Latin America iGaming Market Outlook 2025 & Beyond

The rise of iGaming has been encouraged by various factors: the emergence of smartphones, digital payment and the internet has brought casinos and sportsbooks right into peoples’ hands. The COVID 19 pandemic led to quarantines and lockdowns, which in turn increased reliance on digital technology. 

The increasing regulation from governments has given people the confidence to engage in legal gambling without fear of being scammed, exploited or having personal data leaked. The middle class is growing, and along with it, disposable incomes. 

Another factor that has led to its popularity is the emergence of iGaming events such as summits and conferences. These are great opportunities for those working in the industry to exchange knowledge and create networks.  

During these events, professionals and authorities come together to discuss the future of the industry, their plans for its growth, how to address common issues and upcoming innovations or breakthroughs. Major events taking place in LatAm this year are the SBC Summit Rio 2025 and the LiGA Summit 2025. 

The SBC Summit Rio 2025 took place from February 25 to 27 at the Riocentro in Rio de Janeiro, Brazil. It provided several providers the opportunity to partner up with suppliers and break into the LatAm market. The Brazilian government also spoke to providers about the changing regulatory landscape of the country and stressed the importance of ensuring safety and security through compliance. 

The first ever LatAm iGaming Affiliate (LiGA) Summit will be held this year on 6th and 7th August in Lima, Peru. This will give companies and operators a chance to showcase their services and products while also raising awareness of the potential of the regulated LatAm gambling market. 

The industry is also helped by constant updates in technology, introduction of regulatory frameworks, increasing attention from investors and growing popularity among players. The LatAm iGaming market is projected to reach upwards of $12 billion by 2028. 

1. Regulations and Licensing 

While some Latin American countries already have a well-established regulatory landscape and a booming market, others have slowly begun taking measures and creating legislations to regulate their own online gambling markets.  

1.1 Argentina 

The Government of Argentina has permitted online gambling to be regulated at the state level for all 23 provinces and the city of Buenos Aires. As of 2025, at least 15 out of these 24 provinces have legalized and are regulating online gambling, all of which together account for around 85% of the country’s population. Each of these also have their respective regulatory bodies, and online gambling is illegal unless authorized by relevant authorities.  

In December 2024, Argentina took steps to ensure the protection of minors from online gambling by introducing biometric identity and age verification. The Government is also debating over whether to impose restrictions on gambling advertisements and promotions. These measures are meant to curb the negative social effects of gambling and ensure responsibility. 

1.2 Brazil  

On 1st January, 2025, Brazil officially introduced a regulated framework for its online betting market. This framework detailed several reforms: 

• Compulsory obtaining of licence 

• Using the bet.br domain to separate authorized and unauthorized platforms 

• No marketing to minors and vulnerable groups 

• Proper age and identity verification 

Online gambling is regulated by the Secretariat of Prizes and Betting (SPA), which works under the Brazilian Ministry of Finance. At the start of 2025, 14 iGaming companies met the standard for permanent licenses. The government is also looking to benefit from taxation by collecting 12% revenue tax in addition to pre-existing taxes, as well as 15% Personal Income Tax from players’ winnings. 

1.3 Columbia  

Colombia was the first LatAm country to comprehensively regulate online gambling with its 2016 eGaming Act, making it one of the most advanced countries in the South American gambling market. The first online gambling license was issued a year later. The act also set forth responsible gambling measures and strict KYC and AML protocols to protect consumer rights. 

Created in 2011 after the dissolution of the previous gambling authority, Coljuegos is the national regulatory body for both land-based and online gambling. Coljuegos is in charge of issuing licenses and ensures compliance with all relevant laws. Recently, the government also passed a 2024-introduced legislation that legalizes esports betting, saying that it will allow them to boost and expand the offer of the online gambling sector. 

1.4 Mexico 

In 2025, Mexico is the second most populated country in Latin America, giving it great potential as an online gambling market. It also has a well-established casino and gambling culture, leading to great attention towards land-based gambling areas. Online gambling, on the other hand, is largely lacking in any kind of regulatory framework.  

No individual permits or licenses are issued for online operators, and the only way for them to legally offer services is by partnering up with licensed casinos or sportsbooks. The Ministry of Interior (SEGOB) is the regulatory body that issues license and ensures compliance with regulations. The primary law that governs the market is the Federal Law on Gambling and Raffles with several regulations and amendments added to it in recent years. 

1.5 Chile  

While the market in Chile is currently unregulated, the government is taking steps to change this by bringing in a legal framework. In 2022, a new law was proposed to regulate the online gambling market. This law, once passed, will allow only licensed online casinos and sportsbooks to operate, while unauthorized platforms will be blocked and subject to legal repercussions. 

The current regulatory body for all casino operations is the Casino Authority (SCJ), but the law may lead to a new specialized body with more authority called the Superintendency of Casinos, Betting and Games of Chance. The government will be collecting 20% of Gross Gaming Revenue (GGR) as tax; additionally, 2% will be directed to Chilean sports and 1% will be for responsible gaming campaigns. If passed, the law will ban promotion to minors and at-risk individuals. Sports players and officials will not be allowed to bet due to conflict of interest. 

1.6 Peru  

In 2023, the Government of Peru published Law N 31557 to regulate online casinos and sports betting. This law came into effect in February 2024. It is reported that within a month, over 140 service providers had already registered for licenses. The Government has the right to block any unauthorized websites or links. 

The online gambling market is regulated by the Ministry of Foreign Trade and Tourism (MINCETUR), which ensures legal compliance and issues licenses to operators. Athletes and other sports officials are prohibited from participating in sports betting to prevent conflict of interest.  

Licensed operators are allowed to be promoted, but with restrictions: limited hours for advertisement, no targeting minors, appropriate warnings and clear terms and conditions. All companies are required to pay 12% of their GGR as tax. 

All LatAm governments are also making efforts to ensure responsible gambling through warnings in advertisements, self-exclusion, spending limits, gambling addiction support and prevention of advertising to minors. It is important for operators to adhere to these and add the necessary features onto their platforms. 

2. Payment Methods 

Latin America is extremely diverse in terms of payment systems. While certain methods are commonly used in several countries, many also have their own local payment platforms. Some countries have largely not shifted to online payments and are still dependent on cash payments.  

This often makes it difficult for operators to keep up with all the software updates and regulations required for each method, but also helps them tap into markets through localization. 

2.1 E-wallets   

Digital/e-wallets are widely used in LatAm countries. They are known for their speed when it comes to transactions and withdrawals and allow players to instantly access their winnings or rewards. They are also more streamlined than traditional methods as they function as intermediaries and the player does not have to directly use his/her bank account.  

Several digital wallets also support multiple platforms and can store payment information for multiple transaction methods. These platforms also offer rewards for promotion or loyalty programs and players can check their transaction history with ease. Some popular e-wallets used throughout the continent are PayPal, Skrill and Neteller. 

Another payment card specifically used in the continent is Mercado Pago. Launched in 2003 as a product of the Mercado Libre platform, it supports both online and offline payments. Players can make online payments through credit and debit cards or bank transfers and cash payments at physical points of sale (POS). It also enables customers to pay in installments, split payments between multiple methods and supports cross-border transactions for several LatAm countries.  

2.2 Payment cards  

Credit and debit cards are still one of the most trusted digital payment methods in LatAm. Cards from providers like Visa and mastercard are widely used and offer strong security through measures like 2FA (2 Factor Authentication) and advanced fraud detection. 

Cards are widely accessible and more convenient and familiar for players that have difficulty using newer methods. Each country in LatAm also has its own local payment cards.  

Through its new regulatory framework, effective 2025, Brazil banned the use of credit cards for online gambling payments. It only allows debit cards, which is an important step to reduce user debt and promote budget consciousness.  

2.3 Boleto  

Boleto Bancário, simply known as Boleto (meaning ‘ticket’), is a cash-based payment often used in Brazil. It is a voucher that can be redeemed in place of cash for any kind of payment, including online transactions. It is convenient for many users as it does not require a bank account and is safe for those who feel unsafe sharing their payment information online.  

It is regulated by the Central Bank of Brazil and considered very secure as it uses bar code technology and not many details are required for transactions. It accounts for close to a quarter of all online transactions in Brazil. 

2.4 OXXO  

Much like Boleto, OXXO is also an alternative cash-based payment method popular in Mexico. It is a common alternative for those that do not have credit cards or bank accounts. Customers generate payment vouchers for their online purchases and then present these and pay in cash at OXXO locations.  

These transactions are considered secure and cost-effective as they have no chargeback and low risk of fraud. There are also over 20,000 stores across Mexico and operate 24/7, which enable flexible payments. 

2.5 Pix  

Pix is an instant payment system created by the Central Bank of Brazil (BCB). Launched in 2020, this system works round the clock and completes payments instantaneously. It also supports e-wallets, which is a good option for those that do not have bank accounts. There are no chargeback fees for using it. 

In 2025, Pix is now the most used method of transaction as 76.4% of the population uses it. It is important to note that Pix does not support cross-border transactions as payments can only be made in Brazilian Reals (BRL). 

2.6 Cryptocurrency 

In recent years, cryptocurrency is gaining traction in Latin America; this is due to the poor condition of multiple economies in the region. In countries like Mexico, people have limited access to traditional banking systems, which are often unreliable, have lengthy application processes and require good credit.  

Crypto, on the other hand, is free of all these issues and accessible to most people with phones and the internet. Due to inflation, local currencies have lost a great deal of value, which pushes people to invest in cryptocurrencies like Bitcoin and stablecoins as better stores of value. 

Cryptocurrency has several other advantages: it enables fast and secure transactions that ensure privacy for users, and all payments are recorded and can be verified by them.  

The matter of using cryptocurrency for online gambling, however, is more complicated. Brazil has banned the use of cryptocurrency for betting in its 2025-established regulatory framework. It is also illegal in Peru, and can lead to serious legal repercussions. Argentina is also taking measures to control the use of cryptocurrency after its ties to criminal activity. 

3. Popular Games and Trends 

Due to the rich and diverse sports culture in several LatAm countries, sports betting is a fever spread throughout the continent. Other betting activities include horse racing and casino games like poker and roulette. Games of chance like slot games or bingo are also a common choice. 

3.1 Soccer 

Soccer, also known as association football, is the most popular sport throughout the continent and ranks as the most bet on sport in several countries. There are several major events and national tournaments that take place every year.  

The FIFA World Cup, an international soccer competition played by members of the global soccer governing body will be hosted for the third time in Mexico next year (alongside the US and Canada). Argentina has won the Cup thrice. Brazil, having attended every single edition, has won the cup a record-breaking five times. Peru has qualified for the Cup five times. 

3.2 Regional Sports Preferences 

Volleyball, both indoors and on beaches, is the second biggest sport in Brazil due to the immense success of its mens and womens national teams. In Argentina, basketball is favoured, also due to the success of its national team, and is played locally as well.  

Baseball is popular in countries like Venezuela and the Caribbeans. In Venezuela, it has been around for over a century due to American influence and is now a matter of national pride. Boxing has always been a large part of Mexican culture, and now other combat sports like MMA are also gaining ground. The country is credited with having produced some of the finest fighters. 

3.3 Horse Racing  

The biggest horse race in the continent is the El Gran Premio Latinoamericano, which has the largest prize pool and changes locations every year. Countries participating are Argentina, Brazil, Chile, Panama, Peru and Uruguay. This year, the 41st edition will be hosted on October 18, 2025 at the Hipódromo da Gávea, located in Rio de Janeiro. 

Argentina has a long and respectable history with horse racing. The Gran Premio Carlos Pellegrini Internacional is considered the most prestigious horse race in the country. It takes place in December every year at the Hipódromo de San Isidro, near Buenos Aires. The race has starters representing Argentina, Brazil, Peru and Uruguay. 

3.4 E-Sports 

Esports is a newly emerging activity in the online betting market of Latin America. It is projected to grow to US $243.34 million by 2029. Several tournaments based on various video games, from individual first-person shooters to major group events are now being hosted exclusively in the continent. Players from various countries are also participating in international events. 

Colombia recently passed a legislation that legalizes gambling on esports and it has completely changed the market. The law now allows the creation of leagues and federations for this discipline, which is already increasing Colombia’s participation in professional tournaments. Sponsors and partnerships are also expected to raise the attention on this sport. 

3.5 Casino Games 

While each country has its own localized preferences, slot games and live dealer games such as roulette and blackjack are popular throughout the continent.  

Online slot games, due to their user-friendly graphics and interface, their generous bonuses and flexibility in terms of place and time, are highly in demand. These are especially popular when they cater to local tastes or events, such as upcoming sports tournaments, as well as cultural themes like festivals. Having a provably fair random number generator (RNG) is also important. 

Real-time live dealer games are also amassing a large audience. Games like blackjack and roulette are frequent choices for players in online casinos, and according to Statista*, have a projected market volume of US$11.58 billion this year in Latin America. They are preferred by users for the interactive and immersive experience they offer, as well as complete transparency, game variations and bonuses or rewards. 

Poker, one of the most well-known betting card games, offers several variations for its players and is perfectly balanced between luck and skill. Most online casinos also offer a wide range of stakes and buy-ins for poker, which makes it affordable for all players.  

All online casino games have several things in common: they have high-quality graphics and interfaces, emulate the atmosphere of brick-and-mortar casinos extremely well and have varieties for each game depending on level of skill, length of game and themes. Adding to this, their accessibility and affordability are making them increasingly preferred over live casinos.  

4. How KodeDice Can Help 

KodeDice is an online casino and sportsbook development and solutions company that helps its clients achieve success by creating platforms that not only meet but surpass industry standards, while also making sure they are tailored to the visions of our clients. 

We offer an extensive range of managed services including CRM, CMS and API integrations, aggregators and PAM interface. We make efforts to keep all our softwares and solutions up to date on regulations as well as ensure strong security and risk management. 

We also offer a versatile casino/sportsbook payment system that supports all kinds of payment methods, such as credit and debit cards, bank transfers, digital wallets and cryptocurrencies along with multi-layer security and respective fraud prevention protocols. 

For more information, book a consultation with us.