Posted on: December 14, 2023, 06:53h.
Last updated on: December 14, 2023, 06:53h.
Chile’s authorization of online gambling and betting has made significant progress following the Chamber of Deputies’ approval of a bill aimed at regulating these platforms. This move is expected to boost the competitive market, ensure player safety, and capture offshore tax revenue.
The bill aims to issue licenses to online gaming operators, with the primary goal of preventing crimes, money laundering, and protecting users, especially minors. Furthermore, there will be increased oversight over platform owners to enhance transparency and prevent conflicts of interest.
New regulations will mandate disclosure of final beneficiaries for platform owners, emphasizing the traceability of funds and preventing illegal activities. The Superintendency of Casino Games will play a crucial role in this oversight, along with other relevant government bodies.
A National Responsible Online Betting Policy will also be established to ensure responsible gambling practices and protect young individuals from potential harm. The legislation prohibits betting on individuals with an impact on outcomes, such as athletes, as well as manipulative betting objects.
Individuals will have the option to self-exclude and define gaming patterns, while the superintendency will have the authority to raise alerts for common risk patterns as part of its regulatory functions.
Additionally, the bill imposes a 20% VAT on online gaming operators, along with a 2% annual tax on gross income from bets, with proceeds benefiting the National Sports Institute. The legislation aims to cover the costs associated with creating and maintaining responsible gambling initiatives.
With the bill set to advance to the Senate, Chile’s progress in regulating online gambling is notable. However, potential delays may arise as the holiday period approaches.