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First, I will show you how the bookmakers got online sports betting off the ground in Chile. Also, we will examine the online market and taxes that you are mandated to pay on your winnings. Thereafter, we shall look into ease of accessibility for Chilean clients before getting some future perspectives of online sports betting in this country.

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The History of Sports Betting in Chile

For a considerable period, gambling in Chile was deeply regulated, although this changed during the 1990s and 2000s when all forms of gambling including sports betting became legal. The Republic of Chile is located along the Southwestern side of South America between the Andes Mountains and Pacific Ocean.

Chile has been an autonomous country since the beginning of the 19th century, but Pinochet’s military dictatorship led to much bloodshed from 1973 to 1990. Chile has developed into a democratic state after the fall of the regime and consequently established itself as a great tourist destination and a stable economy.

Before 1990, the only gambling allowed in Chile was horse race betting, particularly pari-mutuel betting at all five tracks[1] and at dog racing meetings too. However, even though many Chilean sports bettors were content with it and it remains very popular today, there were other illegal betting markets available including football.

In 2008, the first legal sports betting in Chile was authorized when Polla Chilena, a lottery operator requested to offer fixed odds gambling.

Polla Chilena contracted GTech, a gambling technology provider, to install more than 2000 betting terminals in Chile[2], which offer odds on various sports. Moreover, Polla Chilena is the only terrestrial sports wagering operator in Chile.

Chilean Sports Bettors Spoiled for Choice

Technically, this form of recreation is illegal in Chile as it pertains to gambling activities on the internet. However, jurisdiction over offshore operators or access by citizens to those sites has not been restricted at all. According to 2011 estimates, the entire market for online gambling in the country was valued at approximately $600 million.

The country’s continuous increase in the use of smart phones together with broadband has made the government to start looking at European markets like Spain and France that have their own national ring-fences for ideas on developing its own. Polla Chilena asked for permission to go online so that they could compete, which was granted because the country is suspected to emphasize on its domestic companies.

If this may be true in the coming days, Chileans have a chance of using several large sportsbook firms licensed in Europe and the Caribbean. The Chilean bettors have plenty of events to choose from as well as highly competitive rates.

There are several betting sites which offer very good bonuses and free bet offers. The most important things to remember are that there are so many operators, therefore only trust the reputable and famous ones, and always read the terms and conditions of any bonus offers before depositing any money into an account.

Flag of Chile

Chilean Sports Betting Winnings are Tax Free

In Chile, all winnings gained from gambling are tax-free which implies that sports bettors do not have to forfeit any of their winnings to the government.

Substantial Range of Options for Chilean Residents

There are quite a few Spanish-language bookmakers available online, but very few of them offer betting options in pesos. As such, you will often need to exchange your money for dollars or euros. Fortunately, most sites can handle this for you when you make deposits or withdrawals. However, if you have to transfer money frequently between sites, you may lose some cash through currency conversions.

Utilize a digital wallet such as NETeller or Skrill in order to facilitate the same. These are online payment processors that enable you to change your money into any currency you wish and maintain them for you, as well as make low-cost transfers easily into and out of websites. That would mean, you only have to deposit once, so that you will not have many times of changing currencies.

Certainly, you can also deposit and withdraw through other popular ways like credit card transactions via companies like Visa or MasterCard as well as the prepaid options that you can buy nearby. In most cases, you can withdraw using the same method that you used to deposit, but in case this is not allowed, then you can ordinarily make arrangements for a cheque or bank transfer.

Chile national football team before match

The Future Looks Bright for Online Sports Betting in Chile

One cannot ignore the fact that, the Chilean government seeks to access tax proceeds made from gambling and this seems to be lack of action.

This could simply be because such issues require a lot of time or there might have been a significant drop in various gambling markets worldwide. Spain and France, both of which Chile was observing, have seen their revenues decrease due to the global financial crisis hitting people’s pockets.

In addition, it has been so difficult to block “illegal” sites that whether Chile will find it worth it is still unknown. Therefore in the meantime, if they want to, Chilean sports bettors are at liberty to choose from several sites.

References

[1] Chile Racetracks – Horse Racing South America

[2] GTech Sign Deal With Polla Chilena – GTech

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