Chile is only a step away from the legalization of online gaming. The good news comes from the Chamber of Deputies: The bill that will regulate online gaming has been passed, which means it can be sent to the Senate. For the final approval, the second legislative process conducted by the Senate is required.
Changes in the market:
The majority of the Chamber voted in favor of the bill. The idea is to create an online gaming market that will be able to compete with others while at the same time keeping its focus on safe and secure gaming.
This bill would change the perspective of other regulatory bodies in Chile, such as the Superintendence of Casino Games (SCJ), the Commission for the Financial Market (CMF), and the Internal Revenue Service (SII).
If the bill gets approved, it will mean establishing the new National Policy on Responsible Gambling, which will include various members of SCJ, the Ministry of Finance, and the Ministry of Health.
Revenue and taxes:
The license for operating in Chile will cost CLP64.2 million, or $74.189 if they want to operate a specific online betting platform. Also, all online gaming activities will be taxed with VAT since they are actually digital entertainment services. It will enable the companies to get back the tax credits they paid for expenditures, such as advertising services and software they use.
When it comes to the gross gaming revenue (GGR), the operators will be obligated to fund the sport with 2% of their GGR. These 2% will be split between the National Sports Institute, the Chilean Olympic Committee, and the Chilean Paralympic Committee, and each of them will get one-third of the revenue dedicated to Chilean sport.
Operators will also have to pay 20% in taxes to correct various externalities, which is similar to the amount the land-based casinos are required to pay. On top of that, the operators will pay 1% of the annual gross revenue to fund the responsible gaming campaigns.
Illegal operations:
According to the source, the new bill also considers the illegal gambling issues in the country. The advertising companies will be allowed to promote only legal operators, and the illegal ones won’t be able to open bank accounts. If the transaction is noticed despite the measures, the bank will have to block it. On top of that, all internet service providers will be obligated to prohibit access to illegal platforms and apps.
The Chilean Ministry of Finance started talking about the legalization of online gaming in February 2021, and the first online gaming bill in the country was released in March 2022.
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