Venezuela Bookmakers

Venezuela is one of the countries situated in the northern part of South America. On the North it has the Caribbean Sea, to the West it has Colombia, to the South it has Brazil, and to the East it has Guyana, and its capital is Caracas. Nevertheless, when it comes to gambling laws and regulations, it has a rather checkered past as well. So in this article, we will go deeper into the industry focusing on Venezuela bookmakers and their activities in the cases of sports betting and other forms of gambling.

Venezuela Bookmakers

1926: Lotería del Táchira is formed.

2002: restriction on live horse racing telecasts on television.

2011: Shutting down of all the casinos and bingo halls by Hugo Chávez.

2020: New measures of Nicolás Maduro: opening of 30 casinos.

2017: Venezuela wins the FIFA Under-20 World Cup.

Gambling Laws and Legislation in Venezuela

Historical Context

The legal history of gambling in Venezuela can best be described as a see-saw battle. Here’s a detailed look at its evolution:

  • 1926: Creation of the Lotería del Táchira which is the first lottery in the country.
  • Mid-1990s: The government permitted casinos in large hotels in order to promote tourism.
  • 2002: Horse racing was demoted from being a sport to being a game of chance which precipitated the prohibition of live TVcasts.
  • 2008: The Tourism Ministry also put a stop to the renewal and granting of casino and bingo licenses.
  • 2010: The taxation system of casinos and slot machines was revised; gaming was restricted to certain zones particularly the tourist zones and not the national parks.
  • 2011: Chávez closed all the casinos and bingo halls as he was the president at that time.
  • 2020: Current President of Venezuela, Nicolás Maduro allowed the 30 casinos to reopen which was previously prohibited.

Regulatory Agencies

Several regulatory bodies oversee gambling activities in Venezuela:

  • Comisión Nacional de Casinos, Salas de Bingo y Máquinas Traganíqueles (CNC): It oversees and enforces the laws on casinos, bingo halls, and slot machines.
  • Comisión Nacional de Lotería (CONALOT): Governs lottery games.
  • Superintendencia Nacional de Actividades Hípicas (Sunahip): Responsible for horse race betting and sports betting.
  • Instituto Nacional de Hipódromos (INH): Controls horse racing tracks.
  • El Servicio Nacional Integrado de Administración Aduanera y Tributaria (SENIAT): Concerns involve in tax collection.

Venezuela Bookmakers: Licensing and Fees

Licensing and Fees

To operate legally, bookmakers in Venezuela must obtain specific licenses:

Casino Licenses: Valid from the date of issue until the date of expiry which is 10 years from the date of issue and is renewable. It is necessary for casinos to be situated in five-start hotels in the areas designated for tourists.

  • Online Gambling Licenses: This bonus is only given to companies that have physical licenses to conduct gambling business.
  • Sports Betting Licenses: These are managed by Sunahip and they are used for providers such as NGDT de Venezuela which work in the casinos and betting shops.

Taxes and Fees

The taxation landscape for Venezuela bookmakers includes:

  • Lottery Games: It is advised that it should be between 10-15% of gross income.
  • Horse Racing and Sports Betting: Also at 10-15% of the gross income as is the case with most other types of income.
  • Casino Gaming Tables: This company employs between 120-320 tax units (TU).

Bingo: 12-20% of the gross income.

Slot Machines: It is 100 to 200 TU per machine.

Venezuela Sports Betting: A brief of the study.

Legal Landscape

Betting on sports however is legal in Venezuela and is regulated by Sunahip. This encompasses betting through parimutuel on horse racing and other sporting events.

Prohibited and Allowed Bets

While sports betting is broadly permitted, there are specific restrictions to ensure fair play and integrity:

  • Prohibited Bets: Bets on any sports that involve amateurs or persons below the legal age limit.
  • Allowed Bets: Breast cancer patients, football, baseball, basketball, and horse racing in professional sports.

Major Bookmakers

The Venezuelan company NGDT de Venezuela is known to be one of the biggest sports betting companies that has its services in casinos and betting shops throughout the country.

Sporting Event Glory Milestones

Venezuela has a rich sporting history, marked by several significant milestones:

  • 1948: Venezuela made its Olympic debut at the Games.
  • 2012: London Olympics gold medallist in fencing is Ruben Limardo.
  • 2017: The U-20 national football team emerged FIFA U-20 World Cup champions.
  • 2017: Cycling sport enthusiast Rigoberto Uran did exceedingly well in the Tour de France to position himself second.
  • 2018: It was Yulimar Rojas who jumped to new world record in triple jump.

Conclusion

The gambling industry of Venezuela is rather complex, and the development of the landscape has been influenced by numerous factors, including historical, political, and economic ones. Finally, from the most rigid rules to the recent changes, it is possible to study the country and analyze how gambling legislation develops. Thus, as Venezuela bookmakers function in this environment, they remain such important actors in the sphere of sports betting, contributing both to the entertainment market and the economy.

FAQ of Venezuela Bookmakers

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