The Bolivian gambling authority (AJ) has proposed a new amendment to Law 060 on Lottery and Gambling to include new verticals, such as online gaming.
At the recent 2020 Initial Public Accountability Hearing, AJ Executive Director Juan Carlos Antonio Abrego presented a proposal to update the gambling regulation and make way for a better and more complete industry, with enhanced transparency and modernized options.
He said: “We are working on a new regulation to benefit companies, a new sanctioning regime and the amendment of Law 060, with the goal of boosting the economy, strengthening the business portfolio and therefore generating employment and creating wealth in the country.”
Bolivian policy makers are increasingly turning to the industry in a bid to create more jobs and bigger revenue in the middle of a political crisis and the economic issues caused by the pandemic.
“Among the aspects that we aim to modify, we can find the adjustments of regulatory standards, improving the conditions to process business promotions. There will also be a change in the sanctioning regime, achieving proportionality in fines,” noted Abrego.
“In addition, the gambling tax regime will be adapted in order to attract new investments and put the necessary conditions in place to create a new gaming industry, which will also contribute to stopping illegal sites that don’t provide any guarantees for players, they violate their rights and of course don’t contribute to the State.”
One of the most important points of the amendments will be the introduction of the online gaming vertical, which is developing throughout the continent, despite the fact that governments don’t benefit due to the lack of regulation and tax regimes.
Bolivia will also include a remote control system for slot machines, as is the case in Colombia, which will be called the Online Control System (SICEL).
“We work very hard to strengthen technological tools to facilitate the process of granting online authorizations and procedures related to business promotions,” Abrego concluded.