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Legislation

Chile – Project to regulate online betting platforms advances

Thursday 07 de September 2023 / 12:00

2 minutos de lectura

(Santiago).- The Executive's message, presented in the previous administration and which has indications from the current Government, aims to generate a competitive online betting market. It also seeks to safeguard public faith, protect the health and safety of players, increasing tax collection.

Chile – Project to regulate online betting platforms advances

Likewise, the regulation seeks to make transparent the origins and destination of the resources obtained through these platforms.

In two sessions, progress was made with the modifications to the law that establishes the bases for the authorization, operation, and supervision of gaming casinos (Law 19,995). Within this framework, most of the Executive's indications were approved, which were defended by the Undersecretary of Finance, Heidi Berner and the Superintendent of Gaming Casinos, Vivien Villagrán.

Thus, it is established that any type of betting in general and games of chance that is exploited commercially, that is not authorized or regulated by the law of gambling casinos or other laws, will be considered prohibited.

Within the framework of the changes to the casino law, it was approved to include the definition of final beneficiaries in the regulation. Final beneficiaries shall be understood as natural persons, Chilean or foreign, with or without domicile in Chile, who directly or indirectly own, through companies or other entities with or without legal personality, a participation equal to or greater than 10% of the capital , contribution, right to profits, or have the right to vote or veto, with respect to an applicant or operating company.

The same with those who can elect the majority of the directors or administrators of said companies. Same case, those who can change and remove them, regardless of their participation in the capital.

On the other hand, the definition of business group of the Securities Market Law (18,045) is introduced. Regarding the definition of bets through platforms, this did not reach the necessary majority.

On the other hand, it is noted that casino operators may only exploit games of chance included in the catalog of games defined by the Ministry of Finance.

In no case will the operating permit cover online gambling. This is with the exception of the provisions regarding bets through platforms, which may be made through online terminals within the casino.

Under no circumstances, the operator, the entities of the corporate group or the final beneficiaries will be able to grant credit to the players.

At another point, the situation of those who have voluntarily excluded themselves from participating in regulated casinos on online betting platforms is addressed.

To this end, the Superintendency will regulate a voluntary self-exclusion mechanism through a general instruction, indicating the procedures for the operating companies to implement it. This period of self-exclusion may not be less than six months.

Subsequently, several regulations referring to operating permits were approved. Among them, that the Superintendency may request and examine the commercial, tax, financial and other background that the law establishes of the natural and legal persons, who integrate the property or the board of directors of the operating companies, their related companies and their final beneficiaries.

Categoría:Legislation

Tags: Sports Betting, Sportsbook ,

País: Chile

Región: South America

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