Gambling Legislation

Chile advances online gaming legislation

The government is working on a plan for online casinos and poker that is gaining support

The Undersecretary of Finance of Chile, Heidi Berner, presented this week in the Economic Commission of the Chamber of Deputies and Deputies the details of a bill that regulates the development of online gaming platforms. The legislation seeks to better meet the objectives of safeguarding public faith with high technical and supervisory standards, promoting responsible gambling and preventing problem gambling. It’s also responsible for tax collection and preventing both money laundering and terrorist financing through gaming.

The bill was based on the work carried out in parallel with advisers to the deputies that are members of the Economic Commission and observations received in hearings; and with its related services such as the Internal Revenue Service, Commission for the Financial Market, Financial Analysis Unit and the Superintendency of Casinos.

The project stipulates requirements similar to those required of land-based casinos for operating companies to access a license. This includes having to be companies incorporated in Chile, whose exclusive purpose is the operation and exploitation of online gaming platforms and related services.

These companies must be established and function with a maximum of 10 shareholders, justify the origin and sufficiency of the funds and show a minimum level of liquid capital. In addition, they will have to comply with the technical requirements for the operation established by the Superintendency.

Online gaming platforms may only work in Chile through “.cl” addresses. The Superintendency will be empowered to examine the commercial, tax, financial, administrative, civil and criminal records necessary to verify the status of the executives behind the companies.

As part of the regulations in favor of responsible gambling, in order to avoid the figure of the hidden loan (financing to the player), bets without a favorable balance are prohibited. In case of granting entry or promotional bonuses, these cannot be held to restrictions and will be the first thing that will be charged at the time of placing a wager.

Chile has been working on the legislation since last year. It has proven to be a slow-moving process, and there’s still no indication of when it might receive its final approval.

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