Online casinos in Venezuela

Venezuela is a country with a difficult economic and political history, where gambling has long been banned. However, in recent years, the government has embarked on a revival of the gambling industry, seeing it as a source of investment and foreign exchange earnings. Today, land-based casinos are again operating in Venezuela, and online gambling is gradually emerging from the shadows, forming a legal digital market.

History and legislative framework

Gambling in Venezuela was officially allowed back in the middle of the 20th century, and in the 1980-2000s there were dozens of casinos and gaming halls in the country, especially in tourist areas - Caracas, Margarita, Maracaibo and Valencia.

However, in 2011, President Hugo Chavez issued a decree on the complete closure of casinos and bingo halls, citing the fight against "bourgeois corruption" and social problems.

More than 120 licensed establishments were closed and gambling was outlawed.

This changed in 2020, when the government of Nicolas Maduro announced a plan to restore the gaming industry. Since then, the gradual return of casinos has begun, first in hotels and tourist complexes, and then in the online sphere.

Current regulation

Today, gambling in Venezuela is regulated by the Comisión Nacional de Casinos, Salas de Bingo y Máquinas Traganíqueles (CNC), the National Casino Commission subordinate to the Ministry of the Interior, Justice and Peace.

The main functions of CNC are:

issuing and renewing casino, bingo and slot machine licenses;
control of operators "activities;
oversight of anti-money laundering regulations;
regulation of online gambling and implementation of crypto payments.

The 1997 Gambling Act (Ley Nacional de Casinos, Salas de Bingo y Máquinas Traganíqueles) remains in force, but it has been amended to adapt the market to digital realities.

Offline casino revival

Since 2021, dozens of state-licensed casinos have officially reopened in the country.

The largest operating operators are:

Casino Humboldt (Caracas) is one of the first casinos opened after the ban, located in a prestigious hotel;
Casino Royal (Isla de Margarita) is a resort complex aimed at foreign tourists;
Casino Maruma (Maracaibo) and Casino Cirsa Caracas are modern rooms with slot machines and board games.

CNC estimates that there could be more than 50 licensed land-based casinos operating in the country by 2025, an important source of currency and employment.

Online gambling and digital licenses

In 2022, the Venezuelan government officially recognized online gambling as a legal activity if the operator has a state license.

Licenses are issued by the same body - CNC, and cover the following areas:

online casinos and poker;
virtual sports betting;
lotteries and instant draws;
games with cryptocurrency transactions.

To obtain permission, the operator must:

register the company in Venezuela;
provide ownership data;
use licensed software and certified RNG;
pay 15% gross income tax (GGR);
have integration with the national crypto platform Petro (PTR).

Thus, Venezuela became the first country in the region where the state officially allowed the use of cryptocurrencies for bets and payments.

Offshore and international operators

In addition to national sites, Venezuelan residents actively use offshore platforms.

The most popular international operators:

Stake, BC. Game, Fairspin, Bitcasino. io - cryptocasinos accepting deposits in Bitcoin and USDT;
Bet365, Betano, 1xBet, Codere, Betsson, Betplay - international brands with support for Spanish and mobile applications;
888casino, LeoVegas, PlayUZU, Casino Estrella are European operators with a wide selection of live games.

Although these sites do not have local licenses, the government does not block offshore domains, which effectively makes the market partially open.

Popular games and player preferences

Players in Venezuela are showing interest in a variety of gambling formats, especially using digital currencies.

Financial systems and cryptocurrencies

Due to economic sanctions and currency controls, traditional payments in Venezuela are severely restricted.

Therefore, the gambling market has switched to alternative payment methods, including cryptocurrencies.

Main payment methods:

cryptocurrencies - Bitcoin (BTC), Tether (USDT), Ethereum (ETH), Petro (PTR);
international wallets - Skrill, Neteller, AstroPay;
payment systems Binance Pay, Bitrefill, TRC20 transactions;
cash and bank cards for local users.

Thanks to the active use of blockchain, Venezuela has become one of the most "crypto-friendly" gambling markets in South America.

Economic importance

The revival of the gambling sector has become part of the strategy for economic recovery.

According to CNC, in 2023:

the gambling industry generated more than $100 million in tax revenue;
created about 5,000 jobs in the service and IT sectors;
foreign investment in licensed casinos exceeded $200 million.

Part of the funds is used to support tourism and social programs.

Challenges and challenges

Despite the positive dynamics, the industry faces a number of difficulties:

lack of clear standards for online gambling;
lack of international recognition of licenses;
inflation and volatility of the national currency (bolívar);
dependence on cryptocurrencies and the risk of their fluctuations;
limited payment infrastructure and Internet communications.

Nevertheless, the country's authorities are actively working to improve conditions for investors and strengthen the legal framework.

Development prospects

Venezuela is confidently moving towards the formation of a hybrid iGaming market, where the state controls licenses, but allows the use of cryptocurrencies and international technologies.

In the coming years, the following are expected:

introduction of a single platform for accounting for rates and taxes;
expansion of online licenses for private operators;
the creation of a free gambling zone on Margarita Island;
integration of the Petro blockchain into gaming calculations and transaction monitoring.

Thus, Venezuela is turning from a country of complete ban into a new center of regulated online gambling in the Caribbean, where digital currency, government control and international technologies form a modern and unique model of the iGaming industry.