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Latin America, gambling companies, gambling restrictions

The state of Latin America: Where are the key regulated markets?

12 Jun 2023

The Latin American market has been the next big thing for gambling companies for years now; it’s a place that every company seemingly has one eye cast towards, so long as the regulations are favorable.

As each country has opened up to legalising gambling and the millions that it brings in terms of tax revenue, operators, affiliates and suppliers from around the world have clamoured to get a piece of the market.

Currently, the continent is made up of a complete mixture of regulations, some parts are wholly restrictive, others are permissive to a near-oblivious level and the rest are working to regulate as fast as possible – if they haven’t already.

Here, Gambling Insider explores the regulations found in each country and what is and isn’t currently legal.

Argentina

Gambling Legal: Yes

Argentina, much like the US, regulates all of its gambling on a state-by-state basis – leaving it to the individual jurisdictions to decide what kind of rules to set when it comes to gambling restrictions.

Brazil

Gambling Legal: Yes

While gambling is legal in Brazil, the market is near-universally unregulated. However, attempts to regulate gambling are now being pushed forward and are expected to pass in the near future.

Bolivia

Gambling Legal: Yes

Although online gambling is technically illegal, the state doesn’t prosecute those that do it – while land-based betting is entirely legal.

Chile

Gambling Legal: Yes/No

While gambling in Chile is legal, online casinos remain illegal – though players are not prosecuted for doing so – but, there are several rule changes that could be coming soon that will legalise all forms of gambling in the country and regulate it simultaneously.

Colombia

Gambling Legal: Yes

Colombia has legal betting, so long as the companies that enter Colombia’s betting market have a local licence.

Costa Rica

Gambling Legal: Undefined

The Costa Rican Government have an ‘unspoken approval’ of gambling in the country, though the practice is not strictly approved – since it is included under the country’s gaming law.

Ecuador

Gambling Legal: No

Ecuador completely closed off all gambling in 2011, and the industry has remained banned ever since the Executive Decree was ordered. However, foreign websites are allowed.

Guyana

Gambling Legal: Yes

While gambling is legal in Guyana, much of the country’s online gambling remains unregulated.

Mexico

Gambling Legal: Yes

Nicaragua

Gambling Legal: Yes

Panama

Gambling Legal: Yes

Paraguay

Gambling Legal: Yes

Peru

Gambling Legal: Yes

Uruguay

Gambling Legal: Yes

Venezuela

Gambling Legal: Yes – the two casinos accept cryptocurrency as payment.

Right now, the only legal gambling found in Venezuela is in casinos that also accept cryptocurrency.

Source: https://www.gamblinginsider.com/the-state-of-latin-america-where-are-the-key-regulated-markets

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