The gambling market in Latin America reflects the diversity of the region, with each country possessing different legislation to regulate sports betting, lotteries, and casinos. Despite the challenges posed by such a fragmented legal framework, the gross gaming revenue (GGR) of the betting market in Latin America is predicted to nearly triple between 2020 and 2025, peaking at over three billion U.S. dollars. When looking at online GGR in Latin America, an April 2022 study forecast significant growth between 2021 and 2026. This growth was mainly driven by just three countries: Brazil, Mexico, and Colombia. That being said, this scenario will largely depend on Brazil’s successful adoption of online gambling regulations, due to be implemented by the end of 2022.
Will Brazil become the leading gambling market in Latin America?
Considering that gambling laws and regulations differ significantly across the region, a January 2022 study focused on understanding the share of bettors in selected Latin American countries. While in Colombia, the first Latin American market to regulate online gambling, nearly 70 percent of respondents claimed to have placed a bet in the previous six months, only 40 percent in Chile had done so. Meanwhile, around a quarter of surveyed Mexicans reported being interested in eSports betting as of April 2021, whereas in Argentina – whose online gambling activities are coordinated on a provincial rather than national basis – 19 percent stated the same. In contrast, when asked about the main factors influencing the choice of a gambling service provider, consumers from different countries agreed on similar preferences, with approximately a third of respondents in Argentina, Chile, and Peru valuing free bets or special offers in 2020.
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Ana M. López
Research expert covering travel, tourism and hospitality