Best Venezuela Betting Sites

Venezuela is a South American country right in the centre of the continent’s north coast. As is common with many Latin American nations, it was under Spanish rule until 1811. It later gained its independence as part of Gran Colombia; until 1830, when it became a separate country. Having very rich oil reserves and a developing economy, the country also relies on tourism and agriculture. Venezuela has suffered much political instability and is now a presidential constitutional republic since 1999.

Gambling is legal, and respective laws have been in place since 1997. Casinos operate legally and betting is taking place within their premises. A black market has, however, emerged, with many players betting on notorious illegal bookies. In addition, the law does not cover the online gambling sector at all. So, there are no restrictions on online sports betting. Consequently, locals are free to access sportsbooks in Venezuela and place their bets online.

Best Betting Sites in Venezuela

Among the many sportsbooks Venezuela has to offer, we list the ones that stand out. They offer the highest odds, as well as a great range of betting markets on various sports, along with appealing promotions.

Gambling in Venezuela - 5 Things to Know

• 1
  All forms of land-based gambling are legal and regulated
• 2
  The legal gambling age is 18
• 3
  No licensed local bookies exist
• 4
  Horse racing is very popular among bettors
• 5
  There are no restrictions against online betting operators

General info

⏩Population: 28.500.000

⏩Active players: 3.600.000

⏩Currency: Venezuelan bolivar (VES)

⏩Regulated gambling products: Betting, casino games, horse racing, lottery

⏩Designated authority: Comision Nacional de Casinos

⏩Operator types: Unlicensed online bookies & casinos, licensed casinos, state lottery

⏩Status: Semi-regulated

Is Online Gambling in Venezuela Legal?

All land-based forms of gambling are legal in Venezuela. The country’s first organized attempt to regulate the sector came in 1997. That’s when the 'Act of Control on Casinos, Bingo Halls and Slot Machines' was enacted. The CNC, 'National Commission for Casinos, Bingo Halls and Slot Machines', is the local regulator. It acts under the Ministry of Internal Affairs, Justice and Peace.

For a company to acquire a gambling license, it must operate a casino or a gambling hall. Casinos, in particular, must operate inside the premises of 5-star hotels in tourist areas. They need to have at least 200 rooms and pay a 20% tax on their GGR.

There are currently just a handful of casinos countrywide. A license is valid for an initial 10-year period. Nonetheless, only two have been given to online casino operators; while no Venezuela sportsbook ever got one. The latest amendments to the law were made in 2011, and ever since, there have only been talks concerning the online gambling sector. Since the law does not apply to betting sites in Venezuela; players are facing no restrictions whatsoever.

Essential Information for Bettors

There are no betting shops; so betting is taking place within designated casinos, operating inside hotels. A vivid black market has been apparent for years. That’s due to the fact that many people can’t visit those casinos to place their bets. Try to stay away from all gambling premises you may come across simply because they will be illegal.

There’s no local licensed sportsbook in Venezuela; yet, you’ll face no restrictions when accessing any online ones. That is because all supervision is focusing solely on land-based facilities. The tax applied on sports betting and casino winnings is at a massive 34%. Plus, a 16% tax applies on winnings deriving from the lottery and horse racing. Of course, though, that does not apply to online gambling. Your winnings will not be subject to any taxation; since it falls under no law framework.

Deposit Methods

Betting online is not illegal. So, in the absence of restrictions; locals have many payment options available. Online betting via bank transfer and cards are common practices here. Plus, e-wallets are also offering their services in Venezuela; providing fast and reliable transactions. Also, keep an eye on currency conversion fees.

No online bookmakers offer Venezuelan bolivar accounts, apart from a few dodgy ones; like Betcris Venezuela, which we do not recommend. Still, with no restrictions from banks or the state; you can access respectable international bookies which offer a wide array of deposit methods.

The Future of Online Gambling in Venezuela

The online gambling environment has not yet been shaped. The current administration has so far been more welcoming towards gambling in relation to the previous ones. There are increasing voices towards online gambling regulation in Venezuela, but nobody knows what will eventually happen. President Maduro has reportedly recently agreed to the opening of a casino within the famous Humboldt Hotel.

What will make it stand out is that players will only be able to gamble using Petro (petromoneda) - the local cryptocurrency. Tough to say, though, if international bookies will be interested in acquiring local licenses. Especially in a country with an overall strict stance towards foreign investments. The next few years will reveal a lot to all interested parties.

Gambling in the Neighbouring Countries

Residents and visitors in Venezuela might be compelled to look at neighbouring countries for a breather. Whether it is for a vacation, some stability, or simply looking for more relaxed gambling,  we compiled some useful information about the situation across the border:

⏩ Columbia: Columbia has had its share of instability and violence, and this sometimes leaked into sports. However, Columbia's economy and legislation, especially in regard to gambling, have been moving forward for decades. Though the market is regulated and local and international bookies hold Columbian licenses, the Columbia betting sites are completely unrestricted, and you can choose to bet wherever you wish. 

⏩ Brazil: With the failure of signing the legislation bill by the former president, all efforts to legalize gambling came to no result. Local bookmakers are still operating in the grey, while the Brazil betting sites should still offer an array of choices for local bettors.

⏩ Ecuador: Gambling in Ecuador is a controversial topic that has seen many changes over the years. However, there are still some options for those who want to enjoy online gambling with Ecuador betting sites. Since 2011, gambling became strictly illegal, but this did not affect international online operators and the players' access to their websites.