MercoPress. South Atlantic News Agency

LATAM Breaks Through, Paraguay Changes Course, Brazil To Dominate?

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South America could become the latest powerhouse of world online gambling, according to a report.

GR8 Tech’s report says that, while Brazil, which legalized online gambling at the start of the year, dominates the region, other countries in Latin America are quickly seeing potential online betting sectors develop.

The document, entitled Beyond Brazil: The LATAM iGaming Market, discusses how other nations in South America are building their iGaming scenes.

Recent liberalizations across the continent are seeing players focus on options closer to home, rather than having to rely on offshore options like Florida online casinos. However, some still favor such overseas options due to the game variety and bonus structures offered.

Now, though, other countries look set to follow in Brazil’s wake. For example, Argentina’s Gross Gambling Revenue comes to a noteworthy $3.92 billion. Something else that makes the country stand out is that each province maintains jurisdiction over gambling, leaving it as a “regulatory mosaic”. Argentina’s online gambling sector is growing, with a prediction that it will take more than half of the Argentine-based market by 2030. However, the overall preference for online gamblers and betters in the country remains offshore sites, with them comprising 63 per cent of the market.

Argentina is one of the most digitally mature markets in Latin America, with an internet penetration of 96 per cent. Meanwhile, the country’s gamblers prefer online casinos to internet sports betting.

Although Argentina remains the largest Spanish-speaking market for iGaming in Latin America, there are other countries where online gambling is growing, the report says.

For example, the likes of Colombia, Peru, and Paraguay have well-regulated online betting markets, and work is taking place in Chile to establish a better-fitting framework. The report is also keen to stress that Latin America should not be seen as a monolith, and people’s preferences can vary from country to country and even from region to region.

Meanwhile, Paraguay is making further moves to liberalize both its gambling laws and its regulatory regime.

Lawmakers in Asuncion passed an act earlier this year that allowed private gambling companies to get involved in Paraguayan betting for the first time ever.

The move means that a new gambling regulator, the National Gaming Commission (Conajzar) has been set up, with the entity having oversight over applications for gambling licenses. The new commission is a decentralized arm of the National Directorate of Tax Revenue (DNIT).

Previously, Conajzar had been the sole gambling operator in Paraguay, which meant that opportunities to play were rather limited, there was a certain lack of transparency, and the country’s gamblers had to deal with an outdated legal framework.

Meanwhile, Brazil is forging ahead with iGaming after this year’s liberalization.

Reports suggest that the country could well become the next big thing in online gambling, with a predicted net iGaming revenue of $4.139 billion in 2025, according to a BBC report. This would make the country the fifth-largest online gambling market in the world.