Chile: Online casino legislation could be approved by the end of 2023

The new regulations will be used to regulate the operation of online casinos and games, which is expected to be approved by the end of 2023, and will specifically address what concerns Law No. 19,995, published in 2005 and last modified in 2015, and that deals with physical casinos.

Casinos are a source of income like few others for the State

Last year they contributed close to 180 million pesos, including the specific gaming tax for regional governments and municipalities to finance development works, the VAT payment for gaming income and the tax for entrance to the halls. of game. But optimists say it could be much more.
 

According to the Chilean Association of Gaming Casinos (ACCJ, now with a new executive president), more than 900 online casino platforms currently operate without any type of regulation, which have an economic movement between 130 and 170 million dollars.
 

However, the figure can be much higher with a regulated market, since there are Chilean players who refrain from entering these casinos due to the lack of clear rules.

This new law establishes two main forms of income for Chilean arcades:
 

- 1,000 UTM for a general license for operators,

- Special tax of 20% of gross income as a substitute for VAT.

In addition to these two sources of income, an additional special tax is stipulated to be used to promote responsible gambling.

There is also a second temporary license with a price in UTM that is still being debated.

The tax on players' winnings is believed to be 15%, although this could vary depending on the type of game.

Chileans have a casino tradition and prefer safe casinos.

For a long time, casinos have been understood as a tourist enclave in the regions, but online gambling changes this vision, since it can be played from anywhere and at any time.

In a market with so many unregulated casinos, it is best to play it safe and choose the ones that are already proven. The good thing for Chilean consumers is that platforms like ChileCasino review online casinos in Chile and serve as a guide on their bonuses, games, payment methods, promotions, and more.

If this law manages to create a safe environment for Chilean players, where players have chances to win and their prizes are protected, surely these virtual gaming rooms will be full all the time.

The success of this market will generate jobs, advertising revenue and move the economy in many ways that cannot be calculated.

Awards have a potential impact that has also been taken into account. If not, let's ask the winner of 53 million pesos in the casino in December of last year and the millions of pesos distributed week by week.

One factor that almost guarantees the success of the online casino gaming sector is that Chile is the country in the region with the greatest coverage of 5G communication technology, which reaches 90% of the country.

If in similar countries such as Colombia and Argentina laws have given good results, for Chile the numbers could be even more promising.