In the nascent Puerto Rico sports betting market, Caesars and WinIn have gotten the go-ahead to operate their online sportsbooks, which is part of the broader landscape of sports betting in the United States.
Three’s Company
BetMGM became the first online sportsbook to launch on the island of Puerto Rico and the company’s enthusiasm for its new market was palpable. “BetMGM is ecstatic to become the first operator to deliver mobile sports betting to Puerto Rico,” said the company’s CEO Adam Greenblatt. “This great collaboration between local officials and Casino del Mar provides a safe, responsible, and entertaining product accessible from anywhere on the island.”
BetMGM operates on the island through its partnership with Casino del Mar at La Concha Resort, but the gaming giant now has company as Caesars and The Stadium’s WinIn will both partner with technology provider IGT in partnership with Casino Metro.
“Under the terms of the agreement, IGT PlaySports technology and trading advisory services will power all of WinIn’s future online and retail sportsbooks in Puerto Rico,” according to a statement issued by IGT.
“With these three operations, we officially begin a new stage of sports betting in Puerto Rico, and with it, we will see the growth of this market, which will generate tourist and economic activity and solid income for the Government, among others,” commented Jaime Rivera Emmanuelli, Executive Director of the Puerto Rico Gaming Commission (PRGC).
Emmanuelli also stated, “One of the advantages of online gambling sites is their high level of security. In Puerto Rico, the Gaming Commission is in charge of regulating, monitoring, and controlling the activities of online betting operators, so that users have a satisfactory gaming experience.”
New Revenue Stream
Revenue projections estimate the government will reap approximately $4 million from the retail and online sports betting operators with in-person betting taxed at seven percent of gross gaming revenue while digital wagering will be levied at 12 percent of revenue. An extra $300,000 is expected to be collected in licensing fees with two more gaming licenses still available.
And according to Emmanuelli, there are currently 50 applications in front of the commission from companies that wish to obtain licenses to provide services to gaming companies and their platform providers. “This new industry with international significance will also promote the creation of new, well-paid jobs,” said Emmanuelli.
He also added, “Legal and marketing advisors, programmers, developers of technology platforms, and even journalists specializing in games and technology applicable to it will be required. New professions and new jobs will emerge, and the door will be opened for the retraining of the workforce.
“This new entertainment modality offers a wide range of plays in sports such as basketball, baseball, and NFL, which has the Superbowl event, and possibly special events such as Miss Universe, among others.”
Puerto Rico already has 14 casinos operating on the island and has 3.28 million residents coupled with a brisk tourism industry that should be able to sustain a robust online sports betting market in the years to come.
Calculators
