Online casinos are gaining power all over the world, although there is still a great difference between countries in the same area, as in Latin America.

One of the fastest growing industries worldwide is online entertainment.

In particular, the Internet betting market has established itself as one of the most dynamic markets with constant global growth.

This growth is partly due to the capacity of innovation that the industry has shown in recent years, with eSports bets, the great boom of casinos with cryptocurrencies, live casino games and even virtual reality, which are innovations with a strong impact on the online casino industry. However, there is a great brake on the optimal expansion of the online betting industry; the instability of the regulatory framework at international level and even in many cases at the local level.

The way in which bets are regulated varies from one country to another, but there are several cases that are the same or very similar. In fact, in most Latin American countries they have the same profile of lack of regulation.

Most countries chose not to create special legislation for online betting but included a clause to their regulation of physical casinos in which these companies must submit their online services to the same regulation as their services in physical establishments. The result: only the companies based in the corresponding country are regulated, while all international casinos based in other countries can offer their services to the residents of the country in question, since there is no relevant regulation for them.

Some of the Latin American countries that have this profile of lack of regulation are: Mexico, Chile, Bolivia and Ecuador. There are some countries that have sought to improve the regulation of the online betting industry to promote the economic growth of this industry at the local level and from which normative changes can be expected very soon, such is the case of Peru.

There are some countries that face another challenge when having to unify the regional or provincial regulations in this matter.

Countries like Argentina have the same model as the United States: province / state has the authority to decide and regulate the betting industry within its territory and that obviously impacts the online betting sector.

In an industry that demands international collaboration to ensure sustainable and responsible growth, the lack of solid national legislation calls for a debate to promote the formal growth of the industry. Taking the case of Argentina, we must consider that a company that wants to invest in creating headquarters in the country and offer online betting services could only offer them within the province where its headquarters are located or will have to process permits in each of the provinces. It is difficult to think of a bigger brake for the growth of this industry, when its growth is constant, and its expansion will not end soon.

In general, around the Latin American countries as many international betting markets, have moved from restrictive legislation to new, more permissive regulatory frameworks, although this has not always been gradual or timely.

Brazil, for example, is facing one of Latam's most difficult regulatory transitions since its legislation prohibited any type of betting either physically or online. This legislative framework gave rise to a large black market of bets that has great popularity in the country and as this industry grows, so do all the problems associated with this illegal activity. Currently the online betting industry has its eyes set on Brazil as it is expected a reform that will end the restrictions that have damaged the physical betting industry and have high expectations of avant-garde legislation that includes online betting.

Clear legislation with a well-implemented regulatory framework brings benefits for all members of the industry. On the one hand, users can be calmer knowing that their bets will be legal and will have the support of institutions that avoid fraud, improper use of information and even prevention of gambling. Entrepreneurs in the betting industry also benefit from good regulation that allows them to reach more potential customers.

And finally, Latin American governments benefit from being able to collect taxes from a multimillion-dollar industry that can be a great engine in investment in marketing and in the generation of employment itself, this is the case of Colombia.