, President of Caesars Digital, commented, “As we pursued sports betting in Puerto Rico under its unique framework, we wanted to align with the best possible partner that would provide deep, localized knowledge of the market. We found that partner in Casino Metro, which has a strong brand and customer base in the Puerto Rico market.”
The sportsbook will be expanding by a reported 7000 square feet at some point in the second quarter.
But Caesars will also be tethered to other casinos when online wagering goes live. Those partnerships have yet to be disclosed but the Casino del Mar, located inside the La Concha Hotel, could be a possibility as its retail sportsbook opened in February of this year.
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