The director of games of chance at the Puerto Rico Tourism Authority has stated that with extensive legislation currently under consideration, the unincorporated US territory could lead the way for regulation in the region.
With much the Latin American market on the cusp of embracing a regulatory structure proven in more mature jurisdictions, the official participation hailed the need for further “participation between regulators and the industry.”
“At this moment under consideration of our State Legislature, we have two Bills in evaluation: the Bill 1612 regarding Sports Betting to be permitted, and also Bill 912 regarding iGaming in our jurisdiction,” said Jaime Irizarry.
“As a strong regulatory jurisdiction, we understand that we can combine all the elements needed to perform in a way that could be used in the Caribbean in matters of compliance, security and management of the revenues to comply with banking regulations.”
Irizarry stated that collaboration between jurisdictions was essential for mutual growth, avoiding the “struggle between the prospect and reality” of regulation.
“Though we are a territory of the US, we are a Latin American culture and that’s why we have helped many other jurisdictions in the area like Peru, Panama, Dominican Republic among others.”
“We should learn from other jurisdictions – in life, the most important part of growing and maturing is learning from others people’s mistakes or successes. I believe it doesn’t matter how much time you have been in this industry, every day there is something new to learn.”