How Online Gaming is Helping the Latin American Community in Two Different Countries30 October, 2022
When people think of sports betting, a lot of minds typically jump to the United States of America as it is a huge country with a bunch of professional sports leagues that are beginning to widely accept gambling rather than act as if sports betting doesn’t exist due to its geographically-defined legality as it has been for years.
However, the Latin American market has the ability to continue growing as time goes on as they continue to be able to regulate online casinos and sportsbooks. Today, we will discuss what two countries in Latin America are doing with sports betting and how it will help their communities as a whole.
We will dive into two countries representing the Latin American community to show exactly how the iGaming industry has helped each one go on and the country’s rules and regulations. Having the ability to make money in an online casino or with a sportsbook makes things a lot more fun for those who choose to participate in it. Still, it really helps the community out with the ability to have it going on.
Argentina regulates gambling as each providence is allowed to do what they want and can only allow the services to people in that specific providence. If the providence of Argentina does decide to allow it, then they are essentially allowing every single aspect of gambling to be legalized.
One estimation shows that the country’s online gaming and the betting sector generates $2.4 billion in annual revenues. That is on top of the federal tax implemented on online gambling platforms, which increased from two percent to five percent after the financial crisis from the COVID-19 pandemic of 2020. The country also regulates gambling advertising as they do not want these ads to target minors or mislead the public.
This really helps the economy as $2.4 billion is a lot of money for a population of 45 million people to make improvements with. If those numbers are exact, that is $53.33 added to the economy each year per person, which can really help things out in the country in terms of infrastructure, healthcare, homelessness, or any other serious need in the nation.
The Dominican Republic has been doing incredible at attracting more people to their country with their tourism budget. A lot of the Dominican Republics’ tourism budget went toward casinos. The only non-regulated forms of gambling in the country are fantasy and virtual sports betting, and that helps them get a lot of money as DR also enforces a 10 percent turnover tax. This means in order to be able to have DR’s population available for your betting site, you’ll need to give 10 percent of your revenue generated from the people of the Dominican Republic back to the country.
According to the Dominican Republic law, operators must provide the National Directorate of Casinos and Games of Chance a tariff of RD$1 for each RD$100 they process and RD$2 for every RD$100 for technological equipment like slot machines in physical locations. They must also give 25 percent of any player’s winnings to the national treasury.
While the total gambling revenues in the Dominican Republic are not known, that is a pretty penny that the country gets as they get a lot of money for allowing gambling of any kind in their country. That has helped them build up the country to be a great travel destination and get their tourism up with cities like Punta Cana, Santo Domingo, and Puerto Plata, to name a few. This helps make them a beautiful country, and the allowance of the iGaming industry has boosted their ability to promote how beautiful the nation is to tourists and adventure chasers alike.
Not all Latin American countries have accepted the gambling industry, whether online or in person. Still, the countries that have seen a significant improvement as the governments can use that money to help the people and the country as a whole. They are benefitting from it and allowing the people to have a fun way to spend their money that is not hurting people, and more Latin American countries should continue to expand the ability for players to do so as time goes on.
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