Online Gambling is Developing in Latin America| 18 December, 2020
Nowadays, many countries seek to regulate online gambling market in the Latin America. The market has begun to form its regulatory footprint, that’s why more countries began to adopt legislation. Argentina, Brazil (the largest illegal markets in terms of money), Chile and Peru have already taken steps in this direction, following the notable success of Colombia. Areas where online gambling is still illegal: Haiti, Guatemala, Nicaragua, Ecuador, Costa Rica. Online gambling providers and operators see Latin America as the next big step forward.
It is believed that Latin America will be the next place to spark an explosion in the igaming industry. The Latin America summit provides an excellent opportunity for the industry to look at some challenges facing the gambling industry.
According to vice president of Pragmatic Play at Latin America, the company is growing rapidly in the continent, and there will be more countries to regulate the region in the nearest future.
Latin America is a region known for its deep passion for sport. Such passion makes the gaming industry extremely attractive for this region, as this field gives a lot of opportunities that hasn’t been fully realized on this territory. Over the last couple of years, the development of technologies has already drawn attention to the region, and the creation of future regulatory and legal framework will also attract operators from all over the world.
Colombia demonstrates this potential in the gaming industry greatly.
The country was the first in Latin America to set rules regarding online casinos and sports betting, as the government opened the doors for new licensees to enter the market back in 2016.
Recently, there have been signs that the market was slowly but surely shifting towards online gambling. If in 2015 the average player’s expense on online gambling was $20, in 2017, this amount increased to $94. This figure is expected to triple by 2021.
As online gambling becomes more prevalent and the region matures, the continent seems to be poised for sustainable growth as it becomes a source of innovation, activity and interaction.
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