written and last updated by
Sam Smith at
11 Dec 2024
Journalist, Editorial Department
Representatives from leading analytical firm Vixio Regulatory Intelligence have reported that the regulated iGaming market in Latin America could grow more than fivefold by 2028. The gross gaming revenue (GGR) is expected to reach $12.3 billion (₽1.23 trillion) by that time.
In the 2020s, Latin America has transformed from a region with emerging iGaming markets into a continent with a developed gambling industry. This shift has been driven by the implementation of regulatory frameworks in Colombia, Panama, Peru, and Argentina.
The exponential growth in Latin America is set to accelerate in 2025 with the launch of Brazil's betting market. A total of 114 applications for federal licenses for online casinos and sportsbooks have already been submitted.
According to Vixio's analysts, Brazil is poised to transition from a gray market to a leading legal market. The GGR in this region is expected to reach $2.9 billion (₽290.09 billion) in 2025, accounting for 47% of the regulated market in Latin America.
In addition to Brazil, the $12.3 billion (₽1.23 trillion) figure highlighted in Vixio's report is supported by several factors: "By 2028, the Mexican market is projected to exceed $2 billion (₽200 billion), up from $1.3 billion (₽130.04 billion) in 2024. Colombia is expected to surpass the $1 billion (₽100 billion) mark, while Peru is forecasted to generate $436 million (₽43.61 billion) in 2025 and increase its gaming revenue to $850 million (₽85.1 billion) by 2028."
Currently, Mexico presents significant commercial opportunities, as its licenses are tied to land-based operators. Meanwhile, Peru is regarded as a burgeoning gaming market, recently issuing 118 licenses to 63 companies. This development indicates rapid growth and intense competition within the new regulatory framework.
At the same time, BGaming is expanding into European and Latin American markets through the aggregator Astro Play.
