Puerto Rico gov’t picks gaming commission advisory firm
The Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF, in Spanish) chose Gaming Laboratories International (GLI) to provide consulting and advisory services to the Puerto Rico Gaming Commission, created by virtue of Act 81-2019, the agency announced.
GLI will assist the Commission in the drafting of the regulations governing the operations, and providing consulting services regarding the industries and activities under its jurisdiction, which include sports betting, fantasy contests, and Esports, said AAFAF Executive Director Omar J. Marrero.
The firm will be responsible for developing procedures applicable to the operations of the Commission, using as a model the processes developed in other U.S. jurisdictions, he added.
In February 2020, AAFAF issued an RFP to identify qualified firms that would meet the essential requirements to develop such regulations.
“The AAFAF team is pleased with the selection of GLI, which will help the Government of Puerto Rico develop cutting-edge regulations to swiftly implement the provisions of Act 81-2019 relative to identifying the eventual components of the different industries, while simultaneously allowing citizens to participate in these activities within a legal frame,” Marrero said, adding that these efforts reinforce the current public policy that authorizes sports betting, fantasy contests and electronic games.
These activities are new legal forms of betting and represent a new source of revenue and economic activity for the government, which according to projections, could collect some $87 million from this activity in a five-year term.
“The selected firm will assist the Commission in adopting the regulations that will govern this groundbreaking industry to help it reach its maximum potential, along with the island’s local talent and resources,” said Department of Economic Development and Commerce Secretary Manuel A. Laboy.
This sector is projected to contribute approximately $68 million to the economy by 2022 and $87 million within five years, he said.
“Our work will include making sure that the implementation and the regulations product of this process are in harmony with the public policy of promoting innovation as well as the economic development of Puerto Rico by responsibly adopting sports betting, electronic games and fantasy contests,” Laboy added.
Meanwhile, Gaming Commission Executive Director José A. Maymó said in recent months, the entity has taken several steps to develop its operational structure.
“As part of that effort, we teamed with AAFAF in the process of selecting this firm that will advise us in the process of drafting the regulations on the several betting activities under our jurisdiction,” Maymó said.
“This is a key element in expanding the establishment of this economic sector. Once the regulations are approved, the action plan consists of starting the licensing processes for the providers and for operators, which involve evaluating not only the legal, financial and technical requirements established in the regulations, but also compliance with responsible gaming and money laundering prevention protocols,” he added.
Gaming Laboratories International, LLC, is a gaming industry service provider of consulting, testing and certification services. Since inception, GLI has provided consulting services to regulating entities on regulation and implementation of sports betting operations, iGaming, Esports, fantasy games, casinos, and lotto.
I am very happy to see how Puerto Rico has these talents in gaming I hope they continue ahead and at some point, we can have a studio that plays games for PlayStation and Xbox this would be in Palo and in brutal pride,.