How Are Online Casinos In Latin America Licensed?
16 November, 2020Licensing is a hugely important requisite in the online casino industry and there are many different organisations that regulate this, depending on the region in question. While the UKGC (UK Gambling Commission) is arguably the most well know, there are a number of others as well.
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In Latin America, which covers a number of countries across both South America and Central America. There are five main licensing bodies in these regions that subsequently regulate the relevant online casinos.
Curacao Gaming License
This is arguably the main gambling license in Latin America and is the most well-known. There are a number of advantages for online casinos who sign up for this license, the main one being that it only takes two weeks to obtain it, while the license covers all gambling activity. In addition, it is also one of the cheapest as well as having a low tax rate and no VAT.
Panama Gaming License
Another Latin American gambling license that is well-known in the online gambling industry. This appeals because there is no strict control of gambling companies, while the costs are low for operators as well. To gain a license in Panama though, the operator in question needs to have a legal representative who resides there.
Costa Rica Gaming License
Definitely not well known in the online gambling industry, this is a license that ranks a lot lower than most. It prevents locals from playing at an online casino that has this license, while there is not a lot in terms of player protection, so there is a substantial amount of risk attached. For operators, the main advantage is that the costs are particularly low for them to obtain a gaming license in Costa Rica, though really, that is where the benefits end.
Belize Gaming License
This English-speaking Latin American country has become somewhat of a hub for online gambling companies in recent years. The main stipulation for operators who have a Belize Gaming License is that they cannot promote their services to local residents, though to obtain the license it is still considered relatively inexpensive.
Argentina Gaming License
Perhaps the most obscure in this list, the online gambling legislation in Argentina still remains unclear and it is definitely a risk for operators to pursue a license in this country unless they really know what they are doing. Costs are understood to be relatively inexpensive, however, not all online casinos in Argentina are even licensed.
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