With the vacuum left by traditional casinos, many players have turned to offshore and unregulated markets. These operators have offered little or nothing in the way of consumer protection or tax revenue.
Now, local casinos are insisting that igaming is taken more seriously in Chile with brands cautioning that the recovery period could last up to 18 months, and at least one year. In this context, gambling establishments will most likely see a dip in demand, depriving them of revenue sources.
However, SCJ has cautioned that rushing into online gambling and establishing a framework should not happen in a hurry, citing the complexity first and foremost. SCJ would need to assess the market to create an effective tax and regulatory framework that could achieve their desired impact.
SCJ also said that it would have to strike between economic and sustainable developments, showing prescience and foresight in the matter, instead of jumping on the first opportunity to enact legislation.
Another matter that came up was the introduction of proper consumer protection measures, and not least anti-money laundering and terrorism-financing policies.
Government officials have already been entertaining the idea of giving an official launch to the industry, but no official go-ahead has been granted. Lawmakers, similar to SCJ, first think that a more careful look into the implications of enabling online gambling should be considered first.
Blockchain could be one answer. With most crypto casinos, BitStarz included, establishing a safe gaming environment has not been a problem. BitStarz runs both comprehensive KYC and AML checks to new players, in-keeping with most regulatory requirements. Crypto casinos are increasingly calling for more regulation so they have a clearer framework to operate within.