iGaming in Latin America 2025: Market Insights & Growth

iGaming in LatAm is one of the most emerging and promising markets in the industry, with the projected revenue of over 41 billion dollars in 2025 according to Statista report.

What’s more, the annual revenue of LatAm iGaming market is predicted to grow 4 times by 2027, taking into account new Brazilian regulations on Gambling and Betting activities. 

Read to learn more about iGaming opportunities in LatAm for operators, affiliates and anyone interested in the market.

Overview of the iGaming Industry in Latin America

Latin American iGaming has evolved quickly from a disorganized and badly regulated market to one of the world’s top iGaming GEOs. 

At the end of 2025, the regional market is expected to generate over US $6 billion of gross gaming revenue (GGR), with it put at US $10–12 billion by 2028 depending on regulatory take-up and penetration of technology, according to VIXIO.

Much of this is fueled by a digitally smart and youthful population. More than 75% internet penetration in the region and smartphone uptake racing ahead, millions of new customers now enjoy simple access to online gaming websites.

The LATAM market is also unique in that it combines highly embedded cultural tradition surrounding sport with nascent digital payment systems. Football remains the one most powerful driver of betting, but operators are also seeing robust interest in NBA, UFC, and homegrown leagues. 

Meanwhile, fintech uptake in countries like Mexico and Brazil — from real-time PIX transfers to digital wallets — is changing how users fund and cash out of gaming platforms, building faster and more safe user experiences.

What Is the Current State of iGaming in LatAm?

As of 2025, Latin American iGaming finds balance at the intersection of legal evolution, demand, and innovation. 

• Eager customers: data show tens of millions of bettors already pay online monthly, with user bases growing at double-digit percentage rates per year in key markets. On the other, the environment is haphazard, with some places offering full licensing schemes and others in a state of legal uncertainty.
  
• Dominance of sports betting: online segment is already over US $4.2 billion in 2024 and will reach US $6.46 billion by 2030 at a CAGR of 7.5%, according to Grand View Horizon. 
  
• Mobiles dictate player behavior: research shows that 87% of the region’s players play on mobile phones, as opposed to just 67% on PCs, underlining the need for mobile-first platforms according to PagSeguro International.

If we speak specifically about LatAm sports betting market per country, the esports betting market in Brazil alone is forecast to make around US $96 million by 2025 and a further US $119 million by 2029, says Statista.

Overall in LATAM, revenue from esports betting is forecast to total US $208 million by 2025 with a 4.97% CAGR in 2029 and an ARPU of US $18.2, according to same stats. 

How Is iGaming Regulated in Latin America?

LatAm gambling regulations are increasingly structured and depend on the region:

• Brazil: online betting is legally allowed and regulated today. Companies must buy a license (fairly expensive, around €5M) and pay tax on their winnings. That allows only serious operators to enter, but players are protected.
• Mexico: online gambling is legal, but licenses are tied to physical casinos. That means operators must partner with land-based casinos to offer online services.
• Colombia: the first country in LATAM to legalize online gambling in 2016. The system is solid and well-established, and it’s largely seen as the benchmark for others. 
• Argentina: laws vary by province (like states). Buenos Aires has its own licenses and strong regulations, but other provinces may vary. It’s like a patchwork system.
• Peru: online gambling is now legal with licensing and 12% tax on operator winnings. Plenty of international operators are entering because the law is clear.
• Chile: on the verge of new legislation, while most of the Central American countries are at an early stage of regulation.

Which LatAm Countries Lead the iGaming Market?

Globally, there are five best iGaming markets in LatAm in 2025, let’s see some stats per each of them.

• Brazil stands out for scale and rapid regulatory advancement—114 federal license applications submitted, with 35 operators fully licensed covering 173 brands as of early 2025.
• Mexico, with a vast population and established betting culture, edges toward US $10 billion in total gambling turnover, with online growing fast: approximately 80 million users, and expectations of 70% growth in the online segment within three years, says EGR Global.
• Argentina shows strengths in adult market penetration, around 26%, with 8 million active online players and US $2.5–3.36 billion in annual iGaming turnover.
• Meanwhile, Colombia, a regulatory pioneer, counts 9.5 million unique online gamblers contributing nearly 1.7% of GDP. 
• Peru, while a newer entrant, already hosts 5 million players and commands a US $2.5 billion total market value in 2025.

Future Outlook and Projections

The future of Latin American iGaming is explosive. 

• By 2028 the regional market will be in the order of $10-12 billion, which represents a fivefold increase from where it was in the early 2020s. Brazil will account for more than half of Latin America iGaming growth, but Mexico, Colombia, Argentina, and Peru will all see significant growth.
  
• Esports wagering and virtual sports will become prominent verticals, particularly in light of the demographic profile of the nation with high youth participation. Esports betting revenue alone shall reach more than US $200 million in 2025 and grow steadily thereafter.
  
• Payment innovation will be equally crucial. Faster bank transfers like Brazil’s PIX, e-wallets, and even cryptocurrency are gaining traction, offering speedier and more localized alternatives to the traditional credit card. This reduces friction, builds trust, and gets more recreational players to place their initial bets.
  
• Another defining feature will be responsible gaming frameworks. Regulators are increasingly demanding operator guarantees of safe play, marketing regulation, and age verification. Balancing market development and consumer protection will be a defining challenge over the coming years.

Top Gambling Websites in LATAM 2025

In accordance with Semrush, caliente.mx is the best gambling website in LATAM with 44.15M visits per month. betano.com is second with 10.88M visits and bet365.com is third with 10.47M visits.

The average bounce rate in LATAM is around 50%. euromillones.com.es has the highest bounce rate at 88.83%, while gmx.net has the lowest at 19.13%.

The List of Top iGaming Platforms in LATAM