Tomás Yelmini
The online sports betting market is growing worldwide, and Latin America is no exception. So, JefeBet has prepared this report on sports betting in Latin America to to let you know whether you can use your knowledge about your favorite sport and palce bets in your country.
Sports betting situation in Latin America
Argentina
This country has a long tradition of analog sports betting, such as horse racing or the famous Prode, a game in which if the bettor who bought the ticket guessed correctly the 13 results of the local soccer match (between home win, away win or draw), they would win a fortune in prize money.
At the end of 2018, the first online sportbooks begun to arrive, and they were regulated by each provincial official lottery, after the National Lottery was dissolved in February. Three years later came the regulatory framework above each jurisdiction, and today, those who want to make safe online sports betting, must pay attention to the domain. It is important that it ends in .bet.ar, which means that that site pays taxes and that it is official.
At the end of 2022, there were 124 registered sites, although not all of these online sportbooks are active. It is estimated that by 2025 there will be a aroun 3.5 million online sports bettors in Argentina, mostly men between the ages of 18 and 65, with a marked interest in entertainment, sports, and technology.
Brazil
The last time gambling was legal in Brazil was on April 30, 1946, when one of the roulette wheels at the Copacabana Palace in Rio de Janeiro spun for the last time. That year, the legislative decree 9215, signed by the then President Eurico Gaspar Dutra, banned gambling throughout the country.
In 2018, around the end of Michel Temer’s term in office, online sports betting was legalized again, and a four-year period was granted for its regulation. The exact deadline for regulations to be implemented was September 13, 2022, but President Jair Bolsonaro was never interested in the regulation moving forward.
During these years the sportsbooks operated from abroad, with transactions that were also made abroad. They did not pay a single real to the Brazilian State, and the bettor was unprotected against possible scams.
With the new Lula Da Silva government, it is expected that progress will finally be made in regulating the market.
Chile
It is indeed possible to place online sports bets from Chile; however, the country lacks a regulatory framework that, on the one hand, provides security to local bettors and, on the other hand, collects money from the profits generated by these companies.
We could say that online casinos are in a legal limbo, since in 2011 physical casinos were banned. Although, some of them can still operate in luxury hotels, while online casinos can operate from abroad. That is to say that Chilean law does not reach them, and therefore, they can be visited by those who want to bet online from Chile.
Colombia
The first milestone, regarding online betting, was achieved in 2015. The Government joined forces with Coljuegos, a State company in charge of regulating the area, and drafted the first regulation with procedures and standards regarding online gaming.
At the end of 2016, the first law on online betting was passed and, ever since then, operators can offer gaming and betting products provided they have obtained authorization from Coljuegos. In order to get the authorization, they must pay a tax equivalent to the 16% of their gross earnings. The money collected is used to finance Colombia’s health care system.
According to Coljuegos, in the first half of 2022 the betting sector’s sales figures amounted to $74,339,114 which meant an increase of 104% compared to the same period of 2021. Internet-operated games accounted for 32% of this figure.
Peru
The website of the Ministry of Foreign Trade and Tourism (Mincetur), announced on November 13, 2022, that the draft regulation of Law No. 31,557, which regulates the operation of online gaming and sports betting in Peru, was published.
It is still possible to gamble online, although the companies that operate those transactions lack a regulatory framework to work with, due to the fact that no progress has been made in this area since November 2022. Mincetur estimates that the activity generates around $1,000,000,000,000 without paying the Special Gambling Tax (12%), a tax that casinos and slot machines have been paying for the last 20 years in the country.
Due to the current political and social situation in Peru, it is likely that the enactment of this law will be delayed until well into 2023.
Uruguay
Supermatch is the online sports betting site controlled by the State of Uruguay, which has the monopoly of the sector. Although there are attempts to advance in a regulating law for online casinos, which would include advances in sports betting, the bill sent by the Executive Power to the Parliament in November 2021 is unlikely to advance this year.
To sum up
It is clear that the situation of sports betting in Latin America is diverse, and that there is still a long way to go for the situation to be regularized in a, more or less, consistent way.
From JefeBet we recommend you to play in safe online sportsbooks. Check out our report, which also includes sign-up bonuses so you can start betting on the right foot!
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