News Americas, NEW YORK, NY, Mon. Feb. 14, 2022: There are 33 countries officially listed in Latin America. They consist of Mexico, most of Central and South America. In addition, there are several Caribbean Islands as well. But while the Latin American population loves a flutter as much as anywhere else in the world, the regulations from country to country create a minefield of gambling laws.
It’s impossible to know exactly how much money comes through gambling revenues in Latin America. This is because much of the action takes place offshore. But one thing is for certain, that this is a multi-billion-dollar industry that operators are starting to wake up to.
Since the global pandemic, many of the countries in this area are now looking at ways to regulate online gambling. They’ve seen how huge tax benefits could give their coffers a welcome boost after the downturn during 2020/2021. Countries in Europe, such as the UK have already done this and the overall effect has been positive. For a complete list of UK licensed casinos, visit Casino.xyz.
So without picking apart every single country and their gambling laws in Latin America, let’s take a look at some of the places that stand out.
Columbia – 2908% growth in 3 years
According to 6Wresearch, the Columbian gambling market went from a $24 million US Dollar turnover to $798 million in just 3 years between 2016 and 2019. This is a huge increase of 2908%.
This massive growth had a lot to do with the new gambling rules that came into effect around that time. Before this, the official turnover was unknown. So the actual growth percentage is a lot lower in real terms. Columbia remains one of the few counties in the region with specific online gambling laws.
Mexico – 30% tax for gambling revenues
And that barely scratches the surface…
Gambling in Mexico is legal when playing at a brick-and-mortar casino. Moreover, gambling at an online casino isn’t prohibited. But that’s not to say that they regulate it either. Many attempts have emerged to create a uniform system for online operators. But the lawmakers just keep on pushing the idea to the back burner. And it’s not hard to see why.
Despite the lack of specific online rules, the Mexican Federal Government allows players to use foreign operators as long as they have a licence from a respected zone. The MGA is widely seen as the industry standard in the area. But for this privilege, casinos must give 30% of all revenues that come their way to the central government.
After that, they must hand over 12% of any profits as well. And then there is 10% from the winnings from any players as well. So massive taxes without needing to create any legal paperwork is working out just fine for Mexico right now.
Anyone thinking of gambling in Mexico should keep an eye on any new laws. They could land without a moment’s notice. It is likely that the legal gambling age is going to jump from 18 to 21 at any time.
Argentina – $2.5 billion USD revenues
Argentina is much like the US in that the 23 separate provinces now have powers to create their own gambling laws. These include the online sector as well.
But this has naturally left many players not knowing where to turn with such a mixed landscape to deal with. Only 9 of the 23 provinces have legalised online betting. But customers throughout the entire country are regularly accessing offshore sites to get around the local laws.
Huge European gambling brands are now queuing up to get involved. Many of the provinces that have legalized the activity are still ironing out the details. So overseas investors are waiting with bated breath.
