Chile may become the next country in North America to legalize online gambling after a bill on the issue was recently published.
Plans were initially made by the Ministry of Finance to introduce online gambling last year, but it took until now to have it published.
The legislation shows that the Chilean government wants to steer clear away from creating a licensing monopoly, and instead adopt an objective licensing criterion.
All gambling entities will be required to apply for and receive a general license which will be valid for five years. However, a special license will be required for those properties that wish to offer online gambling.
Gambling operators will be taxed 20% on their revenue, and the government intends earmarking at least $50 million to go towards social initiatives.
Other key features of the Chile iGambling Bill:
- Any type of casino game allowed under current gambling laws will be permitted to be offered online.
- The Superintendencia de Casinos de Juego, Chile’s current casino regulator, will be made regulator of the online gaming market, although the authority will change its name to include other forms of betting under the new law.
- No minors or self-excluded citizens may gamble online.
- Operators have to donate at least 1% of their gross annual contributions to support responsible gambling initiatives.