ICE: How to succeed in Latin America

ICE: How to succeed in Latin America

Wednesday, February 3, 2016 Totally Gaming

There has never been a better time for operators to explore the Latin American markets of Mexico and Colombia, attendees of the Latin-American briefing at ICE Totally Gaming heard.

At a seminar dedicated to focusing on Latin America, legal experts and regulators gave detailed accounts about what it takes to succeed in breaking into the continent.

In a country that is set to grow in population to 51 million by the end of this decade, in parallel with an expanding GDP per capita, the opportunities in the country are obvious.

All tax generated by gaming in Colombia is put towards public health in the country, and about 400 companies currently operate just over 2,500 venues.

Industry operator Coljuegos said that an initial bill to regulate online gambling that was passed in July 2015 will adapt over time, but at least has provided “a framework for operators so they can work with this”.

Lawyer Santiago Asensi Gisbert said: “The better the regulation, the lower the illegal market. It is worth remembering that the regulator protects consumers as well as collects taxes.

“Operators will need to apply for a concession rather than a licence, and there will be no limit in the number of concessions.

“The term of licence with Coljuegos will be five years, and you would need to incorporate a company in Colombia and provide economic guarantees.”

Mauro de Fabritiis, ‎a Partner at MAG, added that the certification process would involve the provision of technical requirements, lab testing, lab certification and then a concession application.

“The Colombian model is the result of a combination of experiences in other regulated environments,” he added.

In Mexico, Cristina Romero de Alba, a Partner at LOYRA, said that although gaming regulation stretches back to 1947, “the gaming market is young”.

“There is a strong influence from the US gaming markets,” she said.

“Under current law, there are a number of options available for operators, although only nine different gambling offers can be made.”

Attendees also heard that Mexican regulators require information about the financial solvency of a company and evidence of its track record in terms of performing to top international standards.

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