Director of Government Relations and Business Development for Latin America and the Caribbean gives her insights on gambling opportunities in the market

 Director of Government Relations and Business Development for Latin America and the Caribbean, GLI, reviewed some of the business opportunities in the gambling industry, during the last virtual conference held by SBC LatAm, that took place the 16-17 of June.

Sierra refers to Brazil as Latin America’s largest gambling market.

In the presentation, Sierra went over what she evaluates as the most recent and relevant markets in the LatAm region, it´s current situations and benefits. 

In regards to Buenos Aires City, Sierra Mentioned  that last February the final guidelines for the grant of licenses was released, and that “It is worth noting that the City of Buenos Aires has a population of three million inhabitants, and a land-based GGR worth USD 400 M”, she then continued mentioning the 10% tax rate of the GGR, with a 6% additional fee from the City government, a fee that some other regions won´t have to deal with.

About Panama, Sierra explained that the gambling industry exists and has been regulated since 2003, but its regulatory framework was just updated last March. “The country has a population of 4.1 million inhabitants; an annual GGR amounting to USD 390 million for the retail sector and 70% of Internet penetration in the territory.” she mentioned, to then add that the tax rate established is of 10%, much like Buenos Aires, without the 6% City Government fee added.

In regards to Puerto Rico, Hughes related it with one of the areas with the biggest growth potential, being capable of a 30 million USD growth the first year, and a 80 million in the following five.

Being an industry that already generates 305 million a year in GGR with a population of 3.7mill inhabitants, it presents itself with a measurable growth ahead, with a tax rate of 7% for retail wagers, and 12% for online betting.

Lastly, Sierra mentioned about Brazil that “is set to be Latin America’s largest gambling market and we are all looking forward for it to open up” and that she speculates it will generate USD 2.100 million in GGR, with a legislation that allows fixed-odds betting on real sporting events, with operators required to join an association or work with companies that monitor sport integrity.

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