Growth Of Sportsbooks In South America

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News Americas, NEW YORK, NY, Weds. Jan. 12, 2022: South America has an outspoken love for sports – from Brazil and Argentina to Colombia and Uruguay. Surprisingly, sports fans in these countries haven’t always had the privilege of betting on their favorite sports until recently.

In some South American countries, sports betting is fully legal. In others, sports gambling is a legal grey area, which means betting lovers can only gamble through offshore betting sites.

Where Is Sports Betting Legal In South America?

As mentioned, a handful of South American countries are onboard with legal sports betting. Below are some of them:

  • Argentina

Sports betting is a matter of provincial concern in Argentina. This means your access to a legal sportsbook varies from one province to another. Additionally, most sportsbooks welcome in-person and not online bets. As a result, many sports punters in Argentina prefer to bet online through offshore sportsbooks.

  • Brazil

Brazil legalized sports betting in 2018 with an intention of opening the first sportsbook in early 2022. In the meantime, many Brazilian sports bettors wager at international betting websites for convenience and improved odds.

  • Panama

Panama has progressive online gambling laws that permit both online casinos and sportsbooks. Due to that, it’s home to some of the best US sportsbooks that can freely operate from this country. Since the betting sites are licensed and regulated, they’re safe to use regardless of where you live in the US.

Costa Rica

Costa Rica is yet another leading sports betting market in South America. Both in-person and online betting are allowed. What’s more, Costa Rica provides licenses to sportsbooks intending to offer their services around the world.

  • Curacao

For a long time, Curacao was the preferred destination of acquiring an online gambling license. It’s since been upsurged by Malta, the UK and other jurisdictions. All the same, the Caribbean island permits all forms of online gambling, including sports betting.

  • Colombia

Colombia legalized online sports betting in 2016. Since then, it has licensed 17 betting websites that allow its citizens to wager on soccer, basketball, hockey, cricket and hundreds of other sports. Importantly, Colombian laws also allow its locals to wager through offshore betting sites.

Why Is Sports Betting Growing In South America?

Sports betting is a $60 billion industry, according to research firm Statista. The industry is growing sporadically, especially in South America. If the trend continues, sports gambling could easily become a $100-billion sector by 2025. What’s impacting the industry’s growth in South America?

  • Growing Legalization

As mentioned, more and more countries in South America are drafting laws to sanction sports betting. The beauty of it is that countries are legalizing both offline and online betting, providing access to everyone interested in betting.

Of course, things aren’t perfect in the continent. Although countries like Brazil and Argentina allow sports gambling, they’re yet to offer the kind of support seen in Europe and North America.

To expound more, Brazil is yet to launch its first online bookmaker three years after legalizing the industry. On the flip side, Argentina hardly accepts online betting. Of course, the worst problem is countries still opposed to the idea of legal sports gambling.

  • Safe Offshore Betting Websites

Offshore betting websites are a boon for sports gamblers throughout South America. They allow people to bet on sports where it’s not yet legal. Or where present laws aren’t clear about sports gambling.

The best offshore betting websites hold licenses from renowned jurisdictions like Panama, Curacao and Malta. Others operate from Europe, with licenses from the Malta Gaming Authority. These licenses prove legitimacy.

But they’re not the only thing you should look for in a betting site. Features like SSL encryption, a good reputation, and social proof can help solidify a company’s trustworthiness.

  • Fast and Secure Payment Options

A decade ago, the biggest barrier for South American sports bettors was to find safe and fast payment providers. Sure, you could find a couple of bookies which accept players from your country. But finding a safe payment provider was a tall order.

Today, betting online is easier because of the numerous payment options available online. There’s Visa or MasterCard if you love to pay using cards. Then there are a host of digital wallet options: PayPal, Skrill, Neteller, Google Pay and Apple Pay.

Depending on the sportsbook, you could also deposit and withdraw money through cryptocurrencies like Bitcoin and Ethereum. However, keep in mind there are benefits to using different payment options—fees, payout speed, security and trustworthiness.

Precisely, digital wallets and cryptos are faster compared to credit cards and bank transfer. However, your favorite e-wallet might not be available at a betting website. On the other hand, you need to be careful when handling cryptos for safety.

  • Free Bets and Bonuses Galore

When you think about it, lots of people join betting websites to take advantage of free bets and bonuses. In South America, nearly every sportsbook runs a welcome promotion. You can grab a free bet for creating an account. And you can get an even bigger bonus when you make your first deposit.

Should you claim betting bonus? Yes, free bets are great for increasing your potential profits. But there’s a caveat. Every betting bonus will usually have terms and conditions. Read these policies beforehand to understand all the rules involved. Claim bonuses with fair terms: wager requirements, bonus size, odds, withdrawal limits.

  • Mobile Support

More than 70% of Internet users in South America browse the net through a smartphone. This figure is expected to surpass 80% by 2025 according to Statista. In other words, the growth of sports is highly dependent on mobile Internet access in South America.

Luckily, every forward-thinking betting site in 2022 supports mobile betting. It doesn’t matter whether you use an iPhone or android device. If it has a browser and access to the Internet, you can bet on soccer, horse racing or basketball.

In some countries, you can install a betting app on your phone. In many cases, however, this isn’t necessary. Most people actually prefer to bet through mobile websites. They’re more convenient and space on space. Importantly, they offer everything good about sports betting stress-free.