In 2023, Chile witnessed a significant upturn in its casino industry, with revenues climbing by 9.1% to reach a remarkable CLP$513.68 billion. This growth is a testament to the increasing popularity of casino gambling in the region, attracting over 7.1 million visitors—a 12% increase from the previous year. Despite a reduction in the average spend per visit, the overall gross gaming revenue (GGR) soared, highlighting the robust demand and potential of Chile’s gambling sector.
Amidst this burgeoning success, Chile’s legislative framework is also evolving, with the recent passage of a bill by the chamber of deputies aimed at regulating online gaming. This move towards a regulated online gaming market is poised to reshape the landscape, promising enhanced player protection and a boost to the economy through significant tax contributions.
The Chilean market is not only gaining traction among casino brands but also amongst affiliate sites, signaling a widespread recognition of its burgeoning potential. Nodar Giorgadze, CEO at iGaming website Gamblorium, shares insights on this trend: “Right from the inception of the regulatory framework in March 2022, we pinpointed the Chilean market’s vast potential. Anticipating its emergence as a vibrant hub for both casino operators and affiliate platforms such as ours, we saw a wealth of opportunity for growth. Driven by this foresight, we strategically launched our Gamblorium project in Chile in 2023. The enthusiastic engagement and growing traffic from Chilean users on our site have unequivocally validated our market predictions. Our commitment remains steadfast in serving as a valuable asset to the Chilean gaming community.“
This anticipation has borne fruit, as evidenced by the thriving market and the interest from various stakeholders. The introduction of online gaming is expected to further invigorate the industry, dispelling concerns of cannibalization. Studies suggest that online gaming could, in fact, have a complementary effect on land-based casinos, with evidence pointing to positive impacts on revenue.
The legislative advancements towards online gaming regulation underscore the government’s commitment to creating a safe and competitive environment. With tax revenue earmarked for social projects and stringent measures in place to protect players, Chile is on the brink of establishing a well-regulated online gambling ecosystem. This aligns with global trends where the integration of online and land-based gaming operations has been beneficial, fostering growth and innovation.
Chile’s journey towards a regulated iGaming market is reminiscent of other South American countries navigating similar challenges. The anticipated regulation, expected to finalize by the end of 2024, will likely catalyze further growth, making the Chilean market an even more attractive destination for players and investors alike.
As Chile continues to pave its path in the gambling industry, the synergy between land-based and online casinos could serve as a model for other regions. With the right balance of regulation, innovation, and player protection, the future of gambling in Chile looks promising, offering exciting opportunities for all stakeholders involved.
