Chile’s sports betting regulation project is reportedly in its final stages

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The Chilean Ministry of Finance has reported that draft regulation governing online gambling and sports betting – scheduled to be put before Congress – is already in its final stages of completion. Official estimates indicate that the proposal will be debated in the coming weeks.

At the beginning of 2021, the Executive branch promised that guidelines would be established to regulate the sector which is already enjoying a thriving market. 

As reported by Diario Financiero, the Undersecretariat of Finance has confirmed that the project will establish “a competitive and transparent online betting market, which will protect the health and safety of the players”.

The department also advised that the regulation “will prevent the participation of minors, increase tax collection and make the source and destination of the resources obtained through these platforms transparent”.

Furthermore, officials from different political parties have shown their support for the regulation on the basis that they consider that “there are enough [votes] in the Senate to move forward”.

Senator Rabindranath Quinteros, who estimates that the industry could contribute at least $200m to the state, noted: “Several news outlets already allow these virtual casinos to advertise. There are even open TV programs dedicated solely and exclusively to developing games of chance.

“Meanwhile, the illegal online gambling market is growing exponentially, even more so with the ban that casinos have been subject to because of the pandemic.”

As the Chilean City Chillán has entered Phase 3 of reopenings, the Casino Marina del Sol Chillán will restart operations this week. Although the casino has received the green light to operate, it will do so from Monday to Sunday until 10 pm, when a curfew takes effect.

Ester Ramírez Herrera, corporate manager of UX and Marketing at Marina del Sol, said: “Gaming tables will be open, but with less options. We’ll offer blackjack, poker, roulette, bingo and all machines will also be open.”

Moreover, Ramírez Herrera assured that although they still can’t guarantee that all the staff will be reinstated due to the reduction in the number of machines and tables, they have received a COVID unemployment insurance that allows all employees to receive 70% of their salary.