SOFTSWISS analyzed the iGaming market in Latin America and highlighted the main growth drivers, challenges and opportunities in the region. The growing acceptance of betting regulations, cultural values and the popularity of sports betting are key factors contributing to increased confidence in the Latin American betting market.
The company identified these and other key findings in its LATAM market overview of market growth prospects in the region. Regulation has emerged as a significant force shaping the Latin American iGaming landscape. Countries such as Colombia, Argentina and Mexico have implemented regulatory frameworks and guidelines.
The historical importance of gambling in Latin American countries is another important factor. Countries like Mexico, with a gambling history dating back to the Aztec empire, and Brazil, known for the long-standing lottery game ‘Jogo do Bicho’, exemplify the local interest in gambling.
Lotteries and horse racing are preferred in countries such as Chile, Peru and Argentina. With a population already familiar with gaming activities, South America presents a receptive market that embraces games and is open to innovative experiences.
Industry experts confirmed several other factors, including high digitalization, a growing middle class and a vibrant economy, all pointing to the immense growth potential of iGaming in Latin America.
Statista predicts that the online gambling market in the region will reach $3.4 billion by 2025. In the market overview, SOFTSWISS provides additional country-specific statistics and forecasts for the region’s expected GGR growth.
To succeed in the Latin American market, operators must also consider the content preferences of local audiences. Sports betting is highly appreciated, while slot machines and table games are also popular choices. Surprisingly, “fishing games” quickly gained popularity in Latin America, despite being relatively new to the region.
These RNG-based arcade-style games gamify the outdoor fishing experience, which is further enhanced by visually appealing graphics and immersive audio effects. The growing popularity of these games is evident through the significant number of bets placed in countries such as Argentina, Brazil, Chile and Peru. As a result, integration with fishing game providers becomes a lucrative investment opportunity for expansion into the Latin American market.
However, the Latin American betting market also presents challenges, particularly in payment processing. Many Latin American countries have complex financial regulations and limited access to traditional banking services, making it difficult for players to deposit and withdraw funds from betting sites.
Despite these challenges, the region offers numerous opportunities for operators willing to invest. Gregory Penkov, Head of Sales at SOFTSWISS Game Aggregator, emphasizes the growth potential in this market: “By providing innovative products and services and a commitment to regulatory compliance, operators can position themselves for success in this dynamic market. SOFTSWISS’s knowledge of the region, the company is well equipped to help operators navigate the unique challenges and opportunities that the market presents.”
Find out more about the LatAm betting market in the SOFTSWISS survey. The company’s experts will also be present at BiS SiGMA Americas in Sao Paulo, Brazil, June 14-18, where attendees will be able to explore the company’s wide range of innovative software solutions at booth D80.
About SOFTSWISS
SOFTSWISS is an international iGaming company that provides certified software solutions for managing gaming operations. The expert team, which has 1,400 employees, is based in Malta, Poland, Georgia and Belarus. The company holds multiple gaming licenses and provides complete iGaming software solutions.
The group has a vast portfolio of products, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka Affiliate Platform, the Sports Betting Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a bitcoin-optimized online casino solution.