Sources report that U.S. sports betting, including online and mobile wagering, in Puerto Rico may be ready to go live within a month but nothing official has been announced.
Retail Now Mobile Gaming Later
It has been nearly 18 months since in-person betting has been active in Puerto Rico with BetMGM putting the first retail flag on Puerto Rican soil through its partnership with Casino del Mar at the La Concha Resort in February 2022.
Caesars followed suit as they commenced in-person sports betting operations via a partnership with Casino Metro at the end of last year. Ismael Vega, General Manager of Casino Metro said at the time of the retail launch, “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.”
Eric Hession, President of Caesars Digital, reciprocated the kind words when he stated, “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.”
Mobile Apps Revolution
And while both major players in the digital and retail gaming market have active sportsbooks on the island, the carrot being dangled is the opportunity to launch their mobile apps that will bring in the big money. Studies have shown that well over 90% of sports betting is wagered online versus retail.
More in-person sportsbooks are expected o crop up with mobile sports betting platforms operating them but the industry is watching as Puerto Rico legislators attempt to cobble together a definitive date to launch digital gambling.
Mobile Betting Sooner Than Later
The mobile launch in the Island of Enchantment is expected soon, but then again, we have been hearing this popular refrain for a good long time and it is frustrating to many of the residents and those entities that wish to provide service.
Last year DraftKings partnered with the Foxwoods El San Juan Casino while FanDuel reached an agreement with CAGE Sports BV, which includes market access to the Caribbean, South America, and Puerto Rico a year earlier.
Retail gaming is taxed at 7% while online betting operators will be required to pay 12% on adjusted gross revenues. A unique requirement that exists only in Nevada is that customers must sign up in person for a digital account. This condition is imposed to generate traffic through the casino doors and hopefully, those signups will return to bet either in the casino or the sportsbook.
Puerto Rico falls under United States laws as it is a territory of the U.S. but many of its customers are expected to come from its robust tourism industry. Visitors will sign up and bet online while they vacation on the island.
“Puerto Rico will quickly catch up with the states that have legalized sports betting,” PRGC Executive Director Rivera Emmanuelli said in March. “The island has the appeal of drawing a broad and culturally diverse audience while having the security, controls, and regulations that the United States requires of its jurisdictions.”
*Bookmakers Review will continue to monitor this story and update our readers as events unfold.
Calculators
