Latin America’s regulated online gambling market is set to quadruple in size and reach $6.75bn in annual revenue by 2027, according to a new report released by Vixio Regulatory Intelligence, the leading provider of regulatory and business intelligence to the global gambling and payments industries.
Although established markets in the region have plenty of headroom, the main driver of growth will be a series of new laws and regulations that are set to be adopted in the coming months in several key jurisdictions, according to Vixio’s Latin America Online Outlook report.
Brazil, Peru and Chile are all forecasted to launch licensing regimes for online gambling as soon as 2024, following in the footsteps of Colombia, Mexico, Panama, and certain provinces of Argentina.
“Latin America has long been thought of as an important emerging market by the online gambling industry, but forthcoming regulatory changes will confirm its emergence as a chief area of strategic focus on a global level,” said James Kilsby, chief analyst for Vixio and a co-author of the report.
A regulated Brazilian market for online sports betting, casino and bingo games would be worth almost $3bn in revenue by 2027 and quickly become one of the top five largest in the world, according to Vixio forecasts.
“Recent activity in Brazil’s Congress has sharpened minds across the global industry as to the potential of this major new market, but at the same time the Brazilian market is likely to be highly complex from a regulatory perspective and the final scope and scale of the opportunity will be determined by the policy decisions due to be made lawmakers and government officials, including President Lula, before this year is out,” Kilsby added.
The report is being published ahead of Vixio’s participation in the SBC Summit Latinoamerica in Miami on November 1 and 2 and includes exclusive analysis of recent events that underscore the rapid pace of regulatory change across the region.
Brazil’s Chamber of Deputies approved a bill – now pending in the Senate – to regulate online casino games alongside sports betting, while Peru has published a decree to regulate online gambling for the first time.
Mexico’s government proposed a draft decree to essentially ban all casino-style games in the country, while Chile’s Supreme Court also upheld a legal challenge seeking to block offshore gambling sites, as Chilean lawmakers formulate legislation to regulate online betting and gaming.
“Just like Europe and the United States, LatAm countries are taking radically different approaches to regulation and taxation of online gambling, meaning operators, suppliers, investors and other stakeholders need to give careful consideration to both the risks and opportunities presented in new markets while staying alert to policy changes. Again as in Europe, we are also starting to see signs of pushback in certain countries against the prevalence of betting advertising as well as accompanying concerns among policymakers and the media over risks of problem gambling,” said Kilsby.
- Galaxy Gaming® and Pragmatic Play Expand Licensing Agreement
- Finnplay Simultaneously Releases Mobile Apps for Hungarian and Dutch Markets
- Salsa Technology Launches Salsa Safe, a Dedicated Platform for iGaming Regulators
- Swintt uncovers subterranean riches in Heart of Earth Deluxe
- ⚡Bitcoin Lightning payments in a major AAA game 🎮
- OnAir Entertainment Launches Travel Fever: A Game Show Revolution
- PRAGMATIC PLAY TURNS CANDY-FILLED ADVENTURE INTO WINTER WONDERLAND IN SUGAR RUSH XMAS
- Unlocking Rows feature adds bonus thrills in Playson’s Fire Temple: Hold and Win
- SIS-Owned 49’s and Inspired Entertainment to Provide Upgraded Virtual Horse and Greyhound Racing Products
- Dive into winter seas with Blueprint Gaming’s first-ever festive slot Crabbin’ for Christmas Jackpot King
- Plunder your way to magical prizes in 3 Oaks Gaming’s Olaf Viking: Hold and Win
- Wazdan reimagines classic in Black Horse™ Cash Out Edition
- Spillemyndigheden Issues DKK100,000 in Fines for Illegal Games Advertising
- MGA Issues New Guidelines for Processes Related to Gaming Devices
- Jackpot Digital Receives License to Install Three Jackpot Blitz(R) ETGs at Jackson Rancheria Casino Resort in California
Recent Slot Releases3 weeks ago
Unearth an eruption of treasure in 3 Oaks Gaming’s Grab More Gold!
Africa4 weeks ago
Nigerian FG Proposes Introduction of Tax Scheme on Sports Betting
Africa4 weeks ago
Shape Games Establishes Presence in Africa with SunBet Partnership
Australia4 weeks ago
SBS to Let Streaming Viewers Block Gambling, Alcohol and Fast-food Ads
Malta4 weeks ago
Bragg is attending the SiGMA Europe, Malta 2023
Compliance Updates3 weeks ago
Ukraine’s Evolving Gambling Landscape: Insights from the Panel of European Gaming Congress in Warsaw
Central Europe4 weeks ago
Hungarian Lottery goes live with OddsMatrix sportsbook & platform services
Africa3 weeks ago
EGT Installs its Gaming Equipments at Grand Palace Casino in Cameroon