LatAm’s ‘Big Six’ have potential to replicate Malta’s success

LatAm’s ‘Big Six’ have potential to replicate Malta’s success

Monday, June 12, 2017

Opportunities abound for online and land-based gaming markets across Latin America, but robust licensing and regulatory systems need to be established in order for the industry to thrive, experts have agreed.

The second edition of Juegos Miami took place in Miami on 31 May to 2 June, with the event underlining its position as a key platform for those looking to enter gaming markets across Latin America.

Chairing a prestigious regulatory panel, Karen Sierra-Hughes, director of government relations and business development for Gaming Laboratories International (GLI) in Latin America, pulled focus on the growth of online gaming across the region.

While the panel agreed that Paraguay was progressing and that Colombia’s gaming regulation was enjoying a “new lease of life”, the fight against illicit operators continues.

“We have to regulate online gaming, but if we already have problems with illegal gambling in the land-based sector, it will be even more difficult in iGaming,” said Luis Gama, president of the National Lottery of Uruguay.

The International Benchmarks panel examined the pros and cons of regional and international regulatory models in Latin America, and whether creating a common reporting standard would help accommodate a wide range of operational models across multiple jurisdictions.

Miguel Quesada, business development manager for Mr Green, noted that Malta has created a “Silicon Valley of gaming”, and that this success could be mirrored in Latin America’s ‘Big Six’ countries: Mexico, Colombia, Peru, Chile, Brazil and Argentina.

Marzia Turrin, senior vice president for BMM Testlabs in Southern Europe and Latin America, called for transparency, but noted that some companies often don’t want regulation because it’s “over complicated”.

“Security is key, especially in sports betting,” Turrin said. “The move towards convergence is clear, but it is not happening on the frontline due to different customers and different customer requirements.”

Fred Gushin, managing director of US-based consultancy, Spectrum Gaming Group, said: “Regulation is not a cure-all, but it is an important step. A robust licensing system needs to be in place, and this needs to transcend political parties. The legal regulated industry shouldn’t compete against the unregulated industry.”

Looking to explore the opportunities in Latin America’s fast-moving gaming industry? Register your interest in Juegos Miami 2018 here.

And DOWNLOAD the recent "Latin American Focus 2017" report here

 

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