Puerto Rico introduces sports betting legislation
Puerto Rico Gov. Ricardo Rosselló introduced legislation to regulate sports gambling on the island, which is expected to attract visitors and improve the economy, he said during a news conference.
The legislation includes a reorganization with a new public policy in favor of gambling.
In anticipation of unveiling the bill, the government referred to two independent studies on the impact that the industry would have on Puerto Rico’s economy.
The first study was commissioned by the Puerto Rico Chamber of Commerce and was prepared by The Innovation Group. This study estimated the government would generate revenue of $29 million in 2020, $51 million in 2021, $68 million in 2022, $77 million in 2023 and $87 million in 2024.
The projections are based on authorizing sports betting on casinos, racecourse, galleries, horse agencies and online games.
The government also asked Spectrum Gaming Group to conduct a market study for bets on legal sports events. That firm estimated that sports bets, both physical and online, could generate between $44 million and $62 million annually.