Gambling in Chile operates under set regulations, but with limited options available to players. And while locals can access international brands, transactions with cards & bank transfers are often restricted, making it challenging to explore a wider range of options.
However, a new avenue has emerged; That is crypto online casinos in Chile. These platforms offer a refreshing escape from the local market, providing instant access to thousands of casino games, large bonuses of up to 5 BTC, sportsbooks with with competitive odds, and the convenience of anonymous transactions. If you're interested in discovering the top crypto-friendly sites or simply want to learn more, keep reading as we delve into the details.
We have scoured hundreds of brands that accept cryptos and are available to Chilean residents. After meticulous testing, we provide you with the creme of the crop. Our recommendations are 100% reliable, offer slots from the top providers and support instantaneous withdrawals. Feel free to check the crypto casino list below, along with their welcome offers.
The primary gambling law in operation in Chile is the Establece las Bases Generales para la Autorizacion, Funcionamento y Fiscalizacion de Casinos de Juego. Passed in 2004, it concludes that only state-licensed operators licensed by the Superintendencia de Casinos de Juego are permitted to offer gambling options in the country, while no form of online gambling is regulated.
Again, we must stress that in recent years, the Chilean Government has been toying with the idea of legalising online gambling as a means of raising revenue. However, despite being quite far along in the process, there has been nothing concrete passed in terms of laws. Fear not, though, as playing at offshore crypto casinos and sportsbooks isn’t illegal in Chile, and you are free to sign up at those sites without penalties.
Right now, there is no Chilean crypto regulation in place. However, there is a crypto bill in the pipeline which would do so. The so-called Fintech Bill would provide clarity to digital financial services and regulation of crypto exchanges. It has been generally well-received, so we’d expect it to pass soon. For now, though, Chileans are free to use cryptocurrencies as they see fit.
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Chilean Crypto Gambling Facts
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Chile doesn’t currently regulate cryptocurrency or exchanges but plans on doing so in the future.
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Work is also afoot to create a legalised and regulated online gambling industry.
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At present, no form of online gambling is legal in Chile, although you won’t be prosecuted for playing online.
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Licensed gambling operations in Chile are state-run under SCJ.
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Chileans effectively have free reign to use any cryptocurrency they wish at any online gambling site they want – again, for the time being.
A-Grade Crypto Betting Sites in Chile
Given that ordinarily, you’d have to head to a physical outlet to bet on sports in Chile, the prospect of wagering on sports via Chilean crypto betting sites is instantly appealing. These sites operate offshore and provide arguably a greater array of markets and selections than their land-based counterparts, alongside the usual benefits of anonymity, relatively lax KYC processes (if any at all), and faster transaction times. If you’re eager to play, explore these tested bookies.
Will Chile Launch Legal State-Run Online Sportsbooks?
It is fairly certain that Chile will eventually launch their own array of sportsbooks in the future. The hit the physical venues took during the COVID pandemic swung the debate. Therefore, we’d readily expect Chilean sportsbooks to debut (licensed by the state) soon.
However, for the time being, offshore crypto sports betting sites are the way to go. And most provably, even after that, since that is the case in most other countries with a similar status. The efficiency of crypto transactions is unparalleled in the sports betting scene.
Chile is looking to introduce crypto regulation but hasn’t done so yet. Therefore, you’ve got your pick of seemingly every major cryptocurrency exchange to choose from when you want to purchase digital tokens and coins. Of course, in the name of safety, we’d always recommend using one of the mainstream exchanges, such as CoinBase, Binance and others.
You can purchase cryptocurrency using any conventional Fiat payment option accepted at the exchange or other cryptocurrencies. After adding them to your wallet, you can join one of our trusted crypto casinos and sportsbooks.
Make your way over to the cashier/banking section of the site. Once there, you’ll come across handy payment options, which include a variety of cryptocurrencies. You can enter the key address you find there into your crypto payment provider (wallet) and process the transaction as if it was an e-wallet. Your deposit should land instantly, and after that, you’ll be ready to start betting on crypto games and sports in Chile.
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Start an account at a crypto exchange. Fund it via debit card, bank transfer or any other local option. Acquire the cryptocurrency that you are going to use as a gambling bankroll.
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If you are not in a hurry, limit orders hold fewer fees than market orders. Sometimes, it is better to acquire the proprietary coin of the exchange first, as trading pairs with them cost less.
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Transfer the cryptocurrency amount to your private wallet. Never make direct transactions between crypto exchanges & crypto gambling sites. Crypto exchanges may freeze such accounts.
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Head over to the gambling site’s cashier section. Click on the relevant crypto method. The wallet’s address will appear. Copy the address and paste it into your wallet’s send function. QR code scans are commonly available too.
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If a brand does not support crypto-only wallets, watch out for the exchange rate. Any spread above 1% of the current market rate is too much.
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After a few seconds or minutes, your deposit will settle. This depends on the cryptocurrency and the number of block confirmations required by the operator.
With that covered, you’re probably wondering about paying taxes on gambling winnings and profits. There’s some good news for you on that front. Let’s explain how this works in the next section.
Chilean Crypto Gambling Taxes
Chile doesn’t tax gambling winnings. Only companies and operators face any sort of gambling tax in the South American country. However, there are certainly taxes to consider when you buy or sell cryptocurrencies. Officially, cryptocurrencies are subject to income tax, and the way it works has been defined by the Servicio de Impuestos Internos (SII), otherwise known as the Chilean tax authority.
Two guidance documents issued by the SII state that Chileans must pay income tax on any capital gains they make when selling cryptocurrencies. Fortunately, the cost paid when purchasing cryptocurrencies can be deducted from any profit made. Moreover, this sum is not subject to VAT.
Things get a little (tiny bit) more complicated when it comes to crypto gambling. Firstly, the law regarding gambling still applies – so you won’t have to pay gambling tax on any crypto winnings you acquire. However, once you convert those into Chilean pesos by selling or trading them, the total you receive becomes taxable income.
That said, if you were to keep your cryptocurrencies in a wallet and convert them between other cryptocurrencies instead of selling them into Fiat, you would defer (if not avoid) paying income tax on any profit, as there wouldn’t be profit involved at that time. This is a perfectly legal solution to the problem.
Have other Latam Countries Adopted Crypto Gambling?
Gambling and cryptocurrencies go together in Latin America, and the reasons are simple. Locals crave betting on their renowned leagues and getting the latest greatest slots, but the governments don’t make it easy for them. Crypto casinos online in Peru only need a valid email to get started, which is a great relief compared to the tiring KYC needed to sign up on a state-licensed site. This, plus the greater odds on the national football leagues, were enough reasons for crypto gambling sites in Argentina to blossom.
On the face of it, you might think that crypto gambling in Chile is wrong, and that you’d get a finger wagged in your direction for doing it. In truth, though, it’s entirely the opposite. There is plenty of appetite for legalised online gambling in Chile, and the fact that the Chilean authorities make no effort to prosecute players tells you everything you need to know.
Given this good news, don’t hesitate to explore some of the top Chilean crypto casinos and sportsbooks represented right here for you today. The added value your bankroll will receive is not to be missed.
FAQs
Officially, no. However, Chile doesn’t prosecute players who engage in it, and cryptocurrency casinos and sportsbooks operate in an offshore, legal grey zone.
That depends on what you’re looking for. However, we’d say that the top sites you can find right here on this crypto page all represent some of the best in the business, as we’ve checked, reviewed, and approved them for Chileans.
As long as you play with a trusted site like those featured here, you should be in no danger of betting with cryptocurrencies on sports matches.
Yes. Despite not having crypto regulations, profits made from cryptocurrency transactions are subject to income tax. On the upside, you can deduct the cost of purchasing cryptos, which is great news.