The Ministry of Finance in Chile has announced that it plans on introducing a bill for the legalisation and regulation of online gambling in the country.
These plans had been floating around for a while, but the bill’s development is now being fast-tracked. As such, iGaming in Chile should hopefully become a reality in the first quarter of 2021.
The bill will focus on regulating online casino games and internet-based sports betting, along with other forms of online gambling. The government is hoping to establish a competitive iGaming market in Chile, whilst also ensuring the health and safety of its consumers.
Generating further tax income for the nation
The Ministry of Finance added that they aim to generate further tax income from legalised online gambling and more effectively monitor the activities of iGaming operators.
This decision was predominately motivated by the coronavirus pandemic. With land-based casinos being shut down in Chile, the government is looking for other sources of tax income as part of its recovery plan.
In 2019, land-based gambling generated $670 million for the Chilean government. As such, losing this source of income has had a significant impact on the country’s economy overall. However, the regulated market for online gambling could help to plug this hole.
iGaming could help to aid the country’s recovery
“Casinos are relevant for the economic development of the country both in their contribution to the financing of the municipalities and regional governments through the payment of taxes and in the development of tourism in the regions,” said the Ministry of Finance.
“However, both the pandemic and new global trends in the industry require new standards that ensure further development of the sector and higher tax collection through competitive tenders.”
With Chile entering the regulated online gambling market, this could be an excellent opportunity for affiliates hoping to expand their international outreach.