• Lawmakers in Puerto Rico have created a sports betting group for the potential new market.
• Experts have estimated Puerto Rico sports betting could generate $40 million annually.
• Funds from sports betting will be used for the retirement of public employees.
SAN JUAN, Puerto Rico – The sports betting market in Puerto Rico is progressing towards its potential launch, as Governor Pedro Pierlusi creates a new sports betting advisement group.
This group will work closely with the Gambling Commission and the Governor, explaining the market and aiding in the implementation of sports betting infrastructure.
Experts have estimated $40 million annually is what can be expected from the Puerto Rico legal sports betting market.
Puerto Rico Big Moves
On her way out of office, then Puerto Rico Governor Wanda Vázquez Garced signed Project 1534 into office, laying the groundwork for the potential launch of legal sports betting in Puerto Rico.
Current Gov. Pierlusi is advancing this process with his new sports betting group, signing the group into effect via an executive order. Daily fantasy sports, electronic games, and sports betting are all in the works to launch in the Island of Enchantment.
Included in the advisory group is Orlando Rivera, the director of the Puerto Rico Gambling Commission. Rivera has pushed for 50% of the proceeds from the betting market to be allocated to the retirement of civil servants and public employees.
“It is very important that the Treasury have access to these funds as part of our commitment to guaranteeing dignified retirement to our employees,” reads the order.
The official launch date has not been set, but local betting fans should still be encouraged with the forward movement of the market.
Puerto Rico becoming a territory with legal sports betting will increase overall revenue as well, with potential boosts to tourism thanks to the added betting market.
Lawmakers are expecting to see major influxes in local activity should the betting market launch, which explains why so much effort is being pushed.
Coming from a background in narrative-based writing, Giovanni strives to write stories that will keep the reader engaged. Although he does pride himself in being accurate, how the story is told is also very important to him. When he’s not keeping readers up to date on sports betting laws and legislation, you can find him writing and recording music, playing videogames, or engaged in heated sports debates with his friends.