Chile Increases Online Gaming Tax Revenue with New Law

Details: Category: Gambling Industry; Created: Sunday, 18 June 2023 19:12

Online gambling is about to be launched in Chile. The Ministry of Finance released new measures that operators must comply with regarding tax payments and licensing. Thus, the online gaming tax revenue will be more significant than the previous estimate.

According to bookie pay per head sources, the new guidelines would allow the government to increase tax revenue from the gambling industry. Also, the measures follow what policy stakeholders agreed on when the legislation was still being discussed.

The SCJ will supervise the online gambling market. Also, it will oversee the licensing process and activities of the operators. In addition, operators need to use the .cl domain. The SCJ will ensure operators comply with international transparency and security standards. That's how to be a bookie in Chile.

Online Gaming Tax Revenue

A license fee of 10,000 UTMs is required for internet gaming businesses. In addition, they would have to put away one percent of their yearly gross profits into a "responsible gaming" fund that will be used to help people who struggle with gambling addiction. Gamblers in the nation are required by law to declare all their gains to the Internal Revenue Service (SII) once yearly.

The Finance Ministry also proposes a value-added tax on online sports betting sites, intending to use the funds to bolster the National Sports Federation. Compared to the original proposal's target of 47 billion pesos (£87.6m), the additional measures would bring in a whopping 89 billion pesos (£87.6m) in tax income for the Chilean government from the business.

The Ministry of Finance proposed Bill 035/2022 in March 2022 to legalize and tax internet gambling in Chile. It would allow private online gambling companies to operate within the country.

Teletrak Chile, Polla Chilena, and Lotera de Concepción are the only three legal internet gambling companies currently available to Chilean citizens. However, hundreds of websites and platforms, most of which are situated overseas, have already provided domestic gamers access to online gambling. According to the Superintendence of Gambling Casinos, the market for these illegal operations is worth an estimated $150 million.

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