Puerto Rico Gaming Commission grants new online sports betting licenses, promising growth in market

The Puerto Rico Gaming Commission has recently announced the approval of two new online sports betting licenses, signalling an exciting new phase for sports betting in the region. Casino Metro, in partnership with Caesars Entertainment, and Stadium (Winnin), utilizing IGT’s betting platform, will join BetMGM as licensed operators in the market.

An expansion of the market

Jaime Rivera Emmanuelli, Executive Director of the Gaming Commission, expressed enthusiasm for the expansion, stating, “With these three operations, we officially begin a new stage of sports betting in Puerto Rico. This market will generate tourist and economic activity, along with significant revenue for the Government.”

To obtain authorization for online operations, companies must meet strict criteria established by law and regulations. The licensing process involves demonstrating compliance with tax obligations, providing financial statements, and adhering to internal controls. The Gaming Commission ensures that operators adhere to various operating standards, including accounting practices, tax compliance, and anti-money laundering protocols.

Emmanuelli revealed that the Gaming Commission currently has approximately 50 license applications, primarily from electronic platforms and operators seeking to provide services in Puerto Rico. The introduction of these new licenses is expected to fuel the market’s growth and attract further interest from operators.

Over $4 million in sports betting revenue?

The Government anticipates collecting over $4 million in sports betting revenue during the next fiscal year. Emmanuelli highlighted the wide range of sports plays available, including basketball, baseball, NFL (including the Super Bowl), and potential special events like Miss Universe, offering diverse betting opportunities for users.

The approval of these licenses marks a significant step forward for the Puerto Rican sports betting industry, promising both economic benefits and an enhanced entertainment experience for locals and tourists alike.