International Game Technology (IGT) is expanding its sports gambling business by entering Puerto Rico through a multi-year partnership with Ponce Plaza Hotel & Casino.
Puerto Rico legalized sport betting in 2019, but it’s taking its time issuing licenses to minimize mishaps that are most likely to occur in the market. In June, IGT initiated sports betting in Puerto Rico with the Puerto Rico Gaming Commission’s license approval of Stadium (Winnin).
“IGT PlaySports looks forward to helping Ponce Plaza Hotel & Casino deliver the excitement of multi-channel sports betting to fans in the region through our proven technology and comprehensive services.
By adding sports betting to their gaming enterprise, Ponce Plaza Hotel & Casino will be equipped with a valuable new player acquisition tool that will drive new customers to the property and enhance the overall experience at the hotel,” said President of Sports Betting, Joe Asher, in an IGT press release.
Ponce Plaza first casino in PR to operate its own sportsbook
Under this agreement, Ponce Casino will employ IGT’s PlaySports technology and services. The latter’s trading advisory services team will drive the inaugural casino-branded retail and online sportsbook in Puerto Rico, known as PlayBets by Ponce Plaza.
Ramon Muñoz, Ponce Plaza Hotel & Casino General Manager conveyed his delight and noted how important it is to be the first casino in Puerto Rico to independently manage and operate a sportsbook and said:
“IGT has been a valued Ponce Plaza Hotel & Casino gaming equipment supplier for many years, and we are thrilled to expand our strategic alliance and entertainment portfolio with PlayBets by Ponce Plaza, our soon-to-launch IGT PlaySports-powered sportsbook.
Ponce Plaza Hotel & Casino has been serving the local community since 2008, and we could not be prouder to be the first casino operator in Puerto Rico to run and operate its own sportsbook and to give sports fans an amazing betting experience backed by a local operator who they know and trust.”
IGT spreads its foothold in North America
IGT has firmly established itself as a reputable gaming supplier within the gambling industry, achieving recognition as the sports supplier of the year in 2023 at the SBC North America Awards.
The company’s diverse offerings benefit various segments of the US gambling market including lotteries, sports betting and casino gaming machines. IGT extends its influence to power sportsbooks at over 90 gaming venues across North America.
Despite these accomplishments, IGT’s third-quarter financial results mirrored those of the previous year, with consolidated revenue reaching $1.06 billion. Notwithstanding the modest profit growth, Max Chiara, CFO of IGT, expressed satisfaction with the outcomes, attributing them to “margin expansion and strong cash flow generation.”