Chile is situated in the southwestern part of South America; it has a detailed history of gambling legislation that has changed with time. In the process of the country’s further growing in the sphere of online and offline gambling, it is essential to know the current legal situation and the trends for Chile Bookmakers and those who are interested in Chile Sports Betting. This detailed article explores the legal framework of gambling and licensing in the country as well as the major events in the sports betting industry.
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Table of Contents
Summary of Key Events
History of Gambling Laws in Chile
The history of gambling in Chile also has a rich background with the laws on gambling being put in place as early as 1812. This is because, the legal structure has been reviewed severally to reflect on the dynamic nature of the sector.
- 1812: The first gambling laws were passed and thus the stage was set for the legalised gambling activities.
- 1990: Until this year, the only legal type of gambling was on horse racing, mainly via pari-mutuel betting on horse and dog racing.
- 2008: When the lottery operation Polla Chilena was given a green light to offer fixed-odds betting, that marked the beginning of legal sports betting.
- 2023: Chile’s Chamber of Deputies’ Economic Committee revealed new pilot measures, the Bill 035/2022, pertaining to the regulation of online gambling.
Regulatory Agencies
Several regulatory bodies oversee gambling activities in Chile, ensuring compliance with the law and maintaining the integrity of the industry:
- Superintendency of Gaming Casinos (SCJ): This body is the one in charge of regulating the traditional brick and mortar casinos and will soon do the same for online betting.
- Commission for the Financial Market (CMF): Responsible for the management of the financial aspect concerning gambling.
- Internal Revenue Service (SII): Oversees matters to do with tax issues.
- Undersecretary of Telecommunications: Meet the communication regulations.
- Financial Analysis Unit (UAF): Supervises the financial activities in order to combat the money laundering and other related activities.
Prohibited and Allowed Bets
Chilean regulation is strict about what constitutes legal and illegal betting activities:
- Prohibited: Unlicensed gambling, manipulation of the betting events to influence the market results, providing or using the accounts to third parties and corruption or cybercrimes in relation to gambling.
- Allowed: Permitted gambling activities include casinos and certain sports betting platforms.
Chile Bookmakers Licensing and Fees
To operate legally, bookmakers must obtain the relevant licenses and pay associated fees:
- Annual Licensing Fee: The fees are $70,000 for online operators and 20% of GGR as the taxation rate for online operators.
- Additional Taxes: A 2% tax on the revenue from the sports betting and 1% for the responsible gambling programs.
Taxation
Gambling taxes in Chile are structured to benefit both the state and the sporting industry:
- VAT: Online operators are also required to make payments of VAT similar to the land based casinos at the rate of 20%.
Specific Taxes:
- A tax of 2% of the gross income deriving from bets for the National Sports Institute.
- 1% tax raise to subsidize the programs for responsible gambling.
- Imposed a 15% flat rate tax on gambling income for the users.
Learn about Sports Betting in Chile
Sports betting in Chile has grown exponentially, with significant milestones highlighting its development:
- 1962: Chile was the host country of the FIFA World Cup and it came third.
- 2007: The winner of French Open in the tennis was the player Fernando Gonzalez.
- 2015 & 2016: The Chile national football team has emerged champions of Copa América.
- 2004: Chilean athletes had two gold medals in the Athens Olympics.
Sporting Event Glory Milestones
- 1937: Anita Lizana in 1928 became the first Latin-American woman to win a grand slam of tennis; she won the US Open.
- 2003 & 2004: Chile took the trophy in the World Team Cup in tennis.
- 2004: Chilean tennis players took the gold and the bronze in men’s singles and the gold in men’s doubles at the Summer Olympics.
- 2015 & 2016: The national football team has been crowned champs of the Copa América titles.
- 1998: Marcelo Rios was the first Latin American to get into the number one position in the ATP singles.
Conclusion
All in all, Chile has a diverse and heavily regulated gambling market, which is keen on preserving the sector’s reputation and encouraging proper conduct among gamblers. This shows that sports especially football are a big part of the country’s culture and this calls for the need of proper sports betting platforms. As the laws of Chile are still being developed and amended, it is necessary to follow these changes if you are interested in the gambling industry.
FAQ – Chile Bookmakers
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