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Showing results for tags 'latin america'.

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  1. Since 2018, online gaming operators have focused on regulating Latin American territories. With opportunities currently only limited to Columbia and Mexico, all eyes are on the multiple other regions in the process of liberalising. Brazil makes up half of the total LATAM population and is understandably the most enticing market for the gambling industry to penetrate. So how will the approval of the crypto law in Brazil affect the growth of the LATAM gambling market? ✓Crypto Law Finally Approved in Brazil Now that the Chamber of Deputies in Brazil approved the cryptocurrency law project, it's eminent that it will significantly impact the growth of LATAM gambling. Local media reports that the discussion and passing of the crypto law was a rushed decision, with some claiming that the bill might find resistance with the unknown stance of the new government. This opinion is further supported by the approved bill leaving out two crucial factors - the planned tax exemptions on green mining and the asset segregation from company funds for Virtual Assets Service Providers (VASPs). The discussion and approval of the crypto law project were postponed several times over the past several months. It was finally approved after deputies voted to shed some of the changes presented by the Senate. ✓A Historic Matter Approving the crypto law in Brazil is an essential step towards the country's future. Current president Jair Bolsonaro was able to approve the law in a general form, providing the opportunity for more specific rules to be formulated later. This decision is in full support of deputy Expedito Netto, the rapporteur of the bill, who stated: "We are voting on a historical matter. Today, the country is ahead of others in regulating digital assets activity assets. Moreover, we have the support of the current and future government for the matter." He further recognised that the tax-related regulation should be defined as a separate matter in another bill. The asset segregation issue is another challenge, as it would force VASPs to separate customers' funds from their own funds. With the recent collapse of the leading crypto exchange FTX, many deputies support asset segregation to allow users to avoid loss of funds to occur in future. ✓Opposition From Anti-Segregators in Brazil With the anti-segregation side prevailing in some respects, brokerage firms and other companies might be limited to offering spot-based trading products. This opposition means that the regulation of the kind of warranties these firms should offer their users will be defined by the regulator on a case-by-case basis. According to Marcelo Castro, a lawyer in digital law, the passing of the bill establishes a base that will provide subsidies "for future infra-legal regulation". In addition, there will be oversight by a regulator appointed by the executive, which can be any specific institution such as the Central Bank of Brazil. The approval of the cryptocurrency law marks the starting phase. It is the first step in regulating VASPs and other crypto companies, including online crypto gambling platforms. However, to avoid getting ahead of ourselves, many analysts believe this bill's passing is only the initial phase of this regulation. They expect that applying the law and implementing specific rules will follow in the coming years. ✓LATAM - The Most Appealing Gambling Market There may have been a significant lag since the launch in 2016 of Columbia's regulated iGaming market, but other territories are following suit. With the enormous size of the potentially untapped market, operators are eager to penetrate the unaddressed regions that are particularly appealing for the iGaming industry. In our guide to the LATAM Gambling Market in 2022 and Beyond, we take a closer look at the opinions of the four highest-populated countries in South America. Betting on offshore internet sports sites is legal in Mexico, and no laws prohibit Mexican citizens from joining these sportsbooks. While countries like Colombia are fully regulated, others such as Brazil, Argentina and Chile are still working with operators and regulators to create legal frameworks. Read more about how gamblers in Brazil, Columbia, Argentina, and Chile feel about gambling in the article linked above. Significantly, Latin Americans agree that online gambling would be less harmful and more appealing with adopting regulation. Across all four of these territories, gamblers called for stricter and safer gambling regulations and guidelines. Cryptocurrencies' legal implementation will address and resolve most of these safety concerns. ✓Gambling Industry in Brazil - The Sleeping Giant The addressable market size makes Brazil particularly appealing to the iGaming industry. The United Nations estimates the current South American population at 439,429,359. With a population of over 215 million, Brazil makes up half of the total LATAM population. Moreover, Brazil is one of the five countries with the highest population in the world and is often referred to as the "sleeping giant in the gambling industry". Almost all gambling activities, deemed to be "games of chance", have been prohibited in Brazil since 1941. The only acceptance is lotteries under the state monopoly and horse-racing wagering. Poker was declared legal in May of 2022 as it was deemed a “game of skill, not chance”. With the approval of the crypto law in Brazil, it may be one step closer to developing and finalising gambling regulation for its citizens. Despite the significant lag since Colombia's regulated igaming market launch in 2016, other countries, including Brazil, are catching up. ✓A Territorial Perspective Each territory in South America is at a different stage of gambling regulatory development. However, there is no doubt that the legalisation of cryptos in Brazil will have a massive impact on the growth of the overall LATAM gambling market. Despite the volatile nature of this digital currency, online crypto gambling is on the rise worldwide. Multiple territories in South America are in the process of liberalising and regulating the gambling market. The aim is to provide a secure and regulated iGaming platform. This regulated market will attract LATAM gamblers to register with licensed and legal operators instead of risking their hard-earned money on the black gambling market. ✓Time To Act Naturally, multiple operators and suppliers have been tracking opportunities. They are positioning themselves to take full advantage of this developing opportunity. Forming partnerships with international operators and snapping up established native brands for local know-how are all crucial factors that can ensure a successful roll-out in LATAM. They believe that the time for the industry to act is now. With the approval of the cryptocurrency law in Brazil, the regulation of VASPs and other companies that use crypto in the country is now open. A regulator appointed by the executives will oversee operations. The new crypto law may take a few years to have any practical effect. Nevertheless, with crypto gambling on the rise worldwide, the recent approval of the crypto law in Brazil will likely fast track to being a fully regulated legal online gambling territory.
  2. Despite higher inflation, less favourable lending conditions, fiscal policies, elevated inflation and political uncertainty, Latin America’s gambling industry is vast and growing at an alarming rate. With the GDP rate forecast to slow in 2022, overall moderate spending is imminent. A recent Global Games Market Report in Latin America has shown, the mobile games market has generated over $3,5 billion in revenue via consumer spending in 2021 and projections show an increase to an estimated $5,1 billion in 2024. Today, software providers are more focused than ever to promote safer gambling, building consumer trust and curbing gambling spending. With mobile gambling becoming more and more popular worldwide, we take an in-depth look at Latin Americans and how they feel about gambling, whether they do gamble, and what they believe safe gambling should be all about. ✓ Gambling Regulation in LATAM Not all territories are at the same stage of development regarding gambling regulation. With countries like Colombia being fully regulated, other countries such as Brazil, Argentina and Chile are still working with operators and regulators to create legal frameworks. Software providers play a key role in this process and in this blog we look at all the aspects of the issue, examining current attitudes towards gambling, perceptions of regulation, user concerns, and what they expect of operators. ✓ Guide to LATAM Gambling Market in 2022 and Beyond Playtech, a market leader in the gaming industry, is deeply committed to player protection and will go to great lengths to promote responsible gambling and enable a safe and responsible form of entertainment to reduce harmful play. They have conducted a consumer survey of 2,112 adults from four LATAM countries (Brazil, Argentina, Chile, and Colombia) to explore the key issues related to responsible gambling in each territory. With each of the four countries being at a different stage of gambling regulation, it was interesting to see how opinions and statistics varied between Colombia and the governments of other countries. How Many LATAM’s Are Gambling? Creating legal frameworks that will allow online gambling companies to operate under the national rules that protect players is more important than ever before. Winning the jackpot will change your life and Latin Americans are flocking to websites to wager a bet, hoping to win big. Mor Weizer CEO, Playtech, commented: “It is essential the industry harnesses the technology and tools available to put player protection and player trust at the centre of any customer experience.” How many Latinos are betting online? This graph will answer that question. And it may surprise you. Interestingly, 68% of Columbian participants in the study were active gamblers while Chile only identified 40% active gamblers. For a country that is not fully regulated, 40% is still a very high percentage. The question is, what are the reasons ‌the remaining 60% do not gamble? ✓ Why Don’t Some Gamble? Playtech asked the same group of 2112 adults this question and gave them a few options to choose from. Are they worried about getting addicted, legalities, immorality, or are they simply not interested? The results were astounding: The majority, in this case, the 60% in Chile that were not active gamblers, detailed their reasons for not gambling as that they were not really interested (40%). This coincided with the 33% average in the region, although in Brazil (20%) this was to a lesser extent. In a big way, people who do not gamble feel worried they may lose all their money or get addicted to gambling or do not know enough to believe it is safe to gamble online. These graphs show that non-gamblers may have the inclination or intention of placing a bet but do not feel they have enough information on how to do so securely. Across all four regions, only 13% of consumers say they do not trust online gambling companies, with Argentina (17%) being the exception, 10% do not know the exact reason, only 4% are concerned that it is illegal and 3% believe that it is immoral. The top reasons that Latin Americans do not gamble relate to lack of interest, not enough knowledge, potential addiction problems, and lack of trust. Focus On Columbia Columbia was the first Latin American country to introduce nationwide European-style online gambling regulation. In 2015, they introduced the most relevant amendments, and changes to the taxation regime applying to online gambling services soon followed. During the first half of 2016, the Colombian gambling authority, Coljuegos, issued secondary regulation required to complete a licensing process, which allows private operators to offer online gambling services in the country. This has obviously led to enormous growth in the Columbian online gaming sector and more informed gamblers wagering bets online. Columbia is an excellent example of the success of a regulatory framework where the state, the player and the gambling industry achieve their respective objectives. This is the perspective of Playtech, which also believe that all chains (including media companies) must make a fair profit while operating under clear and reasonable rules and abiding by regulatory requirements. ✓ How Operators Can Make Players Feel More Secure To understand how consumers think, they asked the group of Latino surveyors to tell Playtech how operators can make them feel more secure so they would be likely to bet online. They had nine options and could select as many as applied. Here they are in order of most selected answer across all territories: More information and tools for player protection More information about the gambling companies A brand/company you recognise Better information about responsible gambling Better local regulations that protect my money Better information about the legal status of gambling in my country Better information about protection Better local regulations to protect my data More famous people endorsing it Because of cultural, economical and behavioural differences in the Latin American market, ‌operators have to think about specific regional strategies, as the response given in each of the surveyed countries has to be analysed and approached individually. See the graph below for a more detailed overview of the response in each individual territory. Operators can do a lot more to promote their brands and need to emphasise gamblers’ safety. Having more in-depth knowledge about different companies’ offerings, track records and reputations is vital to consumers and presents not only an opportunity for individual operators but also for the industry to gain overall National consumer trust. ✓ Regulation, Regulation, Regulation! Of those surveyed, 39% said they expect better local regulations to protect players’ money and also their personal data. This was most important for Colombians (44%) and Brazilians (42%) but ‌will ultimately lead to a safer gambling environment for all LATAM consumers. Operators that comply with regulations will provide many benefits to the gambling industry: Prevent fraud Prevent money laundering, Safeguard data, Provide education about responsible gaming Identify and support players with gambling problems Playtech believes that if they do not give consumers safe and regulated online gambling platforms to choose from, customers may look to the unregulated environment, exposing them to significant risks related to their data and money. ✓ Identifying And Supporting Players With Gambling Problems It was clear from Playtech’s 2020 annual report that ‌the pandemic has led people to stay home for long periods of time, which led to an increased risk of problem gambling. The survey results show that consumers would welcome tools and measures to detect players with gambling problems and see this as an important factor in promoting responsible gambling. The group was presented with a few scenarios in what they believe are the main factors that can lead to problem gambling. These were the top six chosen options: Borrowing money to play Feeling restless or irritable when you are not gambling Chasing losses Trying to control, cut back or stop gambling, without success Lying to family Trying to control, cut back or stop gambling, without success Borrowing money to play was the main characteristic that was identified as problematic gambling behaviour, peaking in Colombia (66%), followed by Argentina (65%), Brazil (64%), and Chile (61%), and this should be seen as the main red flag for operators to consider. Here are the results as identified by each territory: Playtech is committed to solving gambling problems and has presented the industry with Playtech Protect, a free tool for all operators in the industry that offers secure gambling tools and data analysis technology, backed with 20 years of experience and supporting more than 30 regulated markets. They also provide technology, online training and software from Playtech Academy (its internal learning platform) to charities and nonprofit organisations. This includes those working on safer gambling research, education and mental health issues, to enable them to deliver their content and services remotely. Playtech believes that all humans are different and it is important to analyse the combination of different variables rather than relying on simple thresholds, such as money gambled or time spent. They do not rely on superficial data as it might result in some risky players not being intercepted or, vice-versa, could flag people with no problems. They aim to know the individual symptoms to also enable a personalised intervention on the customer at risk, based on their specific risk factor. ✓ Committed To Promote Safer Gambling But what do Latinos believe should be done to promote responsible gambling? When asked, 55% of the respondents believe they should provide clear information on their websites about problematic behaviour in gambling and betting. In Brazil, it was 62%, in Colombia, it reached 55% and in Chile, 52%, and in Argentina half of the respondents (50%) agreed with this. Playtech has seen key industry players announce commitments on responsible gambling but still believe that ongoing collaboration is lacking. “Similarly, there should be more initiatives focused on responsible gambling and raising standards, including a variety of stakeholders such as those with lived experience, the financial sector, software developers, debt advice organisations, and treatment centres.” Across all territories, Latin Americans in this survey agreed that online gambling would be less harmful if stricter responsible gambling regulations and guidelines were adopted. Why? Because they believe it would be safer as gamblers would be more protected. Playtech is and will always be a company committed to player wellbeing and raising industry standards. Their strategic plan is to help communicate the importance of responsible gambling in newly regulated markets, especially those developing in South America.
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