Venezuela has had a long tradition of gambling and it dates back to several decades now. Nevertheless, the country has been able to sustain a pluralistic gambling industry that cuts across all forms of betting such as lotteries, sports betting, casino, and online Betting Sites in Venezuela. In this article, the reader is going to learn about the history of gambling in Venezuela, the existing legislation, the authorities in charge of gambling regulation, licensing, taxes, and legal types of gambling as well as prohibited ones.
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Gambling Legislation in Venezuela
It can be observed that on gambling policies in Venezuela such stances have changed through time. This legislative structure aims at establishing measure that will regulate the Industry, promote fairness and equality in business dealings and such other activities so as to curb any and all acts of illegality. Here is a detailed timeline of Venezuela’s gambling legislation:
- 1926: Creation of the Lotería del Táchira, which is the oldest lottery in Venezuela.
- 1990s: For this reason, the government has allowed casinos in large hotels with an aim of boosting tourism.
- 2002: Television has played a major role in the live coverage of the horse racing events by the Chavez administration through the suspension of action.
- 2006: Returning of live racing broadcasts on TV through SUNAHIP.
- 2008: The suspension of casino and bingo license renewal by the ministry of tourism.
- 2009: Cancellation of licenses of nearly 20 gaming properties due to their expiration.
- 2010: Taxes on casinos and slots; the provision to allow only gaming establishments in the tourist areas.
- 2011: But the shut down of casinos and bingo halls was ordered by Hugo Chávez on an absolute basis.
- 2020: Decision by Nicolás Maduro to open 30 casinos.
Regulatory Bodies
Several regulatory agencies oversee different gambling sectors in Venezuela:Several regulatory agencies oversee different gambling sectors in Venezuela:
- Comisión Nacional de Casinos, Salas de Bingo y Máquinas Traganíqueles (CNC): It deals with the licensing of casinos, bingo halls, and slot machines.
- Comisión Nacional de Lotería (CONALOT): Supervises all the lotteries activities.
- Superintendencia Nacional de Actividades Hípicas (Sunahip): Supervises horse racing and sports betting.
- Instituto Nacional de Hipódromos (INH): Responsible for the operation of the racecourse.
- Servicio Nacional Integrado de Administración Aduanera y Tributaria (SENIAT): Responsible for normal taxation of gambling.
Gambling Law and Regulation in Venezuela – 5 Things to Know
Gambling license of Betting Sites in Venezuela
Venezuela Gambling License, specific criteria and fees, depend on the type of gambling:
- Casino Licenses: Should be situated in designated tourisms areas of five star hotels with a minimum of 200 rooms. Licenses are granted for a period of 10 years and can be renewed.
- Online Gambling Licenses: It is only open to firms that currently possess a gambling license offline business.
- Lottery Licenses: They are managed separately by CONALOT which is an independent entity.
License Types and Fees
- Casino Gaming Tables: They range from 120 to 320 TU for each table.
- Bingo Halls: Aimed to be taxed between 12% of gross income and 20%; each machine is to be charged between 100 TU and 200 TU.
- Sports Betting and Horse Racing: It is taxed at a range of 10% – 15% of gross income.
- Lottery Games: They are charged at rates ranging from 10% to 15% of the gross income.
Taxation
The legal form of tax system used in Venezuela to regulate gambling activities aims at ensuring the government gets its share from different forms of betting.
Gambling Taxes
- Lottery: This is based on the gross income that the company generates and should range from 10-15% of the total gross income.
- Sports Betting and Horse Racing: About 10-15% of the gross income of the members.
- Casino Games (excluding slots): The number of tables ranges from 120-320 TU.
- Bingo: The first is between 12-20% of the gross income.
- Slot Machines: This will range from 100-200 TU per machine depending on the model and other factors such as size.
Taxation on Winnings
Players are also subject to taxation on their winnings:
- General Winnings: Paying only 34% tax.
- Horse Racing and Lottery Winnings: It can be taxed at a rate of 16%.
Permitted and Prohibited Bets
Venezuela’s gambling regulations specify which types of bets are allowed and which are not:
Permitted Bets
- Online Gaming: Through offshore sites, which are not available to Venezuelans as local operators usually do not offer gambling on their sites.
- Lotteries: Instant and draw lotteries are provided with over 3,000 outlets across the country and the ability to use a smartphone.
- Sports Betting: Legal and licensed by SUNAHIP, most of its services are offered in casinos and betting shops.
- Pari-mutuel Betting: Legal and can be located at the race tracks or betting centres.
Prohibited Bets
- Unlicensed Online Gambling: This means that the Venezuelan operators are legally restricted from providing online gambling services to the citizens of Venezuela.
- Illegal Slot Machines: An influx of unauthorized slot machines prompted authorities to pass tighter measures and shut down violating businesses.
Conclusion
The situation with gambling in Venezuela is rather complex and changes all the time. Legal structures such as regulatory bodies, licensing procedures, and taxation systems help to confine the conduct of the industry to legal frameworks. For those who are keen on the Venezuela betting sites or the Venezuela sports betting, the following regulations and historical background will be useful.
This way, high-net-worth individuals and businesses can better understand the Venezuelan gambling market and current laws and changes. When it comes to the prospects of betting such as sports betting, one may have to consult the local authorities or contact the relevant sector.