Illegal betting diverts spending from Chile’s formal economy, warns Chócale founder

The growth of illegal betting in Chile is diverting household spending away from savings, investment and debt repayment, according to Maximiliano Valdés, founder and director of financial news outlet Chócale. Speaking at the Second National Financial Education Meeting (ENDEF), held on 20 October, Valdés warned that the expansion of unauthorised betting platforms presented risks extending beyond gambling-related harm to the wider economy. “Every peso that goes to a bet is a peso that does not enter the formal economy,” Valdés said.