- PrizePicks secured a gaming license in Puerto Rico – the first Daily Fantasy Sports Operator to do so.
SAN JUAN – PrizePicks announced that its license to offer daily fantasy sports was granted in Puerto Rico on Thursday. Opening an untapped market as the first daily fantasy sports operator, the Atlanta-based company has the potential to see millions of dollars added to their site.
PrizePicks’ exclusive license gives them an advantage in a market that combines a strong legal sports betting culture with a growing mobile gaming infrastructure. If DFS adoption in Puerto Rico mirrors early-stage U.S. state rollouts, the market could be worth between $5 million and $10 million in annual handle within its first 12 to 18 months.
That figure could scale even higher if additional operators are licensed or if PrizePicks “Arena” –a peer-to-peer game, on top of their pick’em-style contests.
“We’re confident that momentum will carry into these new jurisdictions,” said Adam Packer, PrizePicks SVP of Legal and Compliance.
Puerto Rico has a population of over 3.2 million (larger than 18 U.S. states) and a deep connection to sports like MLB, NBA, and boxing. With a younger demographic, it’s a natural fit for DFS, especially as sports betting in Puerto Rico requires bettors to sign up in person at retail sportsbooks and casinos.
How Much Money Could Prize Picks Make In PR?
PrizePicks’ entrance into markets like Georgia (where DFS is unregulated) and Tennessee (where DFS is regulated and taxed) saw quick adoption. Further, engagement rates in the tens of thousands of users occurred in the first year.
If PrizePicks becomes a DFS betting site with 10,000 active DFS users in PR (with an average monthly entry fee of $50), the island could generate $6 million in annual contest entry volume.
Already operating in 47 states, its push into Puerto Rico comes at a time when the company is facing legal pressure in California. But in PR, it’s a jurisdiction where they can shape the rules from day one.
Also gaining a license in Maine, PrizePicks is expected to launch in Puerto Rico in the coming months, alongside Maine, per the press release.
