Even though Venezuela faces problems with its economy, poverty, crimes, and corruption, the gambling industry is well regulated here. Venezuela has one of the best regulations for this industry in Latin America. Land-based casinos need to have a license to operate, which is hard to get. The state holds a monopoly on horse racing betting, greyhound races, and the lottery.
Online gambling does not have any specific regulations, but the state has granted 3 licensees to online operators. However, things are a bit complicated. Only one of these operators has permission to offer gambling services to Venezuelan players. The other two operators are not even located on the mainland. They are based in Margarita Island and offer their services to foreign players.
Nevertheless, online and land-based gambling remains a popular activity for people. Even though the sites that are licensed by the Venezuelan government do not accept its residents, the players are more than welcome to register and play at offshore sites. The government will not pursue them or penalize them in any way. As long as the players are of legal age, they can visit online casinos. But, they must be careful because due to the fact that online gambling is not regulated, unlicensed sites, which are potential scam sites, can operate in this region.