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Recap 2009: South America Edition

You don’t hear much about the South American online casino gambling industry these days – and that’s largely because the majority of European internet gambling groups have really focused their efforts on the rapidly growing and largely legal European market. Eastern Europe is really opening up these days and Western European facing online casinos have focused on this next-door market rather than navigating the rough avenues of regulation in South America. That’s about wholly where the South American market stood over the past year – several key South American markets had the opportunity to welcome the foreign gambling industry (and the revenues this industry would bring) and instead stood firm in support of confusing and unclear gambling regulations that allude to banning regulations.

Argentina in particular has some very real growth opportunity for the online casinos – and the internet gambling groups who spent the money and attempted to legally enter this market were forced out of the market on legalities that are not clearly outlined and have questionable relevance to internet gambling in particular. Additionally, as the South American online casino gambling market became more protected by state gambling groups and monopolies, foreign governments and groups issued warnings to Argentina and Chile that blocking this form of trade is, ultimately, unhealthy for the national governments. The current blocks and regulatory bans in South America were likened to the Great Depression that struck the states decades past.

But the South American market hasn’t budged a bit and online casinos are a bit of a lost cause there right now until new regulations come into effect. For that reason, South America really wasn’t on the media radar and few international gambling groups are still looking favorably at this market.