Forecasting The Regulated Market Opportunity In Latin America

Once a relatively peripheral region within the global online gambling industry, Latin America has in recent years become elevated in strategic importance for operators and suppliers seeking opportunities for growth outside of their core European markets.


Current Landscape In Latin America

Colombia has led the way in the region, becoming the first country to issue specific regulations for online gambling ahead of the market’s launch in 2017. National regulator Coljuegos has since added new gaming products, including live-dealer games, to a legal online market that surpassed US$300m in gross gaming revenue terms during 2021.

Following Colombia’s lead, Brazil legalised the operation of fixed-odds sports betting, inclusive of online betting, in late 2018 and is in the process of adopting regulations for a competitive market via a licensing or concession system ahead of a statutory deadline of December 2022.

In Argentina, where gambling is regulated at the provincial level, the province and capital city of Buenos Aires each legalised online gambling through separate legal regimes towards the end of 2018. The more populous province allocated online licences to seven successful applicants at the start of 2021, with several brands having launched Buenos Aires operations in recent months.

International interest in the Latin American region has been further stoked in recent months by legislative advances in Brazil, Chile and Peru towards legalising and licensing certain forms of online gambling.


Forecasting Revenue 

Against this backdrop, VIXIO GamblingCompliance’s legislative and market size forecasts indicate that locally-licensed online gambling revenue across 11 Latin American countries will reach US$4.4bn by 2026, up significantly from an estimated US$870m in 2021.

Around 80 percent of this total is expected to be driven by just three markets, with Brazilian online sports betting GGR projected to settle at around US$1.6bn in the market’s fourth full year of operation and revenue in the existing Mexican and Colombian online markets forecasted to reach US$1.2bn and US$800m respectively by 2026.

These projections are detailed in the newly updated Latin American Online Data Dashboard, which forms part of VIXIO’s suite of proprietary, interactive Data Dashboards, which outline our legislative and market-size projections and allow users to produce their own custom forecasts for emerging online markets.

VIXIO’s forecasts indicate that legislative proposals tabled in Chile and Peru at the start of 2022, if successfully adopted, would offer further upside of around US$500m to the region’s addressable market in the medium-term.

A recently approved gambling expansion bill that would legalise online casino games as well as various forms of land-based gaming in Brazil would meanwhile inflate the addressable online market to a greater degree should it clear the considerable remaining hurdles required to pass into law.

VIXIO’s Data Dashboards leverage our industry-leading regulatory and market intelligence to help stakeholders underpin their business strategies and gauge the direction of travel in the broader Americas region which is projected to represent a combined US$26bn+ addressable online market by 2026.


Take Advantage Of New Market Opportunities in Latin America

Continuously fine-tuned in response to fluid legislative developments and revenue data from existing markets, VIXIO’s Data Dashboards help executives and policy advisors track the shape and scale of regulated market opportunities emerging on the horizon as well as in the present. Create your own market-size forecasts by state and by delivery channel from 2022 to 2026, illustrating where, when and how we project the addressable market to grow.

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