| November 19, 2022
The Latin American gaming industry is rapidly gaining traction. In Uruguay, Argentina and Mexico, the gaming industry has grown significantly due to favorable regulations and a growing consumer base.
The gaming industry is looking to capitalize on this growing market in these countries. Latin America’s gaming industry and economy would be further boosted if all forms of gambling were legalized, from land-based to online, but first, let’s look at the state of gambling laws in South America and compare them to European markets gambling games.
Comparison of Latin American and EU gambling laws
There are many differences between gambling regulations in Latin America and those in the EU. Many countries, including Mexico, heavily legalize and regulate gambling. Other countries, however, consider it illegal. As a result, online gamblers are in a lot of confusion. If, however, you want to avoid this confusion, you’ll want to check out some of the best free spins offers in NJ where you can try your luck at your favorite slots without betting any money.
In most European countries, the European Union enacts gambling laws. Historically, gambling has been an important part of European culture. For centuries, people in Europe have enjoyed gambling from betting on horse races to casino games. Although some forms of gambling are more popular than others, most European nations have some sort of gambling industry. When it comes to gambling laws, European countries have been less cooperative until recently. Players and operators were confused by each country’s rules and regulations. The EU Single Market Gambling Regulation was introduced in 2012 to change this. EU member states must now follow a set of unified gambling rules created by this framework. The European Union does its best to oversee gambling laws across Europe, but it is ultimately up to the nation to make its own rules.
Development of Latin America
The Latin American region is currently a key growth market for global online gaming companies seeking to expand into newly regulated markets. Several territories have followed Colombia’s lead in implementing regulations for online gambling products, including Panama, Peru, Brazil, Chile and several provinces in Argentina. Major European operators are either seeking licenses or partnering with local operators to operate in these areas.
According to conventional demographics, approximately 75% of the population is over 18 years of age and the region is home to more than 307 million players. In 2026, locally licensed online gambling is estimated to generate USD 4.4 billion in revenue across 11 Latin American countries.
The future of Latin American gambling
Every civilization on earth has some form of gambling. Betting on the results of cooperative games such as poker and dominoes, as well as betting on sporting events and animal races, are all games of chance.
In 2021, sports and other forms of betting accounted for 40% of Europe’s gross online gaming revenue, over €14.6 billion. The gaming industry is present in every city, town and municipality in Latin America. However, South America’s gambling laws are clearly outdated, based on antiquated standards from a different era.
There is no way to predict how online gambling will develop in LatAm because attitudes and regulations towards gambling in the region vary from country to country. Even so, as more people gain confidence in online trading and look for convenient ways to play, there is potential for growth. Due to the rise of online gambling, the industry has expanded far beyond land-based casinos, making it attractive to offshore operators. As evidenced by the large number of new gaming sites and casinos launching every month in Latin America, it’s safe to say that the iGaming market is just getting started in this region.
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