With a population nearing 670 million and a rising digital adoption curve, the region is quickly claiming its spot as one of the most promising growth frontiers in global online gambling.

After becoming one of the first suppliers to get fully certified for Brazil and sign multiple deals in this exciting jurisdiction, Delasport is uniquely equipped to provide insight into LatAm’s potential. What the current situation is in the different countries in the region and what the future holds for each of them – all of this and more is compiled in the dedicated report below.

Current Market Situation in LatAm

Latin America’s iGaming sector is gaining unprecedented traction. The total market is projected to reach US$6 billion by the end of this year, underpinned by a compound annual growth rate (CAGR) of 18.4% between 2022 and 2028, and resulting in nearly US$10 billion by the end of this timeframe.

The LatAm gambling market isn’t growing uniformly - each country presents a distinct profile shaped by local regulations, consumer behavior, and economic context. As of Q1 2025, national licensing systems fully regulate online sports betting and casino games in Brazil, Colombia, Panama, and Peru. Additionally, four Brazilian states — Rio de Janeiro, Paraná, Paraíba, and Maranhão — have established their own local licensing regimes. Brazil stands out as the region’s most significant market by size and potential. According to data by H2 Gambling Capital, it is on track to become one of the largest regulated iGaming markets globally, with an annual turnover of approximately BRL 50 billion (US$10 billion) and more than 100 million real-money game participants.

Mexico also boasts impressive numbers, with annual turnover exceeding US$10 billion and a user base of around 80 million people. The country’s online segment is expected to grow by 70% over the next three years. Licensed land-based operators are permitted to offer online sports betting and casino games. These licensees can also partner with unlimited third parties to launch branded “skins” under their licenses.

Argentina’s iGaming sector is estimated at US$2.5–3.36 billion annually, supported by a relatively high 25.87% adult market penetration and a base of 8 million active players. Online gambling is regulated at the provincial level, with licenses issued in both the Province and City of Buenos Aires. Other provinces allow online gaming through state-run lotteries or existing land-based casino operators.

Colombia, the regulatory pioneer in the region, legalized online gambling in 2016 and now boasts 9.5 million unique online gambling users, with the industry contributing roughly 1.7% of national GDP.

Peru has shown robust growth with a well-defined licensing system introduced in 2024, a total player base of 5 million, and a market value close to US$2.5 billion in 2025.

Nicaragua and Paraguay allow land-based casinos to apply for online gaming licenses. However, in Paraguay, online sports betting remains under a monopoly concession model.

Meanwhile, in Venezuela, although the legal framework is less clear, national racing authorities appear to issue licenses for online betting and casino games to incumbent operators.

Elsewhere in Latin America, national lotteries play a central role in online gambling.

Regulatory Landscape

While Latin America's regulatory environment is still fragmented, there's a clear trend toward modernization and consistency. Countries are adopting more robust legal frameworks that focus on player protection, taxation, and market transparency.

Key Regional Trends

· Expansion of comprehensive licensing systems

· Government crackdowns on unlicensed operators

· Prioritization of consumer protection and responsible gaming

· A steady move toward harmonized online gambling legislation

This shift is vital for building investor confidence and fostering a more competitive and legitimate market.

Regarding sports betting, the biggest shift came from Brazil. Despite facing years of political inertia, real momentum picked up in 2023. Backed by President Lula da Silva, the country passed a landmark piece of legislation on December 30, legalizing both online and retail sports betting. This action positioned Brazil as an increasingly attractive and well-regulated destination for gambling operations.

B2B Supplier Licensing

The supplier licensing environment in Latin America is still developing and is characterized by a lack of uniformity across the region. The regulatory approach here more closely mirrors European models than those found in North America. Some jurisdictions require B2B suppliers-such as game providers, platform operators, and related service vendors-to secure a registration to work with licensed operators, while others do not.

This fragmented approach is noticeable even within individual countries. For example, established markets like Colombia, Panama, and Peru each have distinct requirements for B2B supplier oversight. In Argentina, the Province and City of Buenos Aires also maintain different standards for supplier licensing.

Attention is currently focused on Brazil, where supplier approvals were not part of the initial market rollout. However, Brazil’s official regulatory roadmap for 2025–2026 indicates forthcoming changes. Later this year, the Secretariat for Prizes and Bets (SPA) is expected to introduce new regulations governing the relationship between licensed operators and their third-party suppliers, including platform providers, game studios, and live casino vendors. One of the main goals is to prevent unauthorized content from reaching offshore markets.

Most Popular Casino Games

LatAm users show a strong preference for diverse and engaging gaming formats, driven largely by mobile use and cultural trends.

Top Categories:

1. Slots

2. Table Games

3. Fish Games

4. Crash Games

5. Bingo and Lottery-style Games

Top Sports for Betting

When it comes to sports betting, local preferences reflect both cultural affinity and media influence.

Most Popular Sports:

1. Football (Soccer)

2. Volleyball

3. Mixed Martial Arts (MMA)

4. Brazilian Jiu-Jitsu

5. Basketball

6. Motorsports

Football’s dominance is especially pronounced in Brazil and Argentina, driving much of the sportsbook revenue.

Future Outlook for LatAm’s iGaming Market

Latin America is no longer a sleeping giant - it is wide awake and accelerating toward becoming one of the world’s most vibrant iGaming regions. The combination of favorable demographics, digital infrastructure, and legal reform is creating fertile ground for growth.

To succeed, stakeholders must be ready to:

· Adapt swiftly to legal and tax changes

· Innovate technologically and locally

· Respect cultural and regional differences

· Promote responsible gambling

The next 2–4 years will be pivotal. Operators that act boldly but wisely will find themselves at the forefront of a once-in-a-generation market surge.

Choosing the right B2B partners will be key to success, and companies with proven regional expertise, like Delasport, are well-positioned to support this growth.

About the author:

Unai Concha Olabarrieta is Senior Business Director at Delasport, bringing over a decade of leadership across the global iGaming and sports betting sectors. With a Master’s in Sports Management from Universitat Pompeu Fabra, his career spans strategic roles at Yolo Group, Sporting Solutions, and Grupo Mediapro.

The post Betting on the Boom: Latin America’s 2025 iGaming Surge first appeared on Delasport.

Our team of over 400 experts worldwide are advancing to deliver our renowned products and services to the Brazilian market. We have partnered with GLI (Gaming Laboratories International) - the leading certification lab approved by the Brazilian Ministry of Finance.

So far, we are fully certified against GLI-33 and GLI-19 – the standards that have inspired regulators in Latin America and likely in Brazil. Additionally, the team is in the process of submitting the platform for certification against Brazilian technical standards. We are also advancing rapidly through data quality testing of our integration with the SIGAP Datavault system.

Key Advantages for Operators in Brazil

Operators that plan on entering the newly regulated Brazilian market will have numerous advantages if they partner with us. They will be able to provide their players with personalization features like My Sportsbook, My Event Builder, My Combo, and My Casino that skyrocket revenues and retention.

Furthermore, our KYC and AML provider is a market leader that guarantees the highest level of compliance for all operators that choose to go on this route.

Also, we have already partnered with numerous PIX payment system operators and provide a real-time AI-powered Responsible Gambling system which can easily adapt to local regulations.

Another key advantage is the strong relationship with third-party casino suppliers that will soon be able to provide their exciting portfolios to this thrilling jurisdiction.

Last, but not least, operators will feel our support from the get-go all the way to establishing themselves as a market leader. We are knowledgeable of the cultural and regional differences within Brazil and can address all localization needs before they arise.

Opinions

“Delasport stands on a solid foundation of experience, supplying Tier 1, Tier 2, and Tier 3 operators in highly regulated markets globally”, our CCO Filippo Ferri comments. ‘This makes Delasport fully equipped to assist operators navigating complex platforms or adapting to modern jurisdictional requirements, such as Brazil’s.’

Our own VP of Business Development Rosaire Galea Cavallaro adds:

‘It’s a great privilege to enter such a vast and exciting market with the confidence that we’ve gained at Delasport throughout the years. We’re looking forward to seeing our product in action in a new territory, achieving and maintaining solid margins for our partners, keeping the record of having double digit margins in sports betting and helping them scale with ease in both verticals to generate maximum revenue for their brands.’

The post Delasport Ready for Brazil Expansion first appeared on Delasport.

LatAm betting market brief overview

However, this flourishing industry can be tricky for businesses unfamiliar with the nature of the market. Latin America consists of countries with diverse cultures, different language preferences, unique betting likings, and a specific set of laws applying to the gambling industry. Some countries are more developed in terms of regulation and licensing and others still lack a proper legal framework.

Brazil:

The largest in LatAm, not only in population but also with the greatest potential for growth in the gambling industry is Brazil. It is not a surprise that European operators find it a lucrative market and anticipate the setting of solid regulations to allow them to conquer positions and set the trends. With the largest number of internet users, Brazil is undoubtedly an easy target if one is aiming at establishing an online gambling business.

A law from 2018 allows international businesses to operate in the country but still, there’s no regulation to provide licenses. With the highest volume among all gambling products, sports betting has the largest share. As a reference, 13 Serias A soccer teams have some kind of sponsorship with a betting house which implies that operators are investing heavily in the betting market in Brazil.

Poker, on the other hand, does not fall under any legislation which makes it a great opportunity for operators to take advantage and leverage their brand offering.

Colombia:

Colombia is the first and only Latin American jurisdiction with a complete regulation for online gambling, with virtual sports and live casinos on the line. The first license was issued in June 2017 by the Colombian gaming authority, Coljuegos. There’s a huge surge in the number of major players targeting the Colombian market in recent years. This makes it more difficult for smaller businesses to flourish but still not impossible given the fact that more and more LatAm gambling online jurisdictions are considering the possibility of legalizing it.

Other countries

Mexico, Peru, and Costa Rica have different restrictions but are still considered attractive markets that drive huge revenues from land-based or online casinos. They and can be very good destinations for developing gambling business.

*For other gambling business destinations, read more of our overview of the Indian Betting Market.

Conclusion

If you’re trying to gain traction in a region so diverse in culture, laws, and regulations you need to know that it’s not going to be smooth sailing. Although appealing to all kinds of gambling businesses the LatAm market has many intricacies which must be taken into consideration as a better understanding of all major aspects is what makes it unique and attractive.

The post LatAm Gambling Market - A growing need for regulation first appeared on Delasport.