Costa Ricans May Get to Wager on Sports Again

Costa Ricans May Get to Wager on Sports Again

The coronavirus threat is making several world economies bleed as businesses are shut down and government resources are being used to combat the spread of the virus. Costa Rica, which was already suffering from financial troubles before the pandemic, is facing more problems because of the shutdown.

Costa Rica needs new revenue

Soccer is a huge part of the country’s social life. Due to the shutdown, the national league has been suspended and there is no incoming revenue as well. As the government is looking for new sources of revenue, it is thinking about reviving sports betting in the country. Relaunching sports betting could help them in earning revenue.

Costa Ricans May Get to Wager on Sports Again

The sports betting revival plan has been doing rounds in the country since the beginning of this month. Costa Ricans were allowed to legally wager on sports up until 1998 when the industry was shut down due to a lack of interest. However, it became a haven for offshore sportsbooks that have been operating here without regulation and registration. All the money going into these platforms is lost and the government doesn’t gain any revenue., a local media outlet recently reported that soccer could help the country lift itself out of difficult times. Fernando Ocampo, who heads a soccer club called Alajuela, said that the sport can help generate good revenue. He said,

“It’s time to be creative and consider proposals to generate resources for soccer and other sports. Soccer can help generate additional revenue for the National Olympic Committee and other sports.”

Can sports gambling work in Costa Rica?

Ocampo said that the idea of sports betting is still being studied and it will be a few weeks before they reach a conclusion. The last attempt to make sports betting work in the country didn’t yield results. Therefore, they aren’t sure that reviving the offering would create any better results. It could also be very difficult to predict exactly how much revenue this activity could bring to the state. The citizens don’t have a lot of disposable income that they can spend on gambling.

But the idea can still find some support as some people believe that it could help rebuild the nation’s economy and get some much-needed revenue. The Social Services Board of the country is eyeing sports wagering as a revenue stream that could help eliminate the black market and divert some funds to the government.

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.