News Americas, NEW YORK, NY, Mon. Sept. 13, 2021: Gambling, in general, has always been big business. The internet made things even better for the sector and now we are seeing more improvements and innovation than ever before. There are, of course, lots of notable distinctions when it comes to various gambling markets. Typically, the focus would be on the leading jurisdictions in terms of both market share and revenue. For this, we are going to shift our sights to emerging markets.
Specifically, we are focusing on the Latin American gambling market. It is arguably one of the fastest-growing emerging markets and thus has lots of lucrative opportunities. This applies to both the gaming operators and the consumers. For the operators and gaming solutions suppliers that is a growth opportunity that they cannot afford to miss out on.
So, what is behind this massive growth?
The Growing Gambling Population
One of the things that make Latin America so hard to ignore is the massive population of legal-age adults. These are, naturally, the target market of many online casino operators. That demographic can legally place bets. As of 2020, there were over 300 million adults in Latin America. Of that number, a good number of these people have at least some interest in casino games.
Already, the region is receiving a decent amount of attention from several international operators. The number of people who gamble online is very impressive and there is an upward trend. That should be enough to chart a course of unparalleled success for online gambling operators targeting the region. They just need to get the other things right.
The massive adult population is just one piece of the puzzle. Online gambling largely depends on existing technologies and technological infrastructure. These are what allow the consumers to access the gambling services that various iGaming operators offer. Well, as Latin America continues to grow, its network and communication systems will also improve.
Also as important is the proliferation of these technologies. A great example of this is the mobile devices that most people use to place bets. They have not only gotten more powerful over the years but are also way more affordable than they used to be. Technology is the backbone of the online gambling sector and as it continues better, so will various aspects of online gambling.
The United States Effect
Latin America is not the only place that has been enjoying massive growth as far as online gambling is concerned. The United States of America has also been enjoying quite the online gambling boom. While gambling has always existed in the country, it took quite a while for online gambling to become a reality in many places. Not all states had regulated online gambling and this presented a unique challenge for the vertical. Fortunately, this is no longer the case.
Today, many states have embraced online casinos. This has allowed for the massive growth of various gambling operators. These offer everything from online poker, slots, table games, and even live dealer casino games. Many of them have enjoyed so much success that they are now setting their sights on new international ventures. Latin America is a great place to start. Lots of American online casino operators have plans for the market where they compete with equally accomplished European companies. This has partly contributed to the rapid growth.
The Legal Landscape
Latin America consists of a total of 20 countries and 14 independent territories. Despite being known for sharing some aspects of their cultures, each of them differs in keyways. With regards to online gambling, different regulations have impacted the growth of the sector. Regulations vary from one country to the next with some countries such as Brazil completely outlawing the activity. Others have legalized it while other jurisdictions are indifferent to it.
Colombia, one of Latin America’s regulated online gambling markets has already shown the continent’s potential. Since the activity was legalized in the country back in 2016, the iGaming sector has been very successful, to say the least. With that, it is easy to imagine just how good it gets for Brazil, one of the largest by population, if it legalizes online gambling. Thankfully, there is a lot of optimism that more countries will warm up to the idea. It will certainly take a bit of time, but it will be worth the wait.
With the right kind of assistance and robust business structures, Latin America’s gambling market is destined for prosperity. The market is still taking shape but even that is accelerating. The local, regional, and global players that have already set up shop in the continent are just the beginning. If the upward trend continues, we could soon rank Latin America as a leading contender for the title of the world’s gambling hub.