News Americas, NEW YORK, NY, Fri. Jan. 21, 2022: During the last decade the online gaming industry has steadily been growing across the globe, stretching its glamour to the four corners of the world.Whilst Europe has enjoyed gaming in the last 20 years or so, now evenLatin America & the Caribbean regions were also blessed with the ever-increasing phenomena.
As in any other industry, the online gaming industry could be volatile to the world’s economic order especially now due to the COVID pandemic which has left many people without employment and a steady income. Online gaming platforms have to take note of current realities and adjust their business plan in accordance with current circumstances. In addition, the industry’s operators need to be vigilant and ensure that all gaming transactions reflect the legislative requirements of respective countries. Simply meaning that the industry must remain healthy and clean.
Online gaming in Latin America (LATAM), notably in countries like Brazil, Mexico and Argentina, the online gaming industry is expected to rise by more than 50% in the coming years. The market expansion is linked to four major elements: 1. The love for sports in particular football of the Latin American and Caribbean people; 2. The infrastructural improvement in the IT sector making the internet more accessible to the public; 3. The COVID related lockdowns have helped the industry to flourish throughout both regions and; 4. The multilingual capabilities of the regions (people speak fluent English, Spanish and Portuguese) making it very attractive to online gaming platforms to invest in the regions.
Needless to say, the expansion of the digital economy in Latin America and the Caribbean has significantly contributed toward the regions’ economies and financial welfare of individuals.
The Caribbean region has also seen a steady growth in the online gaming industry, particularly online casinos and gambling. The welcoming attitude of the Caribbeans together with the perfect climatic conditions, make the Caribbean region to flourish as a tourist attraction. Tourism has in turn had a positive knock-on effect on the online gaming industry. Locals as well as tourists alike enjoy the benefits the Caribbean countries have to offer through entertainment, the typical Caribbean cocktails whilst teasing their luck through online casinos and other similar gambling platforms.
It is an economic fact that most of the people living in Caribbean countries do not earn enough income to sustain the gaming industry. However, investing in the technological sector and the easy access to the internet is providing a window of opportunity to wealthier countries and wealthier individuals from abroad to access the online gaming platforms provided by Caribbean countries. This source of income goes beyond and above the income derived from the tourist industry.
The online gaming industry in the Caribbean is of the utmost importance because it creates job opportunities. However, it is not only the number of jobs the industry provides but most importantly is the type and quality of the jobs. The industry requires a well-educated and skillful pool of employees. Local authorities are well aware of this, and it is one of the reasons why they encourage and incentivize the industry. It prompts local individuals to further their academic studies and skills which ensures a stable level of educated employees to sustain the industry. It also indirectly helps Caribbean countries to have a more educated and skillful workforce which will eventually lead for the countries in the region to be future proof.
Regulating the industry in both Latin American and the Caribbean may bring more innovations and investments from abroad leading to increased revenue in governments’ financial coffers. This will definitely have a positive effect on the economy as governments will have more revenue spent on public utilities such as education, health and the manufacturing industry thus providing job opportunities for the people and a better way of life.
Authorities in both regions need to make a concentrated effort to convince more advanced countries like the United States of America to amend its legislation towards the online gaming industry in Latin America and the Caribbean. Countries in both regions need a well-regulated industry and specialized assistance from more developed countries rather than draconian legislation which is hindering the further development of the industry in Latin America and the Caribbean.
Multilateral institutions like the World Trade Organization and possibly the United Nations through its specialized agencies should be a catalyst to assist Latin American countries and the Caribbean to improve their online gaming infrastructure and ensure that any negative legislation by third parties is more benevolent towards the development of the industry and this is not necessarily limited to Latin America and the Caribbean.
The fast-growing developments in the IT industry together with the daily fine tuning of smart phone and smart TV and most importantly the stable and easy access to internet connections, make online gaming one of the most attractive industries of the century. It is likely that it will continue to expand and grow in the coming years to come across the world. However, for the industry to sustain itself and consolidate its position among other industries, it must strive to keep away from any negativity and abuse. It is of the utmost importance that the industry is well regulated and based on a sound and strict legal structure aimed at avoiding bad publicity and possible restrictions which could hinder or lead to the demise of the industry.
Grey areas need to be addressed and robust action taken to ensure adherence with regulations. This is the only way forward for Latin America and the Caribbean need to walk if they want to continue to benefit from the industry. If you happen to be located in the LATAM region, you can also enjoy the top instant withdrawal casinos, which the region is particularly fond of. Found a site that you want to delve into? How about we kick off with a registration, enjoy a bonus and start your adventure?