Chile Toward The End Of Sports Betting Regulation Process

• Chile is presently drawing up a mobile and online sports betting bill to present to Congress.
• An estimated $200 million in revenue from gambling on sports is projected to be seen from a regulated market in the country.
• Lawmakers in Chile hope to pass legislation for a sports wagering industry by the end of 2021.

SANTIAGO – A draft to regulate sports betting in Chile is being written up for online and mobile sportsbooks. There is no timeline as to when this bill will be introduced to Congress, although it is expected to be finished in the upcoming weeks for an introduction.

Mobile sportsbooks and online gambling on sporting events have become a widespread pastime in the country but are being done using outside outlets that do not benefit Chile in any way. In regulating the market, the country will be able to take in money from revenue as well as provide a safe and transparent environment for residents to gamble on sports.

What’s Being Done In Chile

The Chile Ministry of Finance is backing a regulated sports betting market. It is believed that a minimum of $200 million in annual revenue could come from an online sports wagering industry in Chile. More and more sports bettors in the country are using these outlets to gamble on various sports competitions on a global scale.

Multiple advertisements can be seen throughout Chile for sportsbooks that are not affiliated with the country but are also not against the law to use either. It’s nothing but “net” when it comes to regulating a sports gaming industry for Chile and that “net” is net profit, as lawmakers can clearly see as the only outcome from approving this upcoming bill.

Those same government officials are also boasting the safety and transparency that the country’s own sports betting market would bring. Ensuring that minors are not allowed to engage in the activity while allowing all of those that are able, the security to wager on sports, knowing that their money is in safe hands. Once the legislation is ready to be heard, many believe that it will be an easy pass by Congress.

“In the meantime, the illegal online gambling market has grown exponentially, even more with the ban on casinos due to pandemics,” said Senator Rabindranath Quintellos.

What’s Next For Chilean Sports Betting?

With casinos reopening with limited hours, Monday – Sunday until 10 p.m., some type of gambling is coming back to Chile. It was the lack of gaming from COVID-19 that led to the spike in online sports betting activity which brought about this new bill now. Sports wagering, especially gambling on soccer are creating even greater crowds of people joining platforms to bet on the matchups.

In the upcoming weeks, Chile will hear the legislation for regulated mobile sports betting and an industry may even see passage in 2021 if all goes as planned.

News tags: Chile | Chile Ministry of Finance | Chilean Congress | COVID-19 | Rabindranath Quintellos