The Future of the Latin America Casino Industry| 29 September, 2020
Sports betting has been legal in many Latin American markets for a while now, but the overturning of PASPA (Professional and Amateur Sports Protection Act) in North America is likely to have an effect on the broader LatAm market. It’s no secret that Latin Americans love sport, or that they love to place bets on sporting events. In the past, however, the market was largely ignored by major online gambling companies due to the lack of gambling regulations across the region. Black market gambling is still rife in much of Latin America. To combat illegal gambling activities, many LatAm countries are working hard to create a regulated gambling industry that will allow people to legally partake in sports betting at an international level.
Legislation and Regulation
Brazil is one of the countries in the region that is actively working on legislation that will regulate online gambling in order to allow people access to real money casinos, like the ones found at https://mrcasinova.com/online-real-money-casinos/. This move will allow online casino operators to target a potentially huge market. Legalising and regulating the online sports betting and gambling industry has already proven to be a beneficial move for player and a lucrative one for governments throughout the world. In the UK, for example, which is a heavily regulated market, the UK gambling industry is responsible for a huge portion of the UK’s GDP, as well as being a huge employer. UK players benefit massively from a regulated industry, particularly when it comes to safety and fair play.
Mobile gambling is the fastest growing trend in the gaming industry as a whole. Mobile gaming has led to a huge increase in sports betting on a global level. It is possible to place a bet on any number of sports or sporting events worldwide simply by accessing an online casino via the browser on a smartphone. New technology has allowed for beefed up online security and secure mobile payment systems. A regulated industry will allow Brazilians the opportunity to take advantage of mobile gambling safely and securely. And Brazil is not alone when it comes to regulating the industry; Columbia is also working toward the same aims. So it seems that the future of the LatAm gambling industry is mobile.
Fulfilling Local Needs
But is success guaranteed to the online gambling operators that open up in these emerging markets? One important element that these operators need to keep in mind is that Latin Americans still enjoy visiting land-based bookies and local casinos. Betting on local sporting events is just as appealing to LatAm punters as international sports. Online operators, therefore, will need to tailor their gambling enterprises to meet local needs. The sporting events on offer, the bonuses, the payment providers, and the customer service options will all need to reflect the target market. Latin America is not a one-size-fits-all market.
And are Latin American gamblers ready to replace their traditional gambling habits for more modern methods? Are Latin American gamblers ready and willing to leave black market gambling dens behind them and embrace a regulated, government-controlled industry? Industry insider think the answer to both of these questions is a most definite yes. At the end of the day, it comes down to the love of sports above all else. Give sports lovers the chance to get more deeply involved in the sports that they love, and they will take advantage of the opportunity. And give them fair odds and a safe environment, as well as the convenience of being able to gamble from wherever they are, and they will spend even more money than they did before. Brazil and Columbia are leading the way with clear cut regulations that reflect their own specific gambling markets, and many more LatAm countries will follow.
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