Growing acceptance of gambling regulations, cultural values, and the popularity of sports betting are essential factors contributing to the increasing confidence in the LatAm iGaming market, states SOFTSWISS. The company has identified these and other key conclusions in its LatAm market overview on market growth prospects in the region.
Regulation has emerged as a significant force shaping the LatAm iGaming landscape. Countries like Colombia, Argentina, and Mexico have implemented regulatory frameworks and guidelines.
The historical significance of gambling in LatAm countries is another important factor. Countries such as 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 races are preferred in countries like Chile, Peru, and Argentina. With a population already familiar with gambling activities, South America presents a receptive market that embraces gaming and is open to innovative experiences.
Industry experts have confirmed several other factors, including high digitalisation, a growing middle class, and a vibrant economy, all pointing towards the immense growth potential of iGaming in LatAm.
Statista predicts that the online gambling market in the region will reach USD 3.4 billion by 2025. In the market overview, SOFTSWISS provides additional country-specific statistics and predictions for the region's expected GGR growth.
To succeed in the LatAm market, operators must also consider the local audience's content preferences. Sports betting is highly appreciated, while slots and table games are also popular choices. Surprisingly, 'fish games' have swiftly gained popularity in LatAm, despite being relatively new to the region.
These RNG-based arcade-style games gamify the outdoor fishing experience, one that is further enhanced by visually appealing graphics and immersive audio effects. The growing popularity of fish games is evident through the significant number of bets placed in countries such as Argentina, Brazil, Chile, and Peru. As a result, integrating with fish game providers becomes a lucrative investment opportunity for expanding into the LatAm market.
However, the Latin American iGaming market also presents challenges, particularly in payment processing. Many countries in LatAm have complex financial regulations and limited access to traditional banking services, making it difficult for players to deposit and withdraw funds from iGaming sites.
Despite these challenges, the region offers numerous opportunities for operators willing to invest. Gregory Penkov, Head of Sales at SOFTSWISS Game Aggregator, emphasises the potential for growth 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. With SOFTSWISS's experience and expertise in the region, the company is well-equipped to help operators navigate the unique challenges and opportunities the market presents.”
Discover more about the LatAm iGaming market in the SOFTSWISS research. SOFTSWISS experts will also be present at the SiGMA Americas in São Paulo, Brazil, from 14th to 18th June, where attendees can explore the company's wide range of innovative software solutions at stand D80.
