(H1): Comparison with other countries in the region (Bolivia)

Key conclusion in one paragraph

Bolivia is a compact, urban and highly regulated jurisdiction, where offline (slots, bingo, board games) remains the core, and online develops moderately through AJ permissions. Against the background of Peru and Colombia, Bolivia looks more cautious in online and advertising; against the backdrop of Chile - closer in approach to compliance and social focus; in terms of scale and structure of demand, it is comparable to Paraguay, but with a more systematic role of the central regulator in the daily operating system.

Comparative matrix (high-level)

Parameter	Bolivia	Peru	Chile	Paraguay	Argentina	Colombia
Market	Small, offline-centric	Medium, diversified	Medium, offline stable	Small/medium, offline	Large, fragmented	Medium/Large, Online Strong
Regulator	AJ (nat.) Min. and special organs	Sectoral bodies	Nat ./departments. Provincial (decentralization.) Coljuegos (nat.)
Online channel	Allowed with a separate license, growing slowly	Legalized/increasing	In Process/Careful Loop	Restricted/Point	By province, heterogeneous	Mature, licensed
Advertizing	Strict RGs, no "easy money"	Strict but active	Careful	Moderate	Heterogeneous (by province)	Tough but established
Payments	Cards/transfers, crypto - KYT only	Wider, fintech growing	Cards/banks are sustainable	Cash/cards, fintech moderate	Varied, inflationary. factors	Broad fintech, high endorsements
Soc. model (RG)	Strong accent, 18 +, self-exclusion	Evolving, RG campaigns	Strong accent, advertising control	Moderate accent	Nerіvnomeren by province	Built into licenses, KPIs
Geography of demand	"Big Three" cities	Megacities + tourism	Megacities/resorts	Urban clusters	Buenos Aires + provinces	Megacities/Online Mobile
Jackpot network	Compact/local	Developed network	Balanced	Local	Significant (by province)	Online/offline integration

Table - qualitative: specific tax/fee rates and exact volumes depend on current standards and reporting.

What makes Bolivia different

1. Compactness and "urban" nature: core - La Paz/El Alto, Santa Cruz, Cochabamba; less "resort" drive than Chile and Peru.

2. Vertical AJ: a single circuit of licenses, technical control, RG/AML, reporting. This increases predictability but limits extensive growth.

3. Online - evolutionarily: separate permissions, e-KYC/AML/KYT, strict discipline of advertising and bonuses.

4. Payments are accurate: cards/transfers are the basis; crypto - only in strict models with on-chain control.

Key block comparison

1) Licensing and Supervision

Bolivia (AJ): area licenses, software/firmware registry, GGR/bonus/jackpot reporting, strict rules for promotional draws.

Peru/Colombia: wider line of licenses for online; Colombia online already has a "standard."

Argentina: mosaic of provinces - different conditions and rates, complexity of scaling.

Chile: focus on sustainable offline and social agenda, caution to online expansion.

2) Demand structure

Bolivia/Paraguay: Many short evening sessions, strong bingo and slots.

Peru/Chile: more tourist and premium traffic (hotel-casino, entertainment complexes).

Colombia: mobile betting/casino, high weight online.

3) Payments and cashout

Bolivia: multi-PSP, fallback, P95 cashout offline 10-15 min as an operational benchmark; online - ≤ 15 min during verification.

Colombia/Peru: higher approval and diversity of fintech methods; faster "digital cash desk."

Argentina: the payment landscape is heterogeneous, local providers and anti-fraud are important.

4) Advertising and affiliates

Bolivia/Chile: strict 18 + labeling, RG messages, ban on "easy money," promo protocols.

Colombia/Peru: active performance with high requirements for affiliates/creatives.

Argentina: Regulations vary by province.

5) RG/AML

Bolivia: self-exclusion, limits, timeouts - mandatory; strict reporting and verification of complaints.

Colombia: RG built into license and KPI; strong digital monitoring.

Peru/Chile: Expanding education campaigns and monitoring tools.

Where Bolivia is' easier/harder'than neighbours

Easier:

Single regulator and clear reporting expectations.
A socially acceptable "city club" model: trust in licensed halls.

Harder:

Limited payment infrastructure compared to Peru/Colombia.
Less aggressive advertising and cautious online - slower LTV scaling.
Less resort traffic and "grand resortes" than Chile.

Estimated scenarios to 2030 (compared)

Scenario	Bolivia	Peru	Chile	Paraguay	Argentina	Colombia
Basic	Moderate offline growth, neat online	Stable growth, online wider	Progressive development offline, cautious online	Subdued growth	Undulating, dependent on provinces	Strong online growth
Optimistic	Payment upgrade + fast cashouts → rental growth	Tourism + online drive	Uniform rules for online	Improving fintech and compliance	Streamlining norms by province	Content and payment diversification
Conservative	Tough ad/payment filters	Slow online	Offline status quo	Dependence on cash	Macro risks/inflation	Saturation and tightening of advertising

Practical "cheat sheet" for the operator

1. Licenses and reporting: in Bolivia - keep AJ ↔ GL ↔ PSP in perfect sync (target threshold ≥ 99.5%).

2. Payments: at least 2-3 PSP on deposits + bank transfers to large cashouts; crypto - only with on-chain KYT and limits.

3. Content: for Bolivia - hit slots + bingo + compact live tables; online portfolio with easy mobile UX.

4. Advertising: honest T&C, 18 +, RG-marking; whitelisting affiliates.

5. RG: self-exclusion/limits/timeout - one click; incident log and SLA responses to complaints.

What it means for investors

Bolivia - betting on "unit quality" (hall/cluster) and compliance discipline rather than network scale.

Colombia/Peru - logical for "digital" growth and A/B tests online.

Chile - conservative offline sustainability and image projects.

Argentina - asymmetry by province, local expertise is important.

Paraguay is a niche growth, logically close to Bolivia.

Mini-FAQ

Why is Bolivia growing slower online than Colombia?

Due to a more cautious regulatory trajectory, payment base and a strict advertising framework.

Where is it easier to scale affiliates?

Colombia/Peru. In Bolivia and Chile - strict moderation and emphasis on RG messages.

Can the "showcase" be moved from Peru to Bolivia unchanged?

Do not: adapt limits, content topics, bonus policy and cashout-SLA to AJ expectations and local demand.

In regional comparison, Bolivia is a neat, predictable jurisdiction with strong AJ oversight and sustained offline. To win here, operators need a "less but better" strategy: flawless compliance, quick payouts, locally relevant content and honest advertising. For large-scale digital growth, it is logical to look at the developments of Peru and Colombia - but transfer them to Bolivia only after adapting to local rules and culture.