Puerto Rico’s outgoing governor Wanda Vázquez, leaves a mark on the Island as she exits her interim governorship. Gov VasShe signed a sports betting amendment to rekindle the momentum of gaming expansion that had been in limbo for one and a half years.
Wanda Vázquez Garced, the outgoing Governor of Puerto Rico signed Senate Bill 1534 to clear the path for regulated sports and eSports betting in the Rich Port. Signing the long-awaited bill into law was one of the last momentous acts that Gov. Vázquez did before concluding her 16-month stint as the Governor of Puerto Rico.
Vázquez Garced assumed office in the interim on 7th August 2019 following the resignation of her predecessor, Ricardo Roselló on 2nd August 2019. A new governor for the territory, Pedro Pierluisi was finally elected in last year’s November ballot and was sworn in on January 2nd, effectively concluding Vázquez transitory term.
Essentially, Senate Bill 1534 is an amendment of the territory’s previous gambling law that was established back in 19th June 2019, Law 81-2019, also known as ‘Law of the Gambling Commission of the Government of Puerto Rico’. 2019’s law had introduced the formation of a new Gambling Commission as an institutional structure that would work alongside the Horse Racing Industry Administration and Gaming Division of the Tourism Office of the Department of Economic Development for gambling oversight.
How is Senate Bill 1534 Different from Law 81-2019?
Well, the original law and its amendment are mostly the same except for a few aspects here and there to fine-tune its implementation. However, the biggest change introduced in Senate Bill 1534 was the modification of the registration clause for online sports betting. The law now requires that the first account creation must be done in person and eliminates the option of remote registration for online sports betting accounts. Initially, players creating their accounts were given the option of either registering remotely or doing it in person.
This amended version of the law was put in place to create new job opportunities for residents through the launch of new industries and businesses. And of course, the government of the Island of Enchantment also made the move in a bid to bring in more tax revenue for the sustenance of its local programs and essential services. When former Gov. Ricardo Roselló approved gaming expansion, he had done it in favor of attracting more tourists and assisting with recovery from Hurricane Maria in 2017.
The outgoing Governor, Wanda Vázquez Garced expressed her contentment after signing the amended bill into law in a briefing as follows;
Quote“I signed PS1534 with great satisfaction. This is a way to pave the way for Puerto Rico’s esports and sports betting industry and encourage business and work in this sector. This amendment will allow us to complete and launch new industries that have the potential to create thousands of jobs.”
Calm after the Storm that Put Puerto Rico’s Gaming Expansion on Hold
It has taken this long for the Island of Enchantment to move forward with the expansion of gambling due to the scandals that have been rocking the country one after another. For starters, former Gov. Ricardo Rosselló resigned two days after signing the Betting Committee Act on 29th July 29th.
This act was crucial in authorizing sports betting, eSports betting at casinos, fantasy contests, and horse race betting at the island’s only racecourse, plus off-track betting parlors and via online sportsbooks. The Betting Committee Act was a key tool that would help with the transition of gaming expansion in the Commonwealth of Puerto Rico. But then, Rosselló’s resignation stalled the Island’s progress for the same, and things got even worse when Jaime Alex Irizarry, the Director of Gambling for Puerto Rico’s Tourism Board resigned in April last year.
Thankfully, the storm appears to have calmed and it is now the responsibility of the new Governor Pierluisi to take up the baton and cross the finish line. Should things continue going smoothly, sports betting will be offered in casinos, hotels that don’t have casinos, horse betting agencies, race tracks, and kiosks. As for taxation, 7% of the gross gaming revenue will be taxed for brick-and-mortar betting whereas the tax for online betting will be 12%. Fantasy sports operators on the other hand will be parting with a 12% tax on the entry fees. Compared to all gambling legal states in the USA, Puerto Rico’s taxation on sports betting is lower than every other state except for Nevada.
Based on a recent government study, the Rich Port is poised to collect about $87 million from taxation of sports betting and eGaming within the first five years of launching the activities.
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