Comparison with Nicaragua and Costa Rica (Honduras)

Comparison with other Central American countries (Nicaragua, Costa Rica)

💡 Honduras has long been a regional outsider in terms of the formalization of the gambling market, behind Costa Rica - a legislatively open offshore jurisdiction - and Nicaragua, where the offline industry is regulated at the level of national legislation.

1) Legal status and supervision structure

Country	Legislative framework	Regulator/Control
Honduras	There is no uniform casino law; regulated by lotteries only (1977)	Ministry of Finance (taxes) + municipal authorities
Nicaragua	Ley No. 389 (2001) and 2011-2014 reforms on casinos and slots	Instituto de Turismo (INTUR) licenses and supervises
Costa Rica	There is no specific law, but online gambling is regulated by commercial regulations and the tax code	Ministry of Finance + municipal permits; actual offshore jurisdiction

Costa Rica is a liberal environment for online companies: many international operators host headquarters and servers there.

In Nicaragua, there is a clear procedure for issuing licenses and fiscal reporting; the sector supports the country's tourism positioning.

In Honduras, there is a "mosaic" of municipal permits without centralized licensing.

2) Online segment and offshore

Parameter	Honduras	Nicaragua	Costa Rica
National Online License	is absent	️ not valid but under discussion	indirectly allowed through company registration
Access to international sites	️ open (grey market)	️ is open, partially legalized	️ is fully legal at tax registration
Local online operators	virtually none	multiple pilot brands	dozens of international headquarters
Using cryptocurrencies	grows	moderately	widespread

Costa Rica has become the "digital hub" of online gambling for the entire region.

Nicaragua holds the balance: allows international partners under the supervision of INTUR.

Honduras is lagging behind - the online casino market is actually "gray" and is regulated by offshore rules.

3) Offline infrastructure and tourism

Indicator	Honduras	Nicaragua	Costa Rica
Major casinos	15-20 (in the capital and San Pedro Sul)	~ 25 (in Managua and on the coast)	> 30 (in San Jose, Liberia, Haco and resorts)
Tourist integration	limited	medium, connection with hotels	high, part of the hotel product
Service level	average	above average	tall, aimed at expats and tourists
Responsible Gambling Control	minimum	formalized via INTUR	advanced, included in company policy

In Costa Rica - casinos are built into the hotel and MICE segment; the game is served as part of the "evening rest."

In Nicaragua, casinos serve as points of attraction for tourists and local residents, supporting domestic demand.

In Honduras, the industry is based on "point" facilities in the capital and on the coast, without nationwide coordination.

4) Taxation and fiscal rates

Segment	Honduras	Nicaragua	Costa Rica
GGR tax (for operators)	~ 20% or fixed fees	10–15%	no separate GGR but high corporation tax (30%)
Player Winnings Tax	10% over 30,000 HNL	10% of winnings	0-5% (depending on game type)
Transparency and reporting	low	high	high

Nicaragua and Costa Rica provide a transparent fiscal flow, while Honduras loses income due to lack of reporting on online operators.

5) Investment climate and market confidence

Costa Rica: stable legal framework, Anglo-Spanish infrastructure, investment in IT and gambling technologies.

Nicaragua: moderately regulated market, profitable licenses, controlled tax burden.

Honduras: low entry barrier, but high risk due to licensing uncertainty, currency restrictions and heterogeneity of municipal requirements.

Conclusion: investors choose Costa Rica for online and Nicaragua for offline projects. Honduras is still a "second wave" market, where operators operate in hybrid formats and through offshore companies.

6) Forecast 2025-2030

Honduras - potential: tourism growth and discussion of a bill to legalize online gambling. If adopted, a jump in fiscal transparency and an influx of investment is possible.

Nicaragua - stable moderate growth; integration of gambling zones with tourist clusters.

Costa Rica - further strengthening its position as an offshore and technological center for the entire Latin region.

Honduras today is a gray market with an offline base and offshore online, Nicaragua is a regulated and tourist-oriented market, Costa Rica is an offshore center with a developed online sector and a well-thought-out tax system.

To get close to its neighbors, Honduras needs to pass a unified casino law, create a national register of operators and establish clear fiscal and KYC rules. This will make it possible to move from a "point" model to a sustainable industry that brings income and jobs.