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Chile gambling market valued at $600 million

Weeks after releasing comprehensive new online gambling reports on the markets in Latin America and Costa Rica, Research and Markets has announced that its added Chile to its lineup.

“Research and Markets: Chile Gaming & Gambling 2011” is a new report from the research firm offers detailed information on a little-known South American gaming market.

Not only does this offer a more well-rounded understanding of online gambling markets in South America, it sheds new light on the culture of gambling in Chile itself. And according to the report, the market there is underestimated.

“We estimate Chile’s gambling market to be at least US$ 600 million,” Research and Market representatives stated in a news release, pointing out that other estimates had put the market at US$95 million.

“Chile’s lotteries alone generate US$300 million a year and casinos last reported revenues reached US$219 million,” the reps add.

The report goes on to break that figure down into population, economic structure, technology Infrastructure, communications, foreign activity, and other areas of interest to those looking to invest in South American online gambling business opportunities.

Also of particular interest is the country’s legal framework. Like most other nations, online gambling exists on both worlds, partially sanctioned, and partly unregulated.

The big picture
“It is believed that if both the legal and illegal gaming activities were combined in Latin America it is likely that the region would generate over US$150 billion a year,” the Research and Market news release continues. “The twelve principle gambling countries in this region generate combined revenues of over US$33 billion.”

The report also finds that Latin Americans spend about US$10 billion a year on gaming and gambling in general, as the larger report indicates. It also estimates that “on average each inhabitant in this region spends US$250 a year on gaming and gambling.”

“Experts estimate than in 10 years the whole region’s external debt could be paid off with the money generated from the gaming and gambling industry,” reps add.

Other countries analyzed by Research and Markets include Mexico, Costa Rica, Brazil, Argentina, Colombia, Peru, Panama and Venezuela. These, per the firm’s reps, “are considered to be the most prolific gambling countries in the region where slot machines, casinos, horse-racing, lotteries, bingo, internet gaming and illegal gaming entertain millions of people each day.”

Read more about online gambling in the Latin American market here.