Puerto Rico approves revised retail and betting bill
Retail operators to pay 7% tax while the rate for online operators will be 12% GGR
Puerto Rico’s Legislative Assembly has approved a revised bill to legalize retail and online sports betting in the US territory.
The government expects the move to boost tourism on the island, giving all licensed casinos, race courses and cock-fighting arenas the opportunity to offer betting.
Licensed horse agencies will also have the opportunity to apply for licenses.
Puerto Rico legalizes retail and online betting
The territory’s chamber of commerce has estimated government revenues will reach $29m is 2020 and $87m by 2024. The study also suggested local casino revenues could increase by $5m by 2024.
Online licensees will pay 12% of GGR in taxes, while their retail counterparts will pay 7% and cock-fighting arenas will be exempt from paying tax for the first two years of operating.
The legal framework also includes betting on esports tournaments and DFS.
A government gaming commission would be established as part of the law with the task of establishing a stringent responsible gambling and anti-fraud policy.
The bill was first discussed in April.