Puerto Rico, a US overseas territory, has taken a significant step in the gambling industry by granting licenses to seven businesses to operate online sportsbook services. This development comes more than three years after the legalization of sports betting in July 2019. However, the launch process was delayed due to the COVID-19 pandemic and subsequent senate actions to establish a new gambling commission. The government is now finalizing the terms of Bill PC2038 to allow for online betting.
The Licensing of Online Sportsbook Services:
The Puerto Rico Gaming Commission (PRGC) recently announced the grant of licenses to seven businesses, allowing them to operate online sportsbooks. This move marks a significant turning point in Puerto Rico’s gambling landscape, as it opens up new opportunities for the industry and brings in additional revenue for the territory.
The Licensed Companies:
The seven companies that have received licenses from PRGC are as follows:
a. Ballers Puerto Rico LLC
b. Liberman Media
c. CCHPR Hospitality
d. Continent 8
e. Caesars Digital
f. Swish Analytics
g. US integrity Inc.
These businesses now have the green light to offer online sports betting services to residents and visitors in Puerto Rico, contributing to the expansion of the gambling market.
Delayed Launch and Pandemic Impact:
The road to launching online sportsbooks in Puerto Rico faced several obstacles, most notably the COVID-19 pandemic. The global health crisis not only caused delays in the licensing process but also brought about challenges in various sectors, including the gambling industry. Despite the setback, Puerto Rico has persevered and now stands poised to capitalize on this lucrative market.
Retail Sports Betting in Puerto Rico:
Before the introduction of online sports betting, retail sports betting was already operational in Puerto Rico. Land-based casinos were authorized to offer such services under existing legislation. Earlier in the year, BetMGM partnered with La Concha Casino Resort to launch Puerto Rico’s first retail sportsbook, laying the groundwork for the expansion of sports betting in the territory.
Future Prospects and Kambi Group Partnership:
With the licenses in place, Puerto Rico is set to witness a surge in online sports betting activities, creating a competitive environment among the licensed companies. Additionally, Kambi Group, a renowned sportsbook provider, has secured a long-term partnership with LMG Gaming (LMGG), a subsidiary of the Puerto Rican media company Liberman Media Group. This collaboration will see Kambi Group providing its high-performance sportsbook to LMGG’s ApuestaPR betting brand, further enriching the offerings in the online betting market.
The licensure of seven businesses to operate online sportsbooks in Puerto Rico is a significant milestone for the territory’s gambling industry. After overcoming delays caused by the pandemic and legislative adjustments, Puerto Rico is now poised to capitalize on the growing demand for online sports betting. As the licensed companies gear up to offer their services, the government’s finalization of Bill PC2038 will pave the way for a thriving online betting landscape. With the potential for increased revenue and a boost to tourism, Puerto Rico is on track to make its mark in the world of online sportsbooks.