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Legendz First to Pay

Published by: The Rx
Date published: March 15, 2003

Legendz Sports International Becomes One of the First Companies to Pay Costa Rica’s Sportsbook Licensing Fee.

Legendz Sports International has announced that they are one the first companies to purchase the newly imposed 24,000,000 colones ($63,080.50 USD) sportsbook license in Costa Rica.  The deadline to pay the fee is March 21st and as of last Friday only four companies had complied.

The foreign owned Legendz has been located in Costa Rica since 1996.  More commonly known as MVP Sports International, Legendz changed their name when the industry hosted three companies with similar MVP names.  One of the more quiet companies when it comes to mega-media advertising, Legendz is focusing on the Asian and European markets this year where there are no questions about the legality of sports wagering over the net.  Legendz Sports has gained notoriety for being one of the world’s most respected sportsbooks by providing customers with on demand payouts for years. 

According to top executives from their company it was important for their business to finally be regulated instead of existing in the gray area that the government has left them in since 1996.  It is not fair to scrutinize and therefore classify the sportsbook business with that of any other illegal activity that may be on going in Costa Rica (it is a well known fact that the DEA has been located in the country for years to intercept drugs coming from Colombia destined for the US).  Costa Rica’s various municipalities have charged six million colones for permits to operate in the country but the new legislation is the first specified for the industry.  Legendz is excited about the local government finally offering a license.  The truth stated, it is a very competitive market right now, many countries can offer more reliable and economical telecommunications.  In addition to telecom and the annual license other countries profit from, they realize that operators will utilize locals for the work force hence feeding their economy.  These countries are welcoming the industry with open arms.  Most companies feel a strong commitment to the Costa Ricans who have worked for them over the years.  In short, most companies would prefer not to leave Costa Rica.  The license represents a commitment from this country for the offshore industry.  A mass exodus of sportsbooks would create an enormous blow to the country’s economic structure.  The number of jobs that have been created easily numbers around 10,000 not to mention the enormous amount spent on housing, dining, and transportation.  In essence, the offshore business has created a middle class for a country that didn’t have one.  Many people depend on the sportsbooks for their livelihood.  Hopefully the license is more than just a short term fix for the government’s economic burdens. Only time will tell.

From knowing the people who run this company for years now it is fitting that they are one of the first to pay for the license. 

 
- TheRx