Gambling in Latin America – Interesting Statistics

News Americas, NEW YORK, NY, Mon. February 14, 2022: There are 33 officially listed countries in Latin America. They consist of Mexico, most of Central and South America. In addition, there are also several Caribbean islands. But while the Latin American population likes to float as much as anywhere else in the world, regulations from country to country create a minefield of gambling laws.

It’s impossible to know exactly how much money comes from gambling revenue in Latin America. This is because much of the action takes place offshore. But one thing is certain and that is that this is a multi-billion dollar industry that operators are starting to take notice of.

Since the global pandemic, many countries in this region are now looking for ways to regulate online gambling. They’ve seen how huge tax breaks could give their coffers a welcome boost after the 2020/2021 downturn. Countries in Europe, such as the UK, have already done this and the overall effect has been positive. For a full list of licensed UK casinos, visit Casino.xyz.

So, without separating each country and their gambling laws in Latin America, let’s take a look at some of the places that stand out.

Colombia – 2908% growth in 3 years

According to 6Wresearch, the Colombian gaming market grew from a turnover of US$24 million to US$798 million in just 3 years between 2016 and 2019. This is a huge increase of 2908%.

This massive growth has a lot to do with the new game rules that came into effect at that time. Before that, the official turnover was unknown. The actual percentage growth is therefore much lower in real terms. Colombia remains one of the few counties in the region to have specific online gambling laws.

Mexico – 30% tax on gambling revenue

And that barely scratches the surface…

Gambling in Mexico is legal when playing in a physical casino. Moreover, playing in an online casino is not prohibited. But that doesn’t mean they regulate it either. There have been many attempts to create a uniform system for online operators. But lawmakers continue to push the idea into the background. And it’s not hard to see why.

Despite the lack of specific online rules, the Mexican federal government allows players to use foreign operators as long as they have a license from a respected area. The MGA is widely regarded as the industry standard in the region. But for this privilege, casinos have to donate 30% of all revenue that reaches the central government.

After that, they must also hand over 12% of all profits. And then there is also 10% of the winnings of all players. So massive taxes without having to create legal paperwork works great for Mexico right now.

Anyone planning to gamble in Mexico should keep an eye out for new laws. They could land without warning. It is likely that the legal gambling age will increase from 18 to 21 at any time.

Argentina – $2.5 billion in revenue

Argentina is very similar to the United States in that the 23 separate provinces now have the power to create their own gambling laws. These also include the online sector.

But that understandably left many players unsure of where to turn with such a mixed landscape to contend with. Only 9 out of 23 provinces have legalized online betting. But customers across the country routinely access offshore sites to circumvent local laws.

Major European gambling brands are now lining up to get involved. Many of the provinces that have legalized the activity are still working out the details. Foreign investors are therefore waiting impatiently.