News Americas, NEW YORK, NY, Mon. Dec. 27, 2021: Latin America has been in the radar of online gambling investors for years. It’s a huge market with millions of people who’ve shown interested in playing online casino games and betting on sports.
When it comes to legalization, Latin America got into the game a bit late. Sure, some countries like Costa Rica and Panama have had legal online gaming for more than a decade. But many countries are just witnessing an onslaught of iGaming demand.
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All the same, below is an outlook of online gambling in Latin America and why it’s growing so fast:
Where Is Online Gambling Legal In Latin America?
Online gambling is legal in a handful of Latin countries. Below are some of them:
Colombia legalized online gambling in 2016—both sports betting and online casinos. Since then, the industry has grown tremendously, generating $19.6M for the government in 2019. Like many sports loving countries, the bulk of Colombia’s online gambling revenues come from sports betting.
- Argentina and Brazil
In Argentina, online gambling legalization is a provincial matter. Fourteen of the country’s 24 jurisdictions permit mobile betting, with some also accepting online casinos. Statistically, iGaming is an industry worth $2.4 billion.
Latin America’s most populous nation legalized online gambling in 2018 after years of opposition. Licensing efforts have been taking off a little bit slowly but the industry is expected to cross past $1 billion in the next few years.
- Mexico, Paraguay and Peru
Mexico permits online gambling through land-based businesses. Due to this, a lot of Mexicans prefer to bet at offshore casinos and sportsbooks. The best Bitcoin casinos provide top-notch security, quality games and convenient banking. This makes offshore betting more appealing.
In Paraguay, most forms of online gambling are legal. However, the industry is relatively small and generates roughly $4M per year. Peru, by comparison, permits slots and table games. But it prohibits races, sports betting and lotto games.
- Costa Rica and Panama
As already mentioned, Costa Rica and Panama have been promoting online casinos for years. Costa Rica is home to 400+ gambling sites. Interestingly, these companies cannot offer their service to the citizens of Costa Rica.
Panama has somewhat similar laws. Hundreds of online casinos acquire their licenses in the country but provide their services to outsiders. Investors incorporate their businesses in Panama due to its low taxes and licensing fees.
- Nicaragua and Uruguay
Like many countries in Latin America, Nicaragua permits nearly all forms of online gambling. Uruguay has similar laws although it lacks a regulatory body that controls the industry accordingly. All the same, licensed operators do not accept the citizens of Uruguay by law.
What’s Driving Growth for iGaming in Latin America?
Online gaming is growing sporadically in Latin America. But what’s driving this growth?
Safe Offshore Gambling Sites
The main reason there’s a demand for online gambling in Latin America is the easy access of offshore gambling sites. Regardless of where you live, you can find a safe online casino or betting website.
Many of these companies are licensed within Latin America: Panama, Costa Rica or Curacao. They provide great safety and quality services. Importantly, these operators have become trustworthy. People no longer have a reason to avoid them.
Mobile penetration in Latin America has seen tens of millions of people access the Internet in the last 15 years. Importantly, mobile technology has also advanced so much that a cheap android device supports hundreds of sophisticated games.
People who use smartphones for entertainment don’t need to find a desktop machine to play slots or bet on soccer. All they need is their smartphone. Of course, they also need to choose a reliable mobile gaming website.
Fast and Reliable Payments
Gone are the days when you needed a bank account to deposit and withdraw money from online casinos. Today, you can deposit money to online casinos located in any part of the world through crypto.
If you’re not a huge Bitcoin fan, you could also use credit cards like Visa and MasterCard. Alternatively, you can deposit through PayPal, Google Pay, Skrill, EcoPayz or Neteller. In other words, Latin Americans are jam-packed with banking options at offshore casinos.
That being said, it’s in your best interest to learn more about a casino’s banking policies before you become a customer. Learn about the minimum and maximum you can deposit. Learn about the fees you must pay and the withdrawal speed. This way, you can compare and join the best sites.
Bonuses and Free Bets for All
For some, the main reason for joining casino sites is to bet through bonuses. Luckily, most gaming sites in 2022 have a myriad of welcome offers for both casino and sports betting fans. No deposit bonuses are particularly appealing.
You don’t need to link your credit card to gambling site to claim free spins. All you need is a free account. Unfortunately, no deposit offers come in small amounts. As such, it becomes necessary to deposit money in exchange for bigger rewards.
Online casinos have plenty of rewards for their customers, well, besides welcome bonuses. Depending on the site, you can get reload bonuses every week. You could qualify for VIP rewards, cash backs or bonus boosters for your parlay sports bets.
Comprehensive Betting Markets
Another reason people are getting into gambling sites in droves is because there’s something for everyone. It doesn’t matter if you love soccer betting, video game competitions of bingo. If you can play it online, there’s a site ready to provide the product.
The best part is that many gambling sites provide all these betting products on one platform. You can play slots, participate in a poker tournament and bet on sports on the same app. This adds convenience.
There’s no need to join a dozen gambling sites. Find one site with your favorite games and sports and you’ll always have a game to play. Of course, no two sites are similar. This is why it’s also essential to have alternative casinos and sportsbooks. It helps you take advantage of every site’s best features.