International Game Technology (NYSE:IGT) is expanding its global sports wagering footprint, announcing today that it’s entering Puerto Rico via an agreement with The Stadium LLC.
The Stadium is the parent company of WinIn, which has partnerships with esports firms, as well as Liga de Béisbol Profesional Roberto Clemente — Puerto Rico’s top professional baseball league. WinIn is looking to expand in the US territory’s still nascent sports betting industry. The financial terms of the accord weren’t disclosed.
Under the terms of the agreement, IGT PlaySports technology and trading advisory services will power all of WinIn’s future online and retail sportsbooks in Puerto Rico,” according to a statement issued by IGT.
WinIn will use IGT’s PlaySports platform.
“The prospect of adding Puerto Rico as a territory with PlaySports-powered sportsbooks is another exciting step in our effort to further expand our footprint across North America,” said Joe Asher, IGT president of sports betting, in the statement.
Opportunity in Puerto Rico Sports Betting
Puerto Rico is an unincorporated territory of the US, and potentially offers sportsbook operators and platform providers such as IGT a lucrative market going forward.
Puerto Rico passed sports betting, daily fantasy sports (DFS), and esports legislation in 2019. That paved the way for the Puerto Rico Gaming Commission (PRGC) to set regulations and standards and issue permits to operators.
Regarding Puerto Rico, the market is potentially compelling for operators. It’s home to 3.28 million residents, making it larger than several states where sports betting is legal, including Iowa, Arkansas, New Hampshire, and Rhode Island, just to name a few.
In September, BetMGM said it’s teaming up with Casino del Mar at La Concha Resort in San Juan to bring mobile sports wagering to the territory, marking the first access agreement outside the 50 states.
Prior to the coronavirus pandemic, Puerto Rico was a major North American tourist destination, and it’s home to about two dozen casinos — all of which operate out of resorts frequented by travelers.
Additionally, locals love Major League Baseball (MLB) and the NBA, indicating the market could be a compelling one for sportsbook operators and back-end providers like IGT going forward.
IGT Investors Like the News
On a day of broad-based strength among gaming equities, shares of IGT are benefiting from the Puerto Rico news. The stock is up almost seven percent and trading around all-time highs. That after it surged 12 percent in October.
The lottery services provider and the maker of the popular Wheel of Fortune slot machine are up 74 percent year-to-date.
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