Online casinos, payment providers, and software creators are looking to explore Latin America as the latest market.
With so much of the world open to accepting online gambling in its many forms, the industry is always looking for new territories to explore.
Latin America is the latest region to catch the eye of iGaming brands, payment methods, and software providers. Emerging markets are already making themselves known, including Brazil, Chile, Uruguay, Mexico, Argentina, Colombia, Panama, Costa Rica, Belize, and Peru.
What does LatAm offer?
As a promising new market for operators, Latin America holds great possibilities. Several regions already welcome iGaming, while others are still reaching that point.
A recent market overview revealed that mobile access is the number one way to play, making iGaming the perfect fit . Where available, games such as slots, bingo, and poker are proving to be a huge hit among players.
It makes sense then that brands such as the Betsson Group (Betsson Casino ), EGO brands (PlayOJO , Masked Singer Games , SlotsMagic ), and 888 Casino are all looking to conquer LatAm as quickly as possible. With game providers such as Pragmatic Play already available in certain areas, there's a good chance that Latin America could be the next big online casino market.
Thanks to countries like Brazil sharing their love of football with the world, it goes without saying that sports betting is another market that is set to be a hit.
Legal gambling in Latin America
After Colombia regulated iGaming in 2016, not much else has happened in this regard. However, Chile, Uruguay, and Peru are working on opening the market as soon as possible.
With that in the works, other parts of Latin America are fertile ground for iGaming. Here's a quick overview of the emerging markets to keep an eye on and what they have to offer.
Argentina
Gambling is regulated on a province-by-province level in Argentina, giving their nearly 45 million strong population access to a wide variety of gaming options. Popular payment methods in Argentina include Cobro Express, Cupon de Pago, Debin, Debito, and MercadoPago .
Brazil
Known as the casino industry's "Sleeping Giant", Brazil is the largest country in LatAm. Sports betting was regulated in 2016, and gambling legislation will soon be in place. Popular payment methods in the country include Boleto Bancário, Bank Transfers, AstroPay , and ArgentinaPIX.
Chile
Currently, sports betting is run by a state monopoly, and no legal online casinos are available in Chile. However, a bill to regulate iGaming was introduced in March 2022. This would boost the tax revenues for the country and provide safe playing opportunities.
Colombia
With a love for football and a massive mobile market, Colombia is perfect for the online sports betting vertical. The country regulated online gambling in 2016 , and almost all forms of playing are now legal, both online and at land-based casinos.
Costa Rica
Currently, online gambling is prohibited for residents within Costa Rica, but the government does support casinos setting up shop. As long as Costa Rican laws are followed, and casinos only offer their services to other regions, they can operate within the country.
The Dominican Republic
In 2022, the Dominican government created a new regulatory body to handle online gambling and tax reforms. This change has yet to be implemented, but it is expected to do so very soon. This would see the market open to iGaming in the near future.
Ecuador
In 2012, all land-based casinos and bingo halls closed their doors in Ecuador. Online gambling is also prohibited, but many are calling for change. With citizens travelling to Peru and Colombia to gamble instead, it only makes sense to cater to players where the potential revenue of $45 million can be put to good use.
Mexico
Online casinos and sportsbooks have their sights set on Mexico as the economy is strong. Mobile play a huge role , as well as the fact that almost all forms of gambling are already regulated. Online operators simply require a partnership with a land-based casino to provide their services within the borders.
Nicaragua
Both land-based and online gambling is regulated in Nicaragua and has been since 2001. However, the industry is mostly underdeveloped.
Panama
Subject to local licensing, all forms of gambling are regulated in Panama. While there are several strict laws in place before operators can enter the market, the number of licensees is steadily growing.
Paraguay
Sports betting is one of the largest markets in Paraguay, and almost all forms of gambling are legal. Currently, sports betting alone brings in nearly $4 million in annual taxes.
Peru
All forms of gambling except fantasy sports are regulated in Peru. However, while online gambling was signed in as newly regulated in August 2022, it is still not fully operational. Peru's most popular payment methods include MexicoPago24, Pago Facil, PagoDirecto, and PagoEfectivo.
Uruguay
While most forms of gambling are legal, only the Banca de Quinielas de Uruguay can offer online gambling . This may change in the near future as new laws are being developed.
Venezuela
Since 2011, all casinos and bingo halls have been banned in Venezuela. The only operational online gambling site is a cryptocurrency casino that was approved in 2019 as a way to boost the country's own crypto token: Petro.
We look forward to seeing what the LatAm market holds and how the iGaming industry develops and explores what it has to offer in 2023.
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by 
February 28, 2023
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