Puerto rico government

Sports betting could generate more than $ 40 million in Puerto Rico

Pedro Pierlusi, Governor of Puerto Rico, has announced the creation of an advisory group on the sports betting, electronic games and fantasy sports industries. According to official estimates, these sectors could contribute more than $ 40 million to local funds.

This group “will advise the Gambling Commission and the Governor of Puerto Rico on this new industry, and will collaborate in the development and implementation of initiatives aimed at fostering and promoting its growth,” according to the decree shared by local media Metro. .

In addition, he points out that 50% of the income from betting and DFS activities would be used to contribute to the retirement funds of public employees.

“As part of our commitment to ensuring a dignified retirement for our employees, it is extremely important to ensure that cash has access to these funds,” the order details.

Orlando rivera, director of the Gambling Commission of Puerto Rico, will be part of the advisory group along with five other members, who will be responsible for publishing reports every three months and sending them to Pierlusi, the secretary of the Department of Economic Development (DDEC) and the Commission.

Rivera, when taking office, had said Puerto Rico hoped to launch its sports betting market before the latest start. Major League Baseball (MLB) season in April.

The manager also said that if the leagues agreed to be included in the sports betting offers, they would have their own deals in place with the bookies and receive money from them, although it is still unclear. if it would be a percentage of the bets made.

This is possible thanks to the old Governor Wanda Vázquez Garced who enacted Senate Bill 1534 on his last day in office, paving the way for the activation of sports betting and esports in the country. Puerto Rico is looking for “new industries and businesses to create jobs” and “new sources of income to support government programs and essential services”.

Otherwise, Rep. José Rivera Madera said: “The fact that our projections indicate that the profits from these activities represent an estimated turnover of 87 million dollars over the next five years for the government, is without doubt a paradigm of the economic situation in which the island is facing. ”

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