As 31.4 million Americans in the mainland are now expected to bet on Super Bowl LVI, they are not the only ones who would want to have a shot at the Big Game on Sunday. Puerto Rico Gaming Commission has now cleared Casino del Mar of the La Concha Resort Hotel in Condado to launch sports betting, effectively becoming the first licensed operator on the island.
The news was dropped by Orlando Rivera, head of the PRGC, who welcomed the opportunity that Puerto Ricans would be able to plonk down their wagers on the Super Bowl, from moneylines to parlays, to props and more. The license granted to Casino del Mar is provisional and will be subject to full extension at some point after the big game.
Sports Betting Welcomed in Puerto Rico
Rivera welcomed the casino’s readiness to offer sports betting on the Super Bowl and confirmed that the property had complied with all necessary prerequisites. The property will be able to accept in-person and online sports wagers. While the crowds are busy gathering to place a bet on the Super Bowl, the PRGC will work on giving the property its final license.
Casino del Mar is one of three properties expected to receive a license in Puerto Rico and spearhead its betting industry as part of the territory’s efforts to bolster its tourism and generate additional tax revenue. Meanwhile, the ranks of casinos on the island have been growing. Rivera confirmed that Casino del Mar has complied with all necessary prerequisites and documentation submission to receive both a provisional and full license.
Meanwhile, online betting remains one of the biggest sources of revenue in the long term. The United States has been actively pursuing a course towards legalization with 30 states and the District of Columbia now accepting sports wagers in some form. While some holdout states have fought back against legalization, most have embraced it.
Projected Revenue and Industry Expansion
In Puerto Rico, Rivera estimates that $30 million may be collected by the industry annually once all operators are up and running. It’s possible that Puerto Rico could issue licenses to ten operators as the industry finds a foothold in the territory. Rivera is similarly confident that the new industry could be beneficial to both the treasury and lead to new jobs and pursue further opportunities.
He is not too worried about the way the industry would steer. Rivera believes in the PRGC’s ability to steer the nascent industry and make sure that it conforms with the established laws while benefiting the territory’s economy.
Rivera noted that sports bodies are already seeking closer ties to betting operators. He said that while the regulator would be happy to advise and set parameters of how the betting activity should carry on, the gaming commission would not in itself be brokering deals between sports franchises and leagues, and operators.
Meanwhile, operators will educate players on how bets are placed and what needs to be done to participate in sports gambling in Puerto Rico legally. Overall, Puerto Rico is on a good start with its sports betting industry, and the years ahead should only allow it to grow. Betting starts this Sunday with the Super Bowl.