The Casino Industry In Latin America
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Latin America and the Caribbean is a huge growth opportunity for the online gambling industry. Remote iGaming revenue could reach $3.6 billion in 2023. Some countries have regulated the industry, others do not.
Brazil voted to implement a federal gambling regulatory framework in February this year. The result of the vote was close. A regulatory entity will be created that will answer to the Ministry of Economy. Casino licences will only be granted to those with the largest investments.
Argentina has a significant online gambling industry. The government increased the federal tax on online betting from 2% to 5%. Provincial and city taxes are also prohibitive. Several international gambling brands have forged partnerships with domestic companies to operate in Argentina.
Colombia was the first Latin American country to regulate online gambling in 2016. In the 1st quarter of 2022, Colombia's gambling industry generated record revenues of $44.1 million. Online gambling was responsible for $12.9 million of the total revenue.
Chile's government published its first online gambling bill in March this year. All betting organisations in Chile must hold a general licence valid for a period of five years. Operators wishing to offer online gaming must apply for an online betting licence that is non-renewable. There are already around 900 online games sites operating in the country, generating revenues of around £150m per year, but the introduction of a new regulatory framework is likely to attract more players and casino brands into the sector.
Online gambling has been legal in Mexico since 2004. The Ministry of the Interior has granted remote gambling licenses to international brands that have partnered with local operators. Some politicians want to see more formal legislation introduced to allow Mexico to benefit from the money its citizens spend.
The land-based casino industry developed in the Dominican Republic during the second half of the 1900s. Most forms of gambling are regulated in DominicanRepublic. It is not cheap for operators to obtain licences there. The total cost including administrative fees is approximately $250,000. Operators must pay a 10% turnover tax and a tariff of RD$1 for each RD $100 processed.
