The Senate and the House of Representatives in Puerto Rico have decided to approve a measure that will legalize online and land-based sports betting. HR 2038 also covers eSports and fantasy sports. The measure now sits on the desk of Governor Ricardo Rosselló awaiting signature.
Details of the Bill:
The sports betting bill will create a new Gaming Commission in Puerto Rico. An individual must be chosen to create the Commission and that person must have a minimum of 5 years in business or related industries. The creation of the Commission will put in place a regulatory body that will be in charge of overseeing the gambling industry.
The governor will appoint the new commissioner who will serve for 10 years over a board of seven individuals, two of which will come from the private sector. The new Commission in Puerto Rico will also cover existing groups involved with the gambling industry including the Gaming Division of the Tourism Office of the Department of Economic Development as well as the Horse Racing Industry Administration.
According to yogonet.com…
Language of the bill was amended last week to allow the gaming board to only authorize licensing to facilities that have a business plan and meet both health and safety requirements set by the local government.
The Commission will not be able to provide licensing to entire sectors at once, like gas stations or grocery stores. Sports betting will also be restricted from being located less than 100 meters from a religious venue, schools or rehabilitation facilities for addicts.
Licensing and Taxes:
The Commission will be left to decide the license cost to take part in sports betting in Puerto Rico based on the language of the bill. A minimum of $50,000 has been established for licensing fee of large scale operations with $2,500 set for individual sports betting points of sale. The bill has taxes set at 7% for land-based venues and 12% for online operations.