In Latin America, the momentum from Q2 was evident in the third quarter. Online gambling is a prominent topic in regional debates. Between July and September nearly all LatAm markets were represented in discussions, sponsorships and debates. SBC Americas presents the third section of their year-end special. It reviews the top news from the third quarter in Latin America.
Peru allows online and sports gambling
The project, which began in the second quarter to regulate these industries gained momentum when it received the go-ahead from former President Pedro Castillo who signed legislation. The initiative stipulated that $40 million annually would be contributed to state coffers by the industry, with a 12% net income tax. Local operators were not satisfied with the advancements made, but they expressed concerns about unfavorable provisions that Peruvian businesses had to face.
Colombian tax reform includes the possibility of betting
To increase state revenues, the President of Colombia Gustavo Petro proposed a tax reform to Congress. His initiative would include a 20% tax on “occasional earnings” for those who wager, though no details are available. The reform also includes a 35% tax on income for businesses.
Mexico’s National Lottery launches an online platform
In an effort to modernize the operations of this public entity, the National Lottery for Public Assistance (Lotenal), began selling lottery tickets online back in August. It launched online sales with both electronic and traditional draws as well as contests. It also allows you to make purchases using credit or debit cards and bank transfers.
Uruguay continues online gambling debate
After much deliberation and long waiting, the Finance Commission of the Chamber of Senators of Uruguay has approved an online gaming regulation project. It was then sent to the Chamber for more consideration. The third quarter was a success, but the bill received negative feedback in the final months of 2022. This leaves the regulation of online gambling in an awkward place for the 2023.
Cordoba chooses 8 companies for online operations
The Cordoba province in Argentina launched its public tender for 10 online gambling licenses. However, only eight of the finalists were selected. The launch date for the online gambling licenses was scheduled to be at the end of November. However, after several setbacks the province, Argentina’s second-most populous, is still waiting to get the green signal to start its operations. They are estimated to bring in $93 million a year.
Codere signs historical sponsorship deal
One year after being the sponsor of Club Atletico River Plate the multinational Codre was named the main sponsor and featured on the jersey of one the most famous American soccer clubs. Codere, who has a license for the City of Buenos Aires will be featured on the Millonarios jersey through 2025 in a landmark deal for Argentina’s soccer clubs.