• Sun. Sep 19th, 2021

BetMGM Getting into Puerto Rico, First Sports activities Betting Market Entry Outdoors Mainland US

BySpeed Casino

Sep 4, 2021

Posted on: September 3, 2021, 10:23h. 
Final up to date on: September 3, 2021, 03:42h.

Todd Shriber Learn Extra

BetMGM and On line casino del Mar at La Concha Resort in San Juan, Puerto Rico have introduced the gaming firm is bringing cellular sports activities wagering to the territory, marking the primary entry settlement exterior the 50 states.

La Concha Resort in Puerto Rico towers above the seaside under. Its On line casino del Mar will likely be residence to a BetMGM sportsbook. (Picture: La Concha Resort)

The Caribbean island is an unincorporated territory of the US. Puerto Rico handed sports activities betting, each day fantasy sports activities (DFS), and esports laws in 2019. That paved the way in which for the Puerto Rico Gaming Fee (PRGC) to set rules and requirements and situation permits to operators.

As a part of the settlement and topic to regulatory approvals, BetMGM will provide each retail and cellular sports activities betting, with the opening of a retail sportsbook on the San Juan-based seaside resort and the launch of the BetMGM cellular app all through Puerto Rico,” in accordance with a press release.

Puerto Rico’s sports activities wagering regulatory course of has been slow-moving and the territory missed out on the 2021 Main League Baseball (MLB) season — a blow to revenue-raising efforts as a result of baseball is among the hottest sports activities there.
BetMGM and La Concha Puerto Rico’s regulated sports activities wagering market is predicted to start early subsequent yr.
For BetMGM, Potential in Puerto Rico
BetMGM, a 50/50 three way partnership between MGM Resorts Worldwide and Entain, is, by the operators’ estimates, the second-largest US on-line sportsbook operator.

Relating to Puerto Rico, the market is probably compelling for operators like BetMGM. It’s residence to three.28 million residents, making it bigger than a number of states the place sports activities betting is authorized, together with Iowa, Arkansas, New Hampshire, and Rhode Island, simply to call a number of. Moreover, the island is residence to about two dozen casinos, all of which function out of resorts.

Previous to the coronavirus pandemic, Puerto Rico was a serious cruise vacation spot with the Port of San Juan yearly welcoming 1.4 million guests from cruise ships.
Mix a vibrant tourism business (assuming a rebound from COVID-19) and locals’ embrace of American sports activities, akin to MLB and the NBA, and Puerto Rico is a market with some positives for gaming corporations.
Plus, the sports activities betting tax state of affairs is pleasant. Operators pays six % of gross gaming income (GGR) from sports activities wagering at retail sportsbooks and 12 % on bets place on-line or on cellular units.
BetMGM Odds and Ends
The take care of On line casino del Mar at La Concha Resort extends a busy stretch of market entry agreements for BetMGM. In latest weeks, the gaming firm introduced it’s including Arizona, South Dakota, and Wyoming, amongst others, to the roster of states during which it’s operational.
Earlier this week, BetMGM joined FOX Guess, PointsBet, and WynnBET as NFL-approved sportsbook operators for this season.
La Concha Resort is owned by John Paulson’s Paulson & Co., a hedge fund that was beforehand a serious investor in MGM Resorts Worldwide (NYSE:MGM).

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