The Puerto Rico Gaming Commission announced the approval of two new online sports betting operations. The commission granted licenses to:
- Casino Metro, which will operate in partnership with Caesars Entertainment
- Stadium (Winnin), which will use IGT’s betting platform
A few weeks ago, the regulatory body approved the first online operation for Casino del Mar and its business partner, BetMGM.
According to a post by News Is My Business, the Puerto Rico Gaming Commission’s executive director, Jaime Rivera-Emmanuelli, said:
“With these three operations, we officially begin a new stage of sports betting in Puerto Rico, and with it, we will see the growth of this market, which will generate tourism activity, economic benefits and solid revenue for the government, among others.”
Puerto Rico Gaming Commission issued 30 online gambling licenses
For now, the Puerto Rico Gaming Commission has issued 30 licenses, including:
- 5 operator licenses
- 25 service provider licenses
Two of the five licensed operators are undergoing an evaluation of their internal operating controls. Rivera-Emmanuelli explained that the licensing process “will promote the development of professionals specialized in this field.”
The commission estimates that the government will gather more than $4 million in revenue from sports betting in the next fiscal year.
According to Rivera-Emmanuelli, almost 50 license applications are awaiting at the Gaming Commission, mainly to provide services to electronic platforms and operators.
Caesars, Winnin, BetMGM meet standards for Puerto Rico online sports betting
Rivera-Emmanuelli explained that the three licensed companies – Caesars, Winnin and BetMGM – met the parameters set by local law and regulations in their internal controls.
For a company to obtain the endorsement to operate online sports betting in Puerto Rico it must meet the commission’s two-stage approval process:
- Stage: involves licensing, whether a casino or another type of establishment. The operators must demonstrate that they fulfill their tax obligations and deliver the corporation’s financial statements, among other criteria.
- Stage: guarantees the operator’s internal controls comply with some 18 daily operation standards. These include:
- Accounting and tax payment procedures
- Measures to prevent money laundering
- Ensuring timely payments to players
- Preventing conflicts between players and gaming establishments
- Preventing hacking attempts
- Ensuring that players reside in Puerto Rico