Many countries have
recognised Juan Guaido as Venezuela’s rightful leader after Maduro won a second term as president in a
contest believed to have been heavily rigged in his favour in 2018.
ONLINE AND SPORTS BETTING
Land-based sports betting shops are permitted although the size of the industry is unclear. Online gambling is not covered in current legislation. However, online gambling sites are licensed by SUNAHIP and the INH. Many sites while stating that they are licensed by the government are in reality licensed offshore. Around 40 online sites have been authorised by the government to operate. Te government authorised operators are updated via the INH and SUNAHIP’s twitter accounts.
One of the main characteristics of Venezuelan facing online gambling sites is their focus on horse racing due to its popularity as are American sports especially baseball which is also hugely popular. Sites offer parlay horse race betting at the local track of Rinconada and La Valencia, plus international tracks mainly in the US along with greyhound betting. Some focus on horse racing only while horse racing betting and payment limits are established according to the category of the racetracks. A number of online
Unfortunately unless there is some kind of regime change the regulatory landscape will remain essentially the same.
sports betting operators also offer online casino games, virtual sports, and government sanctioned sites also offer online slots powered by gaming and betting games developers based abroad. In addition, the INH offers online horse race parlay betting online via its own mobile app.
LOTTERIES
Today lotteries are overseen by the National Lottery Commission for the Legalisation and Contribution to Social Protection (Conalot). Te oldest lottery in the country, established in 1926, is the Lotería del Táchira in the state of Táchira. Te Zulia Lottery is the largest lottery. It also runs online casino games via
virtualloto.com. In addition, some lotteries could soon be used to raffle Bitcoin and Petros to the public. Tese new prizes are designed to achieve compliance with the national government's plan that seeks to incorporate the country into the “crypto financial system.”
OUTLOOK
Many countries have recognised Juan Guaido as Venezuela’s rightful leader after Maduro won a second term as President in a contest believed to have been heavily rigged in his favour in 2018. Unfortunately unless there is some kind of regime change the regulatory landscape will remain essentially the same. Government corruption has spread to one of the once most vibrant horse racing industries in the world so that it is only a shadow of its former self.
In perhaps one of the darkest of all possible metaphors for gambling and the general state of the country overall in 2020 famed racehorse Ocean Bay was stolen and then butchered by a starving population.
Today, the Humboldt Casino only accepts US dollars as payment with reports emerging that entrance fees to the casino costs as much as US$100. Ironically casinos today are strictly the reserve of the elite who can afford the entrance fees to get in.
WIRE / PULSE / INSIGHT / REPORTS P77
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