Sports betting is a popular business for those who want to have their own business and have their own hours. Through the use of a pay per head software, anyone can run their own sportsbook. PricePerPlayer.com is one of the preferred software by bookmakers. Ss the quality and features offered are way above the industry average. Bookie agents are also getting a wide number of players on an international level. Thus breaking through a wider reach in terms of betting markets. And this is happening all over the world. Even Puerto Rico, despite its chaotic political landscape, has found a way to legalize sports betting. With sports betting now legal in Puerto Rico, the local economy could get a boost.
Legal in Puerto Rico
Prior to leaving his post, Gov. Ricardo Rossello has, almost quietly, signed into law a sports betting law last July 29. This is the Betting Committee Act that has been approved by the Senate recently. This measure now legalizes a lot of gambling markets such as sports betting, fantasy sports, horse race betting, as well as esports betting.
The bill details limits on amateur sports. However, it seems vague as there is no restriction or allowance of collegiate sports. This is important as college football and basketball are very popular in the US.
Aside from physical stores and casinos, residents may also place wagers in off-track betting parlors and online betting. The government could stand to earn $29 million in tax revenue in 2020, and as much as $51 million in 2021. By 2024, they could have a market valued at around $87 million.
This industry has the potential to contribute in terms of tax revenue and licensing fees as additional funding for the government. This can also boost tourism in Puerto Rico, as well as have an effect on increased employment. The revenue will be used for community projects, such as promoting youth sports, gambling addiction services, police equipment, educational projects and more. Of course, a set amount will also provide for the cost on implementation and administration of the new Commission that will oversee the industry.