Puerto Rico Sports Betting now looks like the next legal sports betting frontier! It is important to note, Puerto Rico has yet to enact any official PR Sports Betting blueprint. However, now that legal sports betting is working its way through many states in the United States, you can check out those states that have enacted their own plans. That way you can get a feel for what that blueprint would look like and how PR sports betting will probably be enacted.
Puerto Rico Sports Betting in 2019
The introduction of a bill was trumpeted a few weeks ago by Ricardo Rosselló, the Governor of Puerto Rico. This bill would legalize Puerto Rico sports betting. As well as placing bets on such activities as video games played online.
A case in the Supreme Court called Murphy versus the NCAA in the United States of America back in the past year paved the way for the implementation of legal sports betting nationwide. This is also true for legal online sports betting, also nationwide. Many forget that Puerto Rico has also been a member of the USA since 1917, though not as a full state.
But, that also means it paved the way for most PR Sports Betting in addition to US Sports Betting. Sports betting in the US and its legalization are projected to rake in a revenue of $3 billion yearly to the United States by 2023.
From recent data from as soon as two months ago, eight whole states have decided to allow legal bets on sports events. Also, there are three US states as well as Washington D.C. that have approval on their legislation in that vein as well. Additionally, there are 23 states that have begun the process of introducing and approving legislation to do so.
Plus, 7 of the US states have the hopes to enact their own legal sports betting. Only 9 total states still have yet to release any statements on ideas or legislation when it comes to their own legal sports betting.
Governor Ricardo Rosselló, the current Puerto Rican governor, has hopes to duplicate the profit and new success that has been found so far in the United States with his own Puerto Rico sports betting.
The governor estimates Puerto Rico may have the chance of netting somewhere in the range of $44 million to $66 million of yearly profits from the Puerto Rico online sports betting plan. Plus, an additional independent study released by people at the office of the governor approximates an estimated $68 million of profits for the country by just the year 2022!
Concerns about this fresh plan for Puerto Rico sports betting legislation causing the cannibalization of the already operating Puerto Rican casinos have so far been brushed away. The office of the governor of Puerto Rico believes the legislation will be able to appeal to a completely new and fresh group of people than any current group already targeted by the currently operating casinos on the island.
The Puerto Rico sports betting new legislation will involve the creation of money for the Department of the Treasury. This revenue will be from new licenses to operate as well as from taxing plays as well as prizes. It also contains a potential 6 percent tax rate for any bets placed in person, plus a proposed 11 percent rate of tax for any online bets.
Puerto Rico online sports betting would fall under that umbrella. These tax rates will be as low as any rate in the United States and the governor’s office hopes that will help bolster Puerto Rico sports betting and Puerto Rico itself to become the most desirable tourist destination for legal betting.
Betting Legislation for Puerto Rico Online Sports Betting
The Puerto Rico sports betting legislation seeks to additionally allow fantasy sports played online betting. This would authorize Puerto Rico online sports betting on such popular games like Madden, Rainbow Six, Gears of War, and Fortnite.
Roselló stated he feelings on the betting market for legal online sports and how he feels it is not regulated properly in the current United States areas that allow legal gambling.
The governor’s office has said that approximately 400 million players enjoy video games and other electronic games. Together they make up a demographic worldwide audience of younger players. These electronic games can be considered a segment that is growing in the legal betting community.
The office also approximates that this faction of the ever-expanding gaming industry can possibly have an economic impact that could be more than $3 billion by 2023, worldwide.
The governor does hope that his office’s proposed legislation to create legal online sports betting can and will put Puerto Rico in the position as a tourist and vacation destination that is known to promote the enjoyment of esports as well as Puerto Rico online sports betting. The hope is to attract this investment in the struggling economy of Puerto Rican.
Puerto Rico will use the money that is expected to come in from the newly formed Puerto Rican sports betting legislation and industry to invest back into the economy of Puerto Rican.
They will do this in a variety of ways. Some examples include: helping to lower the cost of retirement of all pensioners, as well as for programs that will be aiming at the promoting of youth programs like youth sports, more advanced equipment for police and other law enforcement agencies, also educational initiatives, the newly important services to help the potential rise in addiction to gambling, as well as paying for any new costs coming from the newly enacted legislation.
Puerto Rico Horse Racing
You have now read a lot about the practicalities of the process to legalize Puerto Rico sports betting. Now that you know about that, the next step is to see how it is possibly going to look when it is enacted. We could not and cannot be positive just yet how exactly things will look and work.
But, what we can do is take a gander at the way the states already allowing legal sports betting have practiced their respective sports betting legislation in action for a clue of what Puerto Rico may be headed toward.
A large part of betting taking place on sports that have been a part of the betting culture of the USA and worldwide has been betting on horse racing. Horse Racing Puerto Rico will look a bit different than it does in the states already practicing sports betting legally. This is because licenses for sports betting given to licensed horse-betting agencies who will then receive a discount of 50 percent for the first ten years.
The hope is to help Horse Racing Puerto Rico to expand in a timely fashion. An interesting fact to note concerning horse racing Puerto Rico can be looked at here: the conquistadors first brought horse racing to Puerto Rico. Surprisingly, there is a single horse racetrack located in Puerto Rico. But, that is expected to increase after this enactment of Puerto Rico sports betting legislation.
The only functioning horse track is The Camarero Racetrack, previously called El Comandante Racetrack. At the Camarero Racetrack, the owners run horse races on Sundays each week. There is also the yearly Clásico del Caribe.
Even though there is only one functioning racetrack in the country, horse racing Puerto Rico will probably be a lot like how current legal sports betting states in the US have handled their horse race betting. A significant portion of the betting on horse races tends to take place online.
There are plenty of legal online sports betting websites in the United States at the moment. And, most of these sites work with betting on horse races. Horse racing Puerto Rico potentially does not look like the best market at the moment, due to the very small amount of racetracks in the country.
However, Puerto Rico eager to jump right into the world of legal online sports betting can look online for their horse race betting needs.
The favored horse race companies that have legal online sports betting websites usually have some key features across the board. Luckily, the majority of these current sites have apps up and running, allow for them to be convenient to use when you are on the move. The most trafficked sites tend to have races that can be from many, many locations across the globe, usually hundreds.
These websites usually list the current betting odds for the competing horses in the races in an easy to digest way. They also tend to incorporate a live stream, meaning you can then enjoy any race you placed your bet on in real time.
Additionally, the majority of the top horse race betting websites have desirable welcome offers. These usually include promos such as getting cash back as well as first-time deposit matching, usually only for customers at the time of sign up.
Football Betting in Puerto Rico
So, you’ve probably learned a lot about the arena of legal online sports betting, especially Puerto Rico sports betting, and you might be wondering how to actually place your legal bets. The most popular sport in the world is Football (known as Soccer when you’re in the United States).
Puerto Rico football betting is most likely going to account for a sizeable part of the online sports betting industry in Puerto Rico. Because of that, you are probably curious how to bet on football online in Puerto Rico.
Puerto Rico sports betting, and especially Puerto Rico Football betting will probably mirror the look and feel of the majority of the US states that have previously enacted legislation for online sports betting.
Puerto Ricans seeking answers for how to bet on football online will most likely looking into browsing the same websites as the citizens of US states that are currently up and are now running with their own specific online sports betting industries.
The currently running websites tend to have many interesting features in common with each other. As previously written above, the majority of the top websites have apps up and running currently, but only for iOS/iPhone as well as Android users. These already available betting apps make it easy and attempt to teach you how to bet on football online. They attempt to keep the feel of desktop websites.
The top sports betting websites will also usually feature football (aka soccer) games taking place around the globe, adding up to dozens of matches worldwide. The websites will also feature the betting odds so you are able to decide your own maximum betting amount, but the betting odds will always be different from game to game.
Though they tend to be updated as soon as new numbers are available, so it's important to check back on the site frequently. Excitingly, the best sites enable you to be able to bet on many college games.
And again, as I wrote before, the majority of the best websites also need to compete with all of the others to win customers’ patronage. They do this by offering such incentives as great welcome offers, like cash back or first-time deposit matches to new customers. Additionally, a good amount of sites offer promotional offers during the sports seasons, changing from season to season. These sites should be looking to expand into the Puerto Rico sports betting action now that it has been announced.
Sports Betting Regulation in Puerto Rico
So, you have learned so much around how to do your Puerto Rico sports betting. You must wonder how this legislation will be governed.
Smartly, the Puerto Rico sports betting legislation calls for the government to create a brand new Gambling Commission. This fresh Gambling Commission has a blueprint outlined that is not dissimilar to that of the US states that have currently enacted sports betting legislation for themselves.
This new commission would consist of seven persons from the public as well as the private sector. Additionally, it would also be in charge of regulating sports betting. This also includes equestrian sports such as horse racing Puerto Rico, as well as electronic games. And also anything and everything else that comes up that falls under their jurisdiction.
Once created, the Gambling Commission will then be the entity in charge of the regulation when it comes to Puerto Rico sports betting. But, the Financial Institutions Commissioner’s Office (OCIF in the Spanish acronym) will be in charge of with the running of the Gambling Commission. Its duty as of right now is to oversee games of chance.
PR sports betting legislation has also outlined that it will have safeguards securely in place to keep gambling from taking place in underage citizens. This means that children who are currently under 18 will be barred from any form of sports betting.
Also, the government of Puerto Rico seeks to ensure the investment of enough time and money to prevent the issue of addiction to gambling. That may potentially occur because of the brand new legislation and new access to legal betting. The government of Puerto Rican has also expressed concern about the ability for money laundering and tax evasion that could potentially take place and is seeking to combat that already. Before the legislation enacts, they are hoping to have found ways to fight all these potential problems.
A plethora of the best sports betting sites that are already legally operating in the United States of America have multiple restrictions as well as some safeguards already working for them. These are to make sure that they are following the laws of their state to the letter.
The up and running sites mandate you be of legal gambling age in that particular state to place bets (either 18 or 21, it is chosen by each state). You also have to be living within the actual geographic bounds of a governing state where it is currently legal to participate in online betting. In addition, most of these websites make sure no one from a Self Exclusion list is able to create an account on the legal online betting websites. We anticipate that Puerto Rico online sports betting will very likely have the same or similar rules as well as potential regulations.
In Conclusion, PR Sports Betting
Of course, the PR Sports betting legislation has not yet been put into action. But, it will be enacted in the coming months. And, it might be beneficial to Puerto Rico’s struggling economy. This means that the government will want to proceed with the legislation as fast as possible. Puerto Rico is likely to become a huge player when it comes to the legal sports betting world when this finally happens.
But, keep in mind that the world of sports betting is constantly changing. So, it is near impossible to predict precisely what legal sports betting in Puerto Rico will be like in action when the legislation is enacted. As we get closer to its enactment, it will then be much more obvious what sports betting in Puerto Rico will be like as more information is released.
No matter what it will eventually be like when actually in practice, there is no denying that this is a hopeful and happy prospect for Puerto Rico. The expected positive impact to their economy, which will be from the proposed taxes as well as from the projected tourism boon, will with hope help to ensure a bright future for Puerto Ricans. It is obvious that the Puerto Rican government is heading toward creating a prosperous future with this new and exciting legislation.