A bill that would regulate iGaming in Chile was recently approved by the Economic Commission of the country’s Chamber of Deputies, reports SBC News.
The legislation was first drafted in March 2022 by the country’s Ministry of Finance. Last week, it met with approval from commissioners by a vote of 9-3. Officials will now “continue the negotiation to regulate online gambling” in the country.
The Ministry of Finance hopes to launch a liberalized online gambling industry by the end of the year. Presently, online wagering is restricted to three businesses: Lotería Concepción, Polla Chilena (football pools) and Teletrak Chile (pari-mutuel horse racing), SBC reported.
The Superintendency of Gambling Casinos estimates that Chile’s current annual market value of $130 million to $170 million would “double in five years with an explicit legal framework for online gambling.” The body projected that iGaming would generate annual tax revenues of $50 million, with the receipts earmarked for “public services” in Chile.
Consumer safeguards would include a requirement for consumers to register unique national IDs with licensed operators to create “one account per available platform.” They would ensure the account-holder’s identity and reduce “the risk of participation by minors or self-excluded individuals.”
The Ministry of Finance envisions a “non-competitive administrative procedure, modeled after the progressive Colombian market.” It proposes fixed five-year licenses for domestic and foreign operators.
