The momentum of major developments from Q2 continued in the third quarter in Latin America, and online gambling earned a spot at the center of the debates throughout the region. For sponsorships, reforms, debates, and new platforms, between July and September, nearly all the LatAm markets stood out. In the third part of this year-end special, SBC Americas reviews the most important news of the third quarter of the year in Latin America.
Peru approves sports betting and online gambling
What kicked off in the second quarter as a project to regulate these industries, gained momentum in the third quarter by obtaining the nod from the now-former President Pedro Castillo, who signed the bill into law. This initiative specified that the industry would contribute $40m annually to the state coffers with a 12% tax on net income. Despite being satisfied with the progress, local operators expressed reservations because of unfavorable provisions for Peruvian companies.
Colombia includes betting in a tax reform
Colombian President Gustavo Petro unveiled a tax reform in Congress in order to boost state revenue. In his initiative, a 20% tax on ‘occasional earnings’ would be contemplated for people who bet, although no other details have been shared about this rate. In addition, the reform would also include a 35% income tax for companies.
Mexico’s national lottery launches its online platform
The National Lottery for Public Assistance (Lotenal) started selling lottery tickets online in August, in an attempt to modernize operations of the public entity. The platform launched its online operations with traditional and electronic draws, as well as sports contests. In addition, it allows purchases with credit and debit cards, as well as bank transfers.
Uruguay resumes online gaming debate
After a long wait and a number of debates, the Finance Commission of the Chamber of Senators of Uruguay approved an online gambling regulation project and sent it to the full Chamber for further consideration. What generated high hopes in the third quarter, gained negative comments in the last months of 2022, leaving the online gaming regulation in a difficult position for 2023.
Cordoba selects eight companies to operate online
The Argentinian province of Cordoba kicked off its public tender to grant 10 online gambling licenses, although it concluded with the pre-selection of just eight. While the launch date was set for the end of November, and after different setbacks, the second most populous province in Argentina is still awaiting the green light to kick off its operations, which are expected to generate $93m a year.
Codere signs historical sponsorship deal
Just one year after sponsoring Club Atlético River Plate, the multinational Codere became the main sponsorship on the front of the jersey of one of the most iconic soccer teams in America. In addition to having a license in the City of Buenos Aires, Codere will now be featured on the Millonarios jersey until 2025, in a historic deal for Argentina’s soccer teams.
