Which Latin American country will be the next to legalize online casinos?
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Panama has been a premier gambling destination since 2002 when Panama’s Ministry of Economy and Finance’s Gambling Control Board first began issuing online casino licenses to foreign brands. On the other hand, it wasn’t until this year that local business owners were finally able to successfully run such websites.
It was announced in February that the Mexican casino chain Caliente would be the first to offer online gambling to Panamanians. The government first mentioned the possibility in March of 2020. Despite this, it took an entire year for the first platform of its kind to become available due to the pandemic.
There are a total of twenty-three Caliente casinos in Tijuana, making up a portion of the chain’s forty-five total locations. The company began with the construction of Tijuana’s first racetrack in 1916.
This was the year that the company first opened its doors for business. Bingo, electronic gaming machines, sports betting, and wagering on horse races are just some of the forms of gambling that are offered by the brand. Caliente has established itself as the undisputed market leader in Mexico by differentiating itself through technological innovation, well-established infrastructure, and a strong international presence. This has allowed Caliente to secure its position as the undisputed market leader in Mexico.
Caliente works with some of the most powerful companies in the industry, including Betsoft and Playtech, to name a couple of examples. Caliente has partnered with this latter company in Panama, and Playtech will provide the software for the online casino that Caliente operates in Panama.
In a recent interview, Manuel Sánchez, Director of Panama’s Gambling Control Board, stated that businesses such as Codere and Sportium are also entering this market. Manuel Sánchez is quoted as saying this. Manuel Sánchez is the individual tasked with supervising the gambling industry in this country. As a consequence of this, it would appear that the gaming industry in Panama is about to enter an exciting new era in the not-too-distant future. These online casinos are currently open to players from Latin America and the Caribbean, but very soon, the offer will be expanded to include more players from Panama.
Many governments are looking into the possibility of legalizing online casinos
Insiders in the gaming industry believe that Latin America represents a massive untapped market with enormous potential for the online gaming industry. Over 420 million people call South America home, and approximately 75 percent of those people are old enough to gamble legally. As a direct consequence of this, more than 300 million people across the continent are now legally permitted to participate in gambling activities. The industry is moving at a glacial pace despite the widespread interest that has been shown in it.
Reports indicate that the majority of South American governments have recently increased their efforts to create legal frameworks for their citizens to participate in online casino gambling. They are putting in the effort to make this a reality to cut down on the number of people who engage in this activity at offshore locations.
Many people point to countries like Brazil, Bolivia, and Mexico as prime examples of nations that are exerting significant efforts to normalize the practice of gambling online. Several analysts believe that within the next five years, this particular sector of the market in Brazil will have realized its full potential. The Gaming Control Authority was just established not too long ago, even though online casinos are illegal in Bolivia. Residents have realized that it is simply a matter of time before they will have access to online gambling opportunities.
Although Mexico has a long history of gambling, the country has only started to define the term “online gambling” relatively recently. Mexico has a long history of gambling. Despite this, the National Action Party and the Mexican Democratic Revolution Party think that it should not be too far off in the future before online gambling is decriminalized and made available to players. The Swedish company Betsson is rumored to be in the process of opening a casino, a live dealer operation, and a sports betting operation in the country before the end of the current fiscal year. In addition, Betsson is very close to completing its entry into the Brazilian market, which is an exciting development.
According to various reports, several countries, including Peru, Chile, Puerto Rico, and Uruguay, are looking into the possibility of launching iGaming industries within their borders.
Countries in Latin America that Participate in the Online Gambling Industry
Playtech is not only one of the largest providers of online gaming software in the world, but it is also the market leader in the gambling and financial trading sectors in the United Kingdom. Playtech was founded in 1999 and is headquartered in Gibraltar. It is at the forefront of the Latin American movement, collaborating with well-established land-based operators on the continent. It operates Colombia’s first online casino brand, which goes by the name Wplay, and has a strategic partnership with Aquila Global Group, which is based in Colombia. This partnership is currently operating in Colombia. Since the year 2017, all forms of gambling conducted online are completely legal in Colombia.
According to a recent trading update that was provided by Playtech, the company is currently evaluating whether or not it should expand its operations into the countries of Costa Rica and Guatemala due to the rapid economic growth in those two nations.
Paraguay is one more nation in Latin America that has opened its doors to the gambling industry. In 2018, when the government first started issuing provisional licenses for online casinos, Amambay Casino was the first brand to begin providing digital services to residents of Paraguay. In a relatively short amount of time, twenty more operators joined the team.
It is up to the individual provinces of Argentina to decide whether or not they permit people to gamble like that in a casino by using a computer or a mobile device. A select few have decided to pursue this course of action, and several businesses, including Playtech, Stars Interactive, William Hill, and Betsson, have already signed agreements to expand their operations into additional provinces, including Buenos Aires.