Chile’s Economy Committee approves comprehensive bill for iGaming legalization
Chile’s Economy Committee, operating within the Chamber of Deputies, has taken a significant step towards legalizing iGaming by approving a comprehensive bill to regulate online gambling.
Scrutiny and consultations
The legislation has undergone extensive scrutiny and consultations with various stakeholders. Notably, the country’s internet regulator participated in discussions regarding the potential blocking of websites.
There have also been ongoing discussions surrounding an interim bill proposed by existing casinos. They urge immediate regulation of the current unregulated iGaming market within and beyond Chilean borders, as well as the introduction of proposed tax rates.
The bill is currently in its initial draft phase, but it has already been approved and sent to the Chamber of Deputies by the Economy Committee for further examination, discussion, and modifications. Despite the seemingly cautious approach, these actions indicate a speed-up in the legislative process, which had been stalled for more than a year without even obtaining draft approval.
The online gambling bill is considered a top priority. Carlos Baeza, an advocate for prominent gaming operators in Chile, reports that the Ministry of Finance and the Economy Committee have reached a consensus. However, the exact changes to the bill remain unknown, and operators hope for modifications and improvements that align with their requirements.
Bill 14892-29, which has already obtained full Chamber approval, poses additional complications. It proposes a ban on partnerships between online betting platforms and professional sports teams, as well as a prohibition on gambling advertising during games.
Despite any potential opposition, the proposed legislation is expected to advance to the Chamber floor due to the significant tax revenue that could be generated from various profitable gaming markets. Under the 2021 bill, a tax rate of up to 20% may be applied.