Puerto Rico Sports activities Betting Historical past
DraftKings Sportsbook is headed south to Puerto Rico to open retail and ultimately on-line gaming operations at Foxwoods El San Juan On line casino, per The Mashantucket Pequot Tribal Nation and an announcement from DraftKings.
The Mashantucket Pequot Tribal Nation, that are homeowners and operators of Foxwoods Resort On line casino of their dwelling reservation in Connecticut, expanded their Foxwoods model outdoors of their native state to Puerto Rico in late 2021.
Final yr, the tribe spent round $137.5 million to reinvent an area within the El San Juan Fairmont Lodge in San Juan devoted to playing which now consists of 300 slot machines and a dozen desk video games for Puerto Ricans to wager cash. The house is now often called Foxwoods El San Juan On line casino and this was the tribe’s first and solely growth outdoors of their reservation in Connecticut.
Although sports activities betting has been authorized on the island since 2020, Puerto Rico continues to be a comparatively new participant available in the market because the pandemic halted a lot of their legislative course of. Upon the signing of Puerto Rico Senate Invoice 1534, retail and cellular sports activities betting was legalized alongside DFS. Whereas the legislative and administrative particulars are nonetheless being labored out, The Puerto Rican Gaming Fee, who’s the governing and regulating physique of all sports activities betting operations on the island, authorized DraftKings for operation.
The Puerto Rican Gaming Fee began accepting functions for on-line operators in November of 2021. DraftKings utilized for licensing alongside BetMGM and several other different notable operators. Operators like these might be topic to a 20% tax, whether or not on-line or in-person.
DraftKings at Foxwoods
In October 2021, DraftKings struck its first cope with The Mashantucket Pequot Tribal Nation which landed them a everlasting retail sportsbook at their Foxwoods Resort in Connecticut. DraftKings will now be opening a retail sportsbook inside Foxwoods El San Juan On line casino as soon as they move regulatory approval. The house will embody a video wall for watching your favourite sports activities, bar and eating providers, two over-the-counter ticket home windows and 6 betting kiosks. As soon as the island finalizes licensing and regulatory situations, DraftKings is predicted to launch its wildly fashionable DFS and a cellular sportsbook in Puerto Rico as properly.
DraftKings Poised For Success
It is a strong addition to DraftKings’ intensive portfolio of places as main sporting occasions are on the horizon and Puerto Rico is re-emerging as a sizzling vacationer vacation spot that it has at all times been.
Previous to the pandemic, round 5 million folks had been touring to Puerto Rico yearly which was contributing to three.4% of the island’s whole market worth of their economic system. Now, as life fights for normalcy, Puerto Rico is seeing an inflow of vacationers that they haven’t seen within the final two years. This alteration, coupled with upcoming occasions such because the NBA playoffs, The Masters Match, and MLB Opening Day, might make this growth a really profitable alternative for DraftKings. Simply hours after the announcement, DraftKings’ inventory rose 9% to a cool $20.69 on April 4.