Development Prospects and Forecasts in Latin America| 27 November, 2020
The main reason why investors and Ufabet online casino operators have avoided the Latin American market is political and economic instability. But in the last decade, the situation has started to improve and the industry is showing positive dynamics. Legislation is changing, tax rates are being worked out, the Internet is developing, and the population is increasingly interested in online gambling.
The authorities of many countries seek to regulate the industry, which will balance the interests of the state and the rights of gambling operators. Much is being done to eliminate shadow businesses.
Therefore, today Latin America has a very good potential for the development of the gambling industry. And research results show that online casinos have been in great demand among Latinos recently.
Slotegrator analysts are confident that every year Latin America will attract more and more major international gambling operators. This is due to the fact that markets on other continents are becoming saturated, and some regions, such as the middle East, have a negative attitude to gambling for religious reasons or show strong economic and political instability.
Online casino operators need to take into account tax rates and license fees in order for the project to be financially viable.
The legal and tax frameworks for gambling in most Latin American countries are either outdated or imperfect. Let’s take, for example, Argentina. A 25% tax on slot machines was introduced in 2013, and in 2014 the remaining gambling taxes were increased to 16 and 22%. On January 1, 2017, the law increased the corporate income tax rate applicable to gambling from 35% to 41.5%. Winnings in excess of 1200 Argentine pesos (USD 150), are subject to tax at the rate of 31%.
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