Puerto Rico Governor Ricardo Rossello has signed a sports betting legalization bill – the betting committee act – into law just before he tendered his planned resignation.
“By signing this law, we are getting ready to witness the potential it provides to transform Puerto Rico into a vanguard jurisdiction while benefiting the local economy,” Gov. Rossello said in a press release.
“With this legislation, the island will be able to market itself nationally and internationally as an attractive destination for sports betting events.”
It was in April this year when Gov. Ricardo Rosello announced that a bill which seeks to legalize and regulate both in-person and online sports betting had been brought up for discussion with the lawmakers.
The new bill was drafted by Rep. Néstor Alonso Vega who also happens to be the chairman of the tourism committee.
The bill calls for a different taxation policy which includes a 7 percent tax on gross gaming revenue (GGR) for brick and mortar venues but 12 percent for online sports betting.
According to the reports getting a sports betting operator license could cost anything between $2,500 to $50,000.
It is expected that legalized sports betting would bring in additional revenue to the tune of $29 million and $87 million annually.