- The Coronavirus pandemic is taking its toll around the globe and the profits from the soccer leagues in Costa Rica are taking a huge hit which has affected the economy.
- Legal sports betting is being looked at as a potential new revenue stream as the leagues in the country are looking for new outlets to make money while sports is currently non-existent.
- Gambling on sporting events was legal in Costa Rica once before but was ultimately shut down because of the lack of profits from the market.
NEW YORK - Due to the Coronavirus pandemic, Costa Rica is looking for new revenue streams to recoup the losses the economy has endured from the suspension of league games. Sports betting is a market currently being considered by those close to the issue.
Italy’s Football Federation recently asked their government for a percentage of its sports betting revenue in order to help save the leagues that are not receiving any income while on hiatus.
Now Costa Rica is taking a similar route to bridge the gap from the lack of profits as it is unknown when sports will be coming back into the country.
Those In Favor Of Sports Betting
Soccer is a very popular sport in Costa Rica and with it being canceled, the league is trying to figure out an alternative to generate money while athletes are unable to play because of the COVID-19 quarantines. Betting on soccer games seems to be one option.
Players have agreed to pay cuts and have created a funding option for those that are personally being affected by the outbreak. The President of the soccer league Liga Deportiva Alajuelense, Fernando Ocampo is in favor of sports betting legalization in the country.
“It’s time to be creative and consider proposals to generate resources for football and other sports,” said Ocampo in regards to sports betting. “Football can help generate additional revenue for the National Olympic Committee and other sports.”
This would not be the first go-around for Costa Rica when it comes to dabbling in the sports betting market. It was done quite a while ago but failed to be profitable, causing sportbooks to shut down from lack of business. But now various people believe the country is better equipped to handle the sports gaming business for a second time and be successful with it.
“I feel that at the time we weren’t prepared for sports betting, but today we know much more, the world has advanced a lot and we are in contact with other countries where this modality has already been implemented, such as Colombia or Argentina,” said Esmeralda Britton, Executive President of the Costa Rican Social Protection Board. “We’re analyzing their strengths, their mistakes, to avoid those problems and choosing the most profitable model for us.”
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The current discussions are not new as the topic was spoken about in 2019. Last October, before the cancellation of sporting events from COVID-19, more people in the soccer world spoke in favor of legal sports betting for Costa Rica.
In fact, the President of Unafut, Julián Solano said that he believed the market would now thrive due to the latest technology available, including the use of phones for mobile sportbooks.
"We are waiting for the Board to authorize us and we will make an agreement with any private entity that already has the platforms. In fact, there are already two bidders to start betting or sports forecasts. That's an option,” said Solano. "Today from the phone you can place bets or sports forecasts and I would hope that with these new technology platforms we can buy this service."
With soccer being a hugely profitable sport in the country and the countless backers for legal sports betting, lawmakers in Costa Rica will have plenty of information to take into account when considering legalization.
Even the Costa Rican Social Protection Board believes that gambling on sports competitions could prove to be a great source of revenue in this day and age despite its previous flop.
What’s Next
Presently, the idea of making the wagering on sporting events legal in the country is in the discussion phase. Ocampo said within the next month they should know more about the stance of the country on legalization.
They will study the different strategies and scenarios that would work for the economy after its first failure in the business. By the end of the month, a proposal could be drawn up to set the path for making sports betting legalization a reality for Costa Rica again.
Christina has been writing for different platforms for years. She has a particular interest in writing about any and all sports-related news. If there is a game on, she’s watching it. She has been writing for USAOnlineSportsbooks since 2019.
