Puerto Rico has become another state with a legalized sports betting industry. This business is going to generate up to $87 million of tax revenues per year by 2024.
According to the law, signed by Puerto Rico’s governor Ricardo Rossello, all wagering activities including bets on eSports, horse races, and, of course, sports are allowed in the country. From now on, each casino, betting shop or racetrack has the right to take bets legally and is obliged to pay taxes of 7% for its operation. It also concerns online betting operators, but their tax rate is 12%
This move aims to increase the Puerto Rico jurisdiction’s attractiveness for foreign investors, as well as to boost the local economy. In addition, the governor expects it to enhance the country’s popularity among tourists. For this to occur, the island should become a platform for international betting events.
As the Puerto Rico’s tax rate is one of the lowest in the world (the only jurisdiction with a lower rate is Nevada state), the country may soon become a new Macau in terms of popularity among betting companies.