BetMGM enters Puerto Rico in first market-access deal outside of US
Sports betting operator agrees strategic partnership with Casino del Mar at La Concha Resort
BetMGM is set to offer online sports betting to players in Puerto Rico for the first time after agreeing a strategic partnership with the Casino del Mar at La Concha Resort.
Subject to the terms of the agreement and the appropriate regulatory approvals, the BetMGM mobile app will go live across the Caribbean island, while the operator will also open a retail sportsbook at the San Juan-based beach resort.
The deal marks the first expansion of the BetMGM brand beyond the US market, which BetMGM CEO Adam Greenblatt described as a “major milestone” for the firm.
“La Concha Resort is an ideal partner and together we look forward to bringing BetMGM’s retail and mobile sports betting experience to sports fans across Puerto Rico,” Greenblatt added.
Sports betting was initially legalized by the Puerto Rico senate in July 2019, although the regulatory process has been slower than expected with regulations only being rolled out in August 2020.
Licensing fees for a principal operator or internet wagering platform start at $50,000, while so-called Satellite Licenses or Point of Sale Licenses start at $2,500.
Sports bettors in Puerto Rico are also subject to a monthly deposit cap of $2,500 while there are also restrictions on operator advertising.
The Casino del Mar at La Concha Resort is owned by American investment firm Paulson & Co.
Paulson & Co president John Paulson said: “Sports are part of the everyday life in Puerto Rico with a huge following and a passionate fan base in almost every sport.
“As such, it’s natural that we are the first market outside the continental US in which our guests will be able to place bets with BetMGM.
“We are looking forward to a long and successful endeavor with BetMGM,” Paulson added.