Chilean Chamber of Deputies Greenlights Online Gambling Regulation Bill

The Chilean Chamber of Deputies has approved a law that would regulate sports betting and internet gambling, which is a significant legislative step. With 80 votes in favor, 36 against, and 18 abstentions, the overwhelming ratification is a critical step toward providing a thorough regulatory framework for the nation’s expanding online gambling industry.

The measure now moves on to the Senate, where specialized committees will conduct in-depth discussions, with the unwavering support of the Chamber. Both quorum rules and article approvals show the overwhelming support for the measure, which is indicative of a determined attempt to create a strong regulatory framework.

Started by the previous government, the measure has received support from all parties, highlighting the need for cooperation in order to expedite the legislative process. During the deliberative phases, reports from the Economy, Sports, and Finance commissions were presented under the direction of Deputies Miguel Mellado, Jorge Guzmán, and Jaime Naranjo.

Fostering a Competitive Landscape

The proposed law’s main goals go beyond simple regulation; its ultimate goal is to foster a competitive internet betting sector. Protecting player safety, well-being, and public trust while increasing tax revenues are essential components of this approach. The regulation also aims to be transparent by disclosing the origins and final destinations of the money inflow that originates from these digital platforms.

The proposed regulatory framework would specify the requirements and circumstances that must be met in order for online betting services to be authorized, managed, run, and be overseen. Reducing the amount of time that minors can spend on these sites and reducing the risk of online gambling addiction are two important areas of concentration.

The proposed law would impose an annual licensing fee on licensed online betting companies that is equal to one thousand monthly tax units—a measure that the government uses to calculate taxes. In addition, operators must set aside two percent of their gross profits for sports-related programs; recipients of this funding include the Chilean Olympic Committee and the National Sports Institute.

A 1% responsible gaming payment is required in addition to a 20% tax on gross profits. Notably, if certain steps are taken to encourage responsible gambling, operators may be able to offset payouts.

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