Crypto Assets

Search
Close this search box.
Search
Close this search box.
Search
Close this search box.
Chile to speed up proposals to regulate online gambling

Chile to speed up proposals to regulate online gambling

Facebook
Twitter
LinkedIn
Email

The Undersecretary of Finance for Chile, Alejandro Weber, has revealed that the government will seek to regulate an online gambling market that aims to generate around $55m in annual taxes.

In a statement to Chilian news source La Tercera, Mr. Weber stated that one of the goals of the project will be to protect users and impose rules on operators, saying: “With this project we will set clear rules for an industry that is not currently regulated in Chile.”

The most recent figures from local regulator, the Superintendence of Gambling Casinos (SCJ), show that Chileans can access as many as 900 online gaming sites and platforms, representing a market worth approximately $150m. The new regulatory proposals will consider a specific tax that will allow Chile to access millions annually from online gaming operations.

Under the proposed terms, private Chile-based operators would be able to obtain a five-year renewable licence or a temporary, non-renewable six-month licence, and all types of games would be allowed, with the exception of lotteries and the those that appeal to minors. In addition, operators focused on sports betting would allocate 2% of their gross income to the national federation of the sport involved in the betting activity and an extra 1% towards responsible gambling activities.