In a significant development, PrizePicks has gained an early advantage in the Puerto Rico Daily Fantasy Sports (DFS) market.
PrizePicks Expands into Puerto Rico, Marking a New Era for Daily Fantasy Sports
PrizePicks, North America's largest Daily Fantasy Sports (DFS) operator, has secured a gaming license in Puerto Rico, making it the first licensed DFS operator in the island nation. The company is expected to launch in Puerto Rico and Maine in the coming months, marking a significant expansion for PrizePicks.
The entry of PrizePicks into Puerto Rico opens up an untapped market. With a population of over 3.2 million, larger than 18 U.S. states, and a growing mobile gaming infrastructure, Puerto Rico presents a promising opportunity for DFS operators. The island's demographic is relatively young, making it a natural fit for DFS, which appeals to a younger demographic.
PrizePicks' entry into Puerto Rico comes amidst legal pressure in California, where the company is facing challenges. However, Adam Packer, PrizePicks SVP of Legal and Compliance, expressed confidence that the momentum will carry into new jurisdictions.
In Puerto Rico, sports betting requires bettors to sign up in person at retail sportsbooks and casinos. This could potentially limit the growth of DFS, as it requires a physical presence to participate. However, if PrizePicks' "Arena" is adopted, this could change, as the Arena allows users to play DFS contests from anywhere, not just in-person at a retail location.
The license granted to PrizePicks is exclusive, giving the company an advantage in the Puerto Rican market. If PrizePicks achieves 10,000 active DFS users in PR with an average monthly entry fee of $50, the island could generate $6 million in annual contest entry volume. However, the projected annual handle for DFS in Puerto Rico is not explicitly stated in the available data.
Industry analysts may expect DFS to start conservatively and grow alongside the broader sports betting surge, potentially reaching several million dollars in annual handle initially and rising as market awareness and regulation stabilize. If DFS adoption in Puerto Rico mirrors early-stage U.S. state rollouts, the market could be worth between $5 million and $10 million in annual handle within its first 12 to 18 months.
PrizePicks' expansion into Puerto Rico marks a new era for DFS in the island nation. The company's entry into Puerto Rico is a testament to its commitment to expanding its reach and providing DFS to a wider audience. As the first licensed DFS operator in Puerto Rico, PrizePicks is well-positioned to shape the rules and regulations of DFS in the jurisdiction, potentially leading to a significant impact on the DFS industry in Puerto Rico.
References:
- Puerto Rico Sports Betting Handle Nearly Doubles
- PrizePicks Becomes First Licensed DFS Operator in Puerto Rico
- Puerto Rico Sports Betting Handle Grows
- PrizePicks to Launch in Puerto Rico and Maine
- Puerto Rico Sports Betting Handle Shows Strong Growth
- The expansion of PrizePicks into Puerto Rico, a territory with a flourishing mobile gaming infrastructure, presents opportunities for sports betting, casino games, and daily fantasy sports (DFS) like NBA, MLB, and sports betting with favorable odds.
- As the first licensed DFS operator in Puerto Rico, PrizePicks could leverage its exclusive license to regulate the DFS industry, ultimately shaping the rules and potentially causing a significant impact on DFS in the region.
- In Puerto Rico, where sports betting involves in-person registrations at retail sportsbooks and casinos, it remains uncertain whether PrizePicks' "Arena" platform will be adopted, which could impact the growth of DFS in the island.
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