The Puerto Rico Gaming Commission (PRGC) announced that it has approved the licensing of three online sports operators and three service providers, which assist in the wagering process, and one technology provider.
Permanent and Temporary Licenses
The Sports Betting Bureau recommended the Commission grant the seven licenses, five of which are temporary. The operators, which received temporary licenses, are Ballers Puerto Rico Sportsbook LLC, Liberman Media Group Gaming (LMG) and CCHPR Hospitality (Casino Metro). Swish Analytics Puerto Rico and US Integrity In obtained permanent licenses as service suppliers, and Continent 8 Technologies PR LLC was authorized temporarily as such. Caesars Digital PR Inc. received a temporary license as a technology platform provider.
The licenses were granted after evaluation of the profile, trajectory, confirmation of compliance with tax responsibilities, and examination of the financial statements of the companies. Their technical and financial capacities as well as their shareholders and managers were also subject to assessment.
Eric de la Cruz, director of the Gaming Bureau, said that all these evaluation measures were taken by PRGC in order to be sure that the applicants comply with all requirements of the law.
Licenses Require Taxes
Jaime Rivera Emmanuelli, executive director of PRGC, stated that in order to complete the authorization process, the aforementioned seven companies would have to pay a certain fee to the government, according to the services they would provide on the sports betting market.
The sports operators are required to pay $50,000 each and the service providers will have to pay $5,000 each. Caesars Digital PR must pay $15,000 in its capacity as a technology provider.
Sports Betting as an Injection to the PR Economy
Rivera Emmanuelli commented that the sports betting sector is growing in accordance with the laws and under the Puerto Rico Gaming Commission’s supervision. He also added that online betting could be one of the main sources of jobs and could “generate new income for the treasury.”
Manuel Cidre Miranda, secretary of Economic Development and Commerce and chairman of PRGC welcomed the new authorization and commented that this new opportunity could be very important for Puerto Rico’s economy.
In July 2019, sports betting became officially legalized in Puerto Rico. However, currently, there are no sports to wager on legally in Puerto Rico. The bettors can sign up only in person for an online account. There are more than 20 casinos on the island where players can place their bets, but without a mobile option to do so. Suppliers and sports operators are still waiting for the launch of online sports betting on the Caribbean Island.