Governor Ricardo Rosselló signed on July 29 the Betting Committee Act , which means Puerto Rico legalizes sports betting, according to the official press release. The industry is estimated to reach more than $3 billion by 2023. “By signing this law, we are getting ready to witness the potential it provides to transform Puerto Rico into a vanguard jurisdiction while benefiting the local economy. With this legislation, the island will be able to market itself nationally and internationally as an attractive destination for sports betting events,” the governor said via press release.

In addition to sports betting, the law authorizes betting on fantasy leagues and the emerging segment of eSports. The latter, which is moderately regulated in other U.S. jurisdictions, allows betting on video game competitions, which garner hundreds of millions of viewers annually. Moreover, the legislation includes a provision that prohibits minors from participating in these games. Likewise, it will reportedly address video game addictions that may arise, as well as money laundering and tax evasion.

These charges and taxes seek to be “extremely competitive” to other jurisdictions, with aims to attract investors to an industry that is currently nonexistent on the island. Betting activities will be allowed in the Commission’s authorized locations, such as casinos, racecourses, hotels, parlors, among others. There is also legislation in the works to legalize online gambling there.

More on the benefits of Puerto Rico legalizes sports betting at YogoNet.