The gaming industry in Latin America
The Covid-19 crisis has affected almost all sectors, and in the casino world the turnover of the premises has been reduced by half. The gambling halls have remained closed due to the social nature of these establishments.
The casino industry has not gone extinct, as casinos have been forced to look for solutions in order to continue offering their services to users, which many players have begun to move to online casinos. For obvious reasons in recent years the creation of virtual gaming spaces has had a considerable increase, both in number of players and in supply.
Growth and popularity
It is estimated that the Latin American region raised $ 5,000,000 a month in casino games by the end of 2021, and by 2022 this figure is expected to grow by 72% (Leisure Guide, 2021). The vast majority of cultures have gambling, whether it’s traditional lotteries or betting games, as something deeply rooted.
- Recreational machines
- Roulette Games
- Live casino
Most famous suppliers
From analog to digital
It is obvious that the differences between playing from the phone is not the same as playing in a physical casino, however more and more online casinos are offering improved experiences and adding value. In Latin America, websites and online gaming platforms have also had to be renewed and adapted to the new times, changes that have gone hand in hand with the need for the respective governments to legislate a new legal framework to adapt to the new reality.
Unlike in Europe, in Latin America this new legal framework will be different depending on the country:
Brazil: Gambling in Brazil has been legal since 2018 and generates around $ 546 million in online casinos. There has been a major debate in recent years over whether or not to ban the casino, but in 2021 the bill was withdrawn. Instead, a legalization and regulation agreement was reached with measures set by the Central Bank of Brazil (Focus GN, 2021).
Colombia: It was the first country in Latin America to legalize online gaming (lay approved in 2016). Coljuegos and the National Gambling Council (CNJSA) are the bodies responsible for overseeing, licensing and ensuring that all casinos meet the standards set by law.
Argentina: Each province has its own laws on gambling, there is no law at the national level. However, in October 2021, the ALEA seminar —Association of Argentine State Lotteries— on regulation and administration of online gambling ended.
Others: Although many other Caribbean and South American countries have strong regulations, this is not the case for most. For example, in Mexico and Chile, existing legislation on the subject is very old, which does not favor the collection of taxes by government agencies.
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