Important Events That Have Taken Place In Latin America’s Online Gambling Industry

By Sound and Colors
| | 30 October, 2022

Games of chance on online casino platforms in Latin America have seen recent growth, especially after the coronavirus pandemic forced the world to take action. This led to the launch of his online gambling site. Since then, casino operators and third-party betting sites have been interested in establishing a multi-billion dollar business in Latin America.

Latin American countries are responsible for the development of online gambling. This is thanks to Antigua and Barbuda’s Free Trade and Prosecution Act of ’94, which paved the way for online casinos and betting sites to expand their operations to all parts of the region.

Soon, other countries started to take action by creating regulatory agencies that will be responsible for issuing gaming licenses and permits to operators who want to provide online gambling services. The establishment of these regulatory bodies was initiated in order to encourage gambling activities to reduce the number of gamblers from facilitating or promoting illegal activities such as money laundering.

To certify and approve reliable online casinos and sportsbooks, the following regulatory bodies were among the first to be established:

  • Directorate General for the Regulation of Gambling (DGOJ)
  • Malta Gaming Authority (MGA)
  • Schleswig-Holstein
  • Financial Services and Sports, Gibraltar
  • Gambling Association
  • Curacao Internet Gambling Association
  • Isle of Man
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But when these regulatory bodies were established, it did not mean that the Latin American online casino scene was without barriers. Many countries were not comfortable accepting the idea of ​​having gambling websites established in their countries, so many of them allowed these websites to run illegal activities. However, when countries realized that online casinos would generate more revenue for the government, that changed. This saw countries like Puerto Rico, Panama, and Costa Rica at the forefront of this change to allow and regulate online casinos in Latin America.

Internet Gambling and Its Growth Within Latin America

One of the main reasons why online gambling is a growing business in Latin America is its popularity among Latin Americans. The success that gamblers are experiencing would not be as profitable if it were not for its people. As it is, countries like Panama seem to be one of the most interesting countries when it comes to industrial development. According to research, in 2021, the country showed a 145% increase in development and growth.

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Growing up in Columbia

Columbia continues to show potential for growth and development within the online casino industry. With the help of new gambling laws being implemented, it has helped to generate data to calculate the number of exits. This was impossible in the past. With this information, the company confirmed that the Columbian market saw a 2908% increase in the market in just three years. This increase means that its market cap went from making $24 million to $798 million.

Popularity in Mexico

According to research, while other sectors of the Mexican workforce have suffered greatly from the effects of the pandemic, its online gambling industry has seen a 50% growth. As it is, the Mexican government is doing very little to regulate online activity, which has added to the country’s increasing prevalence of online gambling.

It has also resulted in well-known foreign countries having the opportunity to run their gambling operations in the country as long as they have reliable licenses and follow the standards set by the MGA. With foreign and local operators complying with these regulations, this will establish a mutually beneficial relationship between online gamblers and gamblers.

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When it comes to deductions, the Mexican government’s share of online gambling revenue stands at 30% plus a 12% share of winnings and a 10% share of all winnings generated by players.

Other Gold Mines

Some of the countries most affected by the gambling market in Latin America are Peru, Brazil, Chile, and Argentina. Many other countries are still considering this idea, mainly because many people use the gray markets to get regular gambling services through offshore workers. This just goes to show that Latin American internet companies have the potential to succeed if given enough opportunities.

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