What have been the most important regulatory changes in certain jurisdictions over recent years and how has this affected other markets?
After years of wandering over the strategy of establishing a regulatory framework in Latin America, things have changed over the past year. Colombia opened up the path for other countries and we are seeing changes in Mexico, Argentina and Brazil as well.
In 2016, the Colombian government enacted the eGaming Act which made online sports betting and online gambling legal. More recently in 2017, Coljuegos legalised online sports betting exchanges along with virtual sports. Tis was one of the final steps needed to make Colombia one of the upper echelon countries to bet on sports, while also making it one of the most progressive sports betting countries in South America. As long as the C-1611 (Internet-operated games licence) is authorised by Coljuegos, sports betting is good to go.
Since December 2018, it is possible to legalise online fixed odds betting and to obtain licences in Brazil. At the same time, a new law was also adopted in Argentina for the Buenos Aires region, where it became possible to obtain licences in a manner similar to that in the European Union.
After a couple of years, gradually, a generation of land-based casino players started creating accounts with some European providers who started realising there was a lot of potential in the LatAm area.
And then it all started: Argentina,
Mexico, Venezuela, Peru and the Caribbean. And ever since it started growing exponentially - poker, live casino, virtual games, sports, slots, and bingo.
Jakov Sopta Head of Legal and Compliance NSoft
“As the virus
ravages economies across the continent, millions of people have lost their jobs and steady income. The economy has shrunk and almost 20 per cent of
companies based in Latin America are expected to fold due to the pandemic. All of which resulted in many countries
fearlessly turning to expansions of legal gambling for new taxable revenue.” Jakov Sopta
Te industry has realised that LatAm was a growing market and it has become interesting for the trade shows, conferences and hub organisers.
Brands from all over the globe started to establish their presence in Latin America knowing that, nowadays, it is heading towards becoming a more regulated market starting with Colombia through Coljuegos. Furthermore, the biggest countries such as Argentina, Peru and Brazil are following Colombia's example and moving quickly in order to become the key markets for providers all over the world.
What are some of the obstacles that the region has faced when it comes to the expansion of the market?
In recent years things have surely improved, but in the past the lack of proper Internet infrastructure and poor connectivity has been a showstopper when it comes to expansion in the LatAm region. Online gambling is pretty much in the gray area. Ultimately, to this day, there are no legislations specifying the legality of online gambling in some countries.
Tere have been a lot of attempts by the local governments to outlaw gambling of any sort. Te problem is a huge percentage of the population gambles anyway. Tis means that the probability is high that you can indulge in online gambling without the fear of being prosecuted.
Tis makes it quite hard to truly enforce such laws. For example, this contradiction in laws and practice can easily be seen in Argentina, where there are over 80 casinos. Even though the number of casinos is so high, people prefer to gamble online even more.
All in all, online gambling is mostly regulated on a provincial level rather than on the federal level.
What developments can we expect to see in the near future from the region?
Te COVID-19 pandemic and lockdown have accelerated discussions across Latin America regarding gambling laws, particularly in Argentina, Colombia, and Brazil. As the virus ravages economies across the continent, millions of people have lost their jobs and steady income. Te economy has shrunk and almost 20 per cent of companies based in Latin America are expected to fold due to the pandemic.
All of which resulted in many countries fearlessly turning to expansions of legal gambling for new taxable revenue. Since this last spring, several countries are significantly reconsidering pre- existing bans on gambling. Tere is a lot of opposition towards changing the statuses of gambling laws across the LatAm region, but both sides are aware of the high revenues which this industry brings.
We are definitely expecting change in the regulatory framework which is the key driver in shaping the future of the betting and gaming industry in LatAm.
WIRE / PULSE / INSIGHT / REPORTS P33
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