Puerto Rico grants two new online sports betting licenses

The Puerto Rico Gaming Commission announced that two new online sports betting licenses were approved. The new operations will be carried out by Casino Metro, which will operate in partnership with Caesars Entertainment, and by Stadium (Winnin), which will use IGT's betting platform.

These will join sports betting and iGaming operator BetMGM which, as reported by Yogonet, launched its mobile application in early June in partnership with Casino del Mar at La Concha Resort.

La Comisión de Juegos de Puerto Rico autorizó la primera operación de apuestas deportivas en línea, con lo que inició a una nueva fase de esta industria en la Isla. (1/2)#ComisiónDeJuegosPR pic.twitter.com/nDiFacMztq

— Comisión de Juegos del Gobierno de Puerto Rico (@ComJuegosPR) June 9, 2023

Jaime Rivera Emmanuelli, Gaming Commission's Executive Director

"With these three operations, we officially begin a new stage of sports betting in Puerto Rico, and with it, we will see the growth of this market, which will generate tourist and economic activity and solid income for the Government, among others," commented Jaime Rivera Emmanuelli, Executive Director of the Gaming Commission.

The executive director explained that the three licensed companies have complied with the parameters established in the internal controls required by law and regulations. In order for a company to obtain its authorization to operate online, it must obtain the endorsement of the commission in two stages.

The first is the licensing of the operator, whether it is a casino or other type of space, where it must demonstrate compliance with its tax obligations and show the corporation's financial statements, among others.

The second phase focuses on the operator's internal controls, where the commission ensures that they comply with some 18 lines of daily operating standards. This includes the controls they have in place to handle accounting, pay taxes, and avoid money laundering, among others.

According to Emmanuelli, there are about 50 license applications before the Gaming Commission, mostly to provide services to electronic platforms and operators.

The Government will collect over $4 million through sports betting during the next fiscal year. "This new entertainment modality offers a wide range of plays in sports such as basketball, baseball, and NFL, which has the Superbowl event, and possibly special events such as Miss Universe, among others," he added.