Vixio anticipates that the regulated online gambling sector in Latin America will experience significant expansion, growing more than five times from $2.5 billion in 2024 to $12.3 billion by 2028.
This projection is highlighted in the newly released report, “Latin America Outlook Report,” published by Vixio, an authority on compliance and regulatory intelligence in the iGaming and payments sectors.
Throughout the 2020s, Latin America has evolved from a promising region brimming with market opportunities to one where countries like Colombia, Panama, Peru, and different provinces in Argentina have established firm regulatory structures.
According to the report, “Long regarded as an emerging market within the global online gambling sector, a significant majority of Latin American nations now have, or are developing, regulatory systems for managing online sports betting and casino gaming.”
The year 2025 is expected to see a surge in growth driven by the introduction of Brazil’s Bets market. The excitement is palpable, with 114 applications made for federal online gambling licenses.
Under the Bets regulatory framework, Vixio indicates that Brazil will progress from a grey market to a key legal hub, with anticipated gross revenue of $2.9 billion in 2025, representing 47% of the region’s regulated market share.
Following this regulatory change, Vixio predicts Brazil’s gross gaming revenue will climb to $6.3 billion by 2028, accounting for more than half of the region’s projected overall revenue of $12.3 billion.
Brazil’s positive forecasts persist despite the market’s 12% general income tax on gross gaming revenue. Additionally, the potential introduction of the “Goods and Services Tax (IBS)” and “Goods and Services Contribution (CBS)” could increase tax liabilities for licensed businesses by up to 26.5%.
Beyond Brazil, the report underscores the $12.3 billion figure with expectations for Mexico’s market to surpass $2 billion by 2028, up from an estimated $1.3 billion in 2024. Colombia’s market is also projected to exceed $1 billion, and Peru’s newly regulated market is expected to generate $436 million in 2025, with an increase to over $850 million by 2028.
Mexico presents ample commercial opportunities due to licenses linked to land-based operators, despite facing recent regulatory and legal challenges concerning online gaming restrictions.
Peru is emerging as a competitive market with rapid growth, evidenced by the issuance of 118 licenses to 63 operators, highlighting the dynamic developments within its newly regulated framework.
Stakeholders are advised to stay attentive to evolving regulatory conditions, such as Argentina’s proposed advertising restrictions, Brazil’s regulatory and Supreme Court challenges, and Chile’s anticipated new licensing and regulatory systems set to be introduced by 2025.
