Puerto Rico Looking to Legalize Sportsbetting

U.S. territory Puerto Rico is reportedly looking to legalize sportsbetting as a way to protect bettors and generate millions in tax revenue annually.

The governor of the territory Ricardo Rosello announced a bill this week that was drafted by Representative Nestor Alonso Vega that would legalize wagering on sports. The bill would create a series of rules for obtaining licenses and offering the wagers, while also forming a new Gaming Commission that would work to oversee the market and enforce rules. It's widely believed that sportsbetting would generate between $44 million to $66 million in tax revenues each year.

Speaking about the prospect of sportsbetting Governor Rosello said, "This industry has the potential to convert Puerto Rico into a jurisdiction in the vanguard of allowing the establishment of this new model, which will have a positive effect on our economy. We have worked on aggressive legislation that aspires at being able to market the island at the international and national levels as an attractive destination for the millions of people who bet on sports events."

"[On] the social aspect, the legislation provides for all the security safeguards to exist in order to guarantee that children under 18 do not participate in these games. It will also firmly address those problems of gambling addiction that may arise. These matters are a priority, as well as providing adequate control to avoid money laundering and tax evasion."