Sports betting is one of the highest earning industries for online gambling. When asked how much do bookies make, however, the answer will vary. Large operations run by major sportsbooks and casinos earn millions on a monthly basis. This has led to the government wanting to regulate the gambling markets to be able to collect taxes from a multi-billion industry.
Online gambling, in particular, is a market that’s been growing the past few years. Bookies use the best sportsbook software to maximize profit and be able to run their own sportsbook business. The PricePerPlayer betting software is one of the popular providers across the world.
Sports Betting Now Legal
In Puerto Rico, sports betting for both land-based and online betting is now legal as HR 2038 is now passed. Late last month, the bill was passed by the local senate, who are now asking for the establishment of a conference committee that will assess the bill even further.
This will pave the way to creating the committee that will oversee and come up with the regulations of the local gambling industry. Any time now, a Gaming Commission will form to manage it, following senate approval.
The bill legalizes sports betting, eSports, fantasy sports, and disallows wagering on amateur sports. There are no license fees set yet. but for large scale operators, we are looking at least at $50,000. While individual sports betting providers will have a fee of at least $2,500, probably.
Projections for betting revenue are at $3 billion annually by 2023. And by 2022, an additional $44-$68 million annually from expanded online gambling. Of course, income generated will benefit the local community directly. This will be done by funding programs such as youth sports, pensions, gambling addiction services. Also, police equipment, education, and administrative and implementation of the gambling commission.