At a global level, the gambling industry is highly valued and even protected by the amount of money it contributes to the GDP of the different countries, however, Latin America presents a variation in terms of this economic model, specifically in regulatory and financial matters. tax rates, because while the regulation of the sector in European countries has advanced enormously in recent years.
The changes in the Latin American region have been occurring much more slowly independently of the fact that many countries have managed to adapt legality to new forms of play.
In such a way that Latin America can be a reflection of any situation that we wish to analyze, because there are countries with a specific and clear regulation for the sector, but also countries without any legislation on the matter where no effort is made to prepare legally for a growth, and finally also countries in which online gambling is still prohibited, without wanting to transcend in the understanding that the latter is in a global boom allowing generating a huge amount of resources for different governments.
The latter has only achieved that in a large part of the region online casinos move in the legal vacuum plane.
Precisely because players begin to demand from the market this type of gambling platforms, with simple facts such as access without any problem to Internet gambling sites in other countries or that are not authorized by means of tools such as the VPN, which change the IP address of the system (be it a computer, smartphone or tablet) allowing you to access any site by passing as if you were in another country.
This leads to the countries where these forms of gambling continue to be illegal, stop receiving the income or benefits that would correspond to them if they had legislation in accordance, which would also provide more guarantees and security to bettors or players.
A simple argument to give greater validity to this situation is that players from countries like Colombia, Peru, Mexico or Argentina spend around 15,000 million euros per year in betting
On the other hand, Colombia continues to be an example in regulatory frameworks for these countries that begin a new journey in the legalization of online gambling, because our country is recognized worldwide for regulating the activity with the same precision and seriousness so as not to be left behind. regulatory and regulatory frameworks of European countries.
Finally, this is an industry that should be taken into account by any government in a positive way, since having a well-regulated and legalized gambling industry is something extremely beneficial for any country, since it is not only an important and extremely attractive source of income , but it helps to give guarantees to the players to avoid the proliferation of scams, and submerged markets of illegal bets that mostly nourish only the criminal networks and even drug trafficking of each country.
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The growth of online sports betting has had a major impact on college life in recent years, according to reports, with gambling becoming an increasing part of many students’ lives.
Some experts are reporting that the ease of wagering has made the practice second nature among a mobile phone-focused generation, and some are feeling the effects of problem gambling.
Evan Ozmat, a doctoral student in psychology at the University at Albany, launched a counseling project in 2020 to work with undergraduate students about health issues. However, gambling turned out to be a common topic.
“Since the beginning of the project three years ago, students have brought up, unprompted, gambling,” Ozmat told Time magazine. “We started asking about it in every appointment and everyone has something to say. It’s everywhere.”
More Students Booking Bets
Some experts have compared the newfound prevalence of on-campus betting to binge drinking. A recent study from the NCAA took a look at Americans ages 18 to 22 to study their gambling habits. The survey found that 60% have bet on sports with 4% admitting to wagering daily.
Another 6% reported losing more than $500 in a single day. Two-thirds of men have engaged in sports betting activities, according to the survey, as well as 51% of women.
Surprisingly, the legality of betting apparently wasn’t a factor. “Respondents living in areas where betting is legal versus those in areas where betting is illegal report taking part in each sports betting activity at nearly the same rate,” the report noted.
Reports estimate that as many as one in 10 college students are problem gamblers. Some students point to the positive aspects that come with betting, such as sustaining friendships, a love for sports, and staying invested with the on-field action.
Additionally, some note that many students do indeed bet responsibly. In the NCAA survey, about 60% of those who wagered reported betting in amounts of $20 or less. However, health experts believe this is a segment of the population to watch as sports betting continues to grow in popularity.
“It becomes a normal embedded part of the culture and that has huge implications,” clinical professor of psychiatry and head of UCLA’s gambling studies program Dr. Timothy Fong recently told. “We’ve allowed it, but have we then kept up with educating that generation about what this activity really is?”
The American Gaming Association has recently pointed to the growth of the industry in recent years. The group predicted a record number of NFL bettors for the current season and pointed to sports wagering as major driver of record revenue for the gaming industry.
Real-time betting has experienced significant growth in Colombia in recent years. According to data from Coljuegos, the country's gaming regulator, sports betting represented 77% of gross online gaming revenue. Of that percentage, real-time betting had a 62% share. This growth has been driven by several factors, including regulation of the sector, the improvement in the offer of bookmakers and the increase in demand from users.
The development of the internet and mobile devices has facilitated access to information about sporting events and betting platforms. Bettors can follow the development of the matches live and place their bets quickly and comfortably from anywhere and at any time. Online betting platforms have played a crucial role in this regard, providing a wide range of services and tools for bettors.
The regulation of the betting sector in Colombia has been a key factor in the rise of real-time betting. Law 1753 of 2015 and the regulations issued by Coljuegos have provided a legal framework for bookmakers, which has contributed to the security and confidence of bettors. Online betting platforms maintain commercial relations only with those operators that have obtained their corresponding licenses, thus guaranteeing the legality and security of the bets.
Real-time betting has revolutionized the way bettors interact with sporting events, adding an extra level of excitement and challenge to the betting process. In Colombia, this type of betting has experienced significant growth, driven by factors such as the diversity and quality of the offer, access to information and technology, emotion and entertainment, and regulation of the sector. With online betting platforms facilitating this trend, the future of real-time betting in Colombia looks very bright.
Millions of dollars have poured into bets on who will win the US election after a last-minute court ruling opened gambling on the vote, upping the stakes on a too-close-to-call race that has already put voters on edge.
Contracts for a Harris victory was trading between 48 and 50 per cent in favour of the Democrat on Friday on Interactive Brokers, a firm that has taken advantage of a legal opening created earlier this month in the country’s long-running regulatory battle over election markets.
With just a month until the November 5 vote, markets opened after a court in Washington ruled that Kalshi, a start-up that has been trying to introduce political betting in the United States for years, could take wagers as legal appeals by regulators against the company continue.
Within days, more than US$6.3 million had been put on the line for the Harris-Trump match-up alone, with users also betting on control of the House and Senate.
It’s the latest turn in a years-long saga between the Commodity Futures Trading Commission and firms wishing to offer election betting – a legal practice in several other countries and one that some Americans participate in outside regulators’ oversight via offshore markets.
More than US$1.7 billion has been placed on the Harris-Trump match-up on one such offshore site, Polymarket, where Trump held a 54 to 45 advantage over Harris on Friday evening.
Those in favour of gambling – or “event contracts” in finance terms – say it is a legitimate way to hedge bets against adverse outcomes, likening it to futures contracts. Some also argue that the markets are better than polls.
“These contracts are important,” Steve Sanders, executive vice-president of marketing and product development at Interactive Brokers, said. “They’re good for people to take a view on what they think is happening and hedge their portfolios.”
In just days, more than 1 million contracts had been traded on Interactive Brokers. Only two election betting markets were legally operating in the US before the October 2 ruling, having been granted exemptions due to their affiliation with research projects and the strict limits they placed on the amount people could bet.
US vice-presidential hopeful Tim Walz slammed by Trump supporters for China connection. But critics worry about widespread election gambling in a polarised moment when basic facts are in dispute and disinformation on which people might base their wagers is abundant.
“I don’t want to be too dramatic, but we live in a country where tens of millions of Americans believe the last presidential election was stolen,” CFTC general counsel Rob Schwartz said during recent arguments against Kalshi.
“Ensuring the integrity of elections and avoiding improper interference and misinformation are undoubtedly paramount public interests,” Judge Patricia Millett wrote in the decision that allowed bets to be placed while the appeals against Kalshi play out.
But the CFTC had “given this court no concrete basis to conclude that event contracts would likely be a vehicle for such harms”.
While the door on political betting might shut again on further appeal, any decision on that would likely come after November 5, meaning markets will stay open through the election.
For Pratik Chougule, co-founder of the Coalition for Political Forecasting, an advocacy group, “it’s been a good year” for his own political wagers so far. He is looking at opening an account with Interactive Brokers now that it is operating election contracts.
Judges on further appeals might be “a bit more sceptical,” but Chougule said that in recent years the CFTC has warmed up to at least understanding the arguments in favour of election markets, even if regulators do not endorse them.
As regulatory winds blow in China, the future of the gaming industry remains intriguing. Shifting sands are creating a landscape that demands adaptability and foresight from stakeholders. Casino operators in Macau and beyond must innovate to survive.
Diversification is key, with investments in integrated resorts offering a mix of gambling, entertainment and hospitality. Leveraging technology to enhance customer experience while ensuring compliance with regulatory requirements will be crucial. For example, advanced data analytics can help casinos understand customer behaviour and personalise offerings, while blockchain technology can improve transparency and security in transactions.
Responsible gaming initiatives are gaining prominence. Operators are increasingly adopting measures to promote responsible gambling, such as self-exclusion programs, limit-setting tools, and support services for problem gamblers. These initiatives are both a regulatory requirement and a moral imperative, helping to build a more sustainable and ethical gambling environment.
Strategic partnerships are becoming vital. Collaborations between casinos, technology providers, and regulators can foster a more robust and compliant industry. By working together, stakeholders can develop innovative solutions that address regulatory challenges and improve the overall customer experience. Once a wild frontier of fortune seekers, secret bets, and dice-playing soldiers, China’s gambling landscape is undergoing considerable change. As such, gambling in China has a multi-layered history. Ancient dynasties viewed it with suspicion and often imposed strict bans. However, the lure of gambling proved irresistible and manifested itself in underground gambling houses and games of chance that have persisted throughout the centuries.
The 20th century witnessed a radical change with the establishment of Macau as a gambling paradise, sanctioned and regulated under Portuguese rule. When Macau returned to Chinese sovereignty in 1999, it retained its unique legal status and transformed into a booming casino haven. In recent years, Beijing has tightened the reins on the gambling industry.
The Chinese government's approach to gambling is complex and is based on a desire to curb potential social harms and balance economic interests. The latest wave of gambling regulations aimed at strengthening this balance reflects a broader trend of increasing state control over various sectors. In this regard, the Chinese government's stance on gambling stems from concerns about its potential social harms, such as addiction, financial ruin and related criminal activities.
Accordingly, the Criminal Law of the People's Republic of China imposes severe penalties on those who organize or participate in illegal gambling activities. Offenders can face substantial fines and prison terms, with harsher penalties for those who engage in large-scale or organized gambling operations. China's digital crackdown hits online gambling Macau's casino industry, the jewel in China's gambling crown, is undergoing major regulatory reforms.
The government has introduced measures to increase oversight, including stricter licensing requirements and increased scrutiny of junket operators, who traditionally acted as middlemen, bringing high rollers to Macau's casinos. These junket operators, who have long been the lifeblood of Macau's VIP gambling sector, are now subject to rigorous financial scrutiny and compliance checks. This move is aimed at combating money laundering and ensuring greater transparency.
The digital world, once a grey area, is now in the crosshairs of regulators. Online gambling sites targeting Chinese citizens are facing a wide-ranging crackdown. The government has employed sophisticated cyber tools to block access to these platforms and has taken legal action against operators. This digital campaign extends to proxy betting, where bets are placed through middlemen in jurisdictions where gambling is legal, further reinforcing the web around illicit activities.
Online gambling, in particular, has been a major focus of enforcement. Despite the growing popularity of online casinos and betting platforms around the world, China has implemented rigorous measures to block access to such sites and penalize those who engage in online gambling. The government collaborates with internet service providers and technology companies to identify and shut down illegal gambling websites and restrict access to foreign gambling sites. In addition, financial institutions are mandated to monitor and report suspicious transactions that may be linked to gambling activities.
State lotteries, the only legal form of gambling in mainland China, are also under review. The reforms aim to improve transparency and integrity, addressing concerns about corruption and fraud. The government implements stricter auditing and monitoring processes, ensuring that lottery operations remain in compliance and that revenue is properly channeled into public welfare projects. However, last December, the country was seen as needing to rethink its policies regarding the gambling industry as its tech giants lost billions, which seemed to impact the economy as a whole. Beijing was approached about rethinking and possibly regulating some form of gambling; however, this made little progress.
It was also revealed that China's National Press and Civil Service had released a new draft of gambling regulations, titled "Measures for the Administration of Online Gambling." This is thought to still be in the works and has attracted a lot of comment from government officials.
The recent suspension of Colombia by the Egmont Group, an international network of Financial Intelligence Units (FIU), has triggered a series of significant consequences for the country, mainly in the fight against money laundering, terrorist financing and other financial crimes.
This decision was motivated by the unauthorized disclosure of classified information by President Gustavo Petro, which revealed details about the alleged purchase of the Pegasus software, information that was supposed to remain confidential and only be shared with the Attorney General's Office. The Egmont Group suspended Colombia due to the leak of sensitive data provided by one of its members, the Israel Financial Intelligence Unit (IMPA), related to the alleged purchase of the Pegasus software.
According to the group's rules, this information was not supposed to be disclosed publicly, however, President Petro revealed these details during a presidential address at the beginning of the month.
The suspension means that Colombia no longer has access to Egmont Secure Web (ESW), the secure platform used by the group's 177 members to exchange critical information on financial crimes, money laundering and terrorist financing; no country voted in favor of Colombia in the decision.
This affects a years-long policy in which the UIAF had been strengthened to achieve international cooperation and a good reputation image of the country before global agencies, to ensure joint operations.
The other financial intelligence units that are members of the group could be reluctant to share information with Colombia, fearing that the confidentiality of their data is not guaranteed, which in turn could further weaken cooperation in the fight against financial crimes.
I wonder if the President's luminary is aware of the damage he is doing to the country or better yet if it is premeditated on the eve of a new electoral campaign; I wonder if we as compliance officers are going to be obliged to continue reporting, and in general all officers, I wonder if we are walking one forward and two backwards in our gambling industry, when we have contributed so much.