Chile’s new law: online gambling and monopoly breakup
Chile is changing its gambling regulations, one of which is allowing online gambling. Ley N035/2022, the new measure, was presented in March 2022 with the intention of...
Chile announces new bill that will legalise online gambling
The Chilean Ministry of Finance has revealed its plans on the introduction of a bill for the legalisation and regulation of online gambling. Such plans have been in the talks within the government for quite some time now but the development of the bill has been accelerated as of late. Therefore, iGaming in Chile will most likely be rolled out during Q1 of this year.
The bill will mainly be focused on the regulation of online casino games and internet-based sports betting, as well as some other types of online gambling. The government’s main goal is to provide a competitive iGaming market in Chile, all while maintaining the health and security of its users.
The Ministry of Finance also said that they are hoping to bring about additional tax income from legalised online gambling and keep their eyes on the iGaming operators’ activities in a more functional manner.
Such a discussion was mainly brought up by the COVID-19 pandemic, since all land-based casinos were forced to close their doors in the country and the government has been in search for alternative sources of tax income in order to initiate a recovery programme.
Back in 2019, land-based gambling raked in $670 million of revenue for the Chilean government. It is evident that losing such a massive source of income has severely and negatively impacted the country’s general economy.
The Ministry of Finance stated:
Casinos are relevant for the economic development of the country both in their contribution to the financing of the municipalities and regional governments through the payment of taxes and in the development of tourism in the regions. However, both the pandemic and new global trends in the industry require new standards that ensure further development of the sector and higher tax collection through competitive tenders.
Affiliates seeking international growth can definitely find some interesting opportunities here with Chile joining the regulated online gambling market.
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