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Uplatform Explores iGaming Development in Latin America

Uplatform Explores iGaming Development in Latin America

23/06/2023
Uplatform tries to find out what the future hides for gambling products in Latin America. The powerful company considers the progress in technology and changes in local legislation as the major forces for the latest advancement.

Regional Specificity

iGaming in Latin America: specificity

The market of Latin America has 600+ million citizens, many of whom are devoted sports enthusiasts. Their tastes are slightly different from those in Europe and North America. In fact, they are more open to new trends.

According to the research study performed by Uplatform, 150 bookmakers are currently represented in the region. This means that punters can keep track of events worldwide. It is crucial to realise the current status of iGaming and explore its future prospects.

Latin America demonstrates the efficient use of digital services and products, which plays a major role in gambling progress. A young generation of punters often registers with various sites containing the primary content. With the current flexibility of web services, players can access fun content around the clock.

Let us see the main statistical details:

  1. Profits from iGaming are expected to exceed US$7.38 billion by 2027. It indicates the high productivity in the region.
  2. Local operators make up 76% of profits through special apps. The growing use of smartphones demonstrates the public search for simplicity.

Latin Americans are looking for advanced game offerings. Many of them prefer modern and classic slots along with live casinos. Less experienced punters are fascinated with esports based on their earlier interest in video content.

The enhancing level of life in the jurisdiction has also influenced the iGaming field. Higher earnings reveal more options for wagering. Punters always have a choice to place one large bet and several small ones.

Huge Potential to Unveil

Gambling has facilitated an exciting space for different demographics and encouraged the industry’s empowerment. In this context, Uplatform suggests the All in One principle, creating a joint space for different types of gamblers. There is no need to jump from one website to another as the main characteristics and services are now put into a single field. This way, Uplatform made the wagering adventure more versatile and convenient.

Latin countries are perfectly suitable for the distribution of iGaming products and solutions. Each of them has its specificity which must be considered by all parties.

Brazil Prospects

The state happens to be a huge space for software developers and bookmakers. Its attachment to sports builds a productive setting for wagering activities. The new legislation will make the space more attractive for potential investors.

Statistical data for the Brazilian segment says the following:

  • GGR is about to hit US$3.23 billion by the end of 2027. This demonstrates expansion in the local sector;
  • sports betting is famous among 46.14% of the citizens. The 25–34 age category is considered to be the most proactive in determining the market demand;
  • gender inequality between men and women has split at 45% and 20% accordingly. These are last year’s results;
  • top sports include football and basketball, which make 81% and 33% of followers respectively. Esports has a 29% public share.

Being the major economy in the South American continent, Brazil has the resources to turn into the striking power across the region. After adjusting its law to iGaming services, it can guide other governments on the way to building well-secure and high-quality gambling content.

Argentina Prospects

iGaming market in Argentina

The state has a huge army of football fans. After the victory at the World Cup 2022, this trend does not seem to decline any time soon. This surely increased the fascination with various gaming and betting products.

Over 45 million citizens can create a solid customer base for the iGaming segment. The national government is slowly working on legislation that will put gambling initiatives into the legal field. Thus, a more favourable environment will attract more investments in the short run.

Statistical data for the Argentinian market says the following:

  • GGR is indicated at US$1.18 billion in 2023. The profit is about to grow by 11.45% by 2027. This direction demonstrates a positive trend, with potential business earnings of US$1.83 billion;
  • revenue is reported at 95% when it comes to digital gambling. The rest is related to regulation needs;
  • iGaming segment experiences considerable expansion, which bolsters the country's economy. Some amendments may still be required soon.

Peru Prospects

A relatively small but prosperous market goes through fast-paced economic transformations. Strengthening the middle segment and raising public earnings make foundations for the development of digital content in the country.

Peru has a striking environment that focuses on football. So far, volleyball has also become a popular discipline. This means that worldwide-famous operators have enough space to fill in with professional wagering services.

Statistical data for the Peruvian market says the following:

  • revenue is predicted at the level of US$277.00 million in 2023. This indicator is about to grow by 8.68% and reach US$386.40 million by 2027;
  • sports betting is practised by 58.8% of individuals, while 32.9% check upcoming matches online. The most striking discipline in this segment is football similar to other markets;
  • lotto games are famous among 31.3% of the citizens. The slot titles like Powerball have become real gems in the local portfolios;
  • alternative forms of gambling are admired by 28.4% of society. These give punters versatile options for joyful time-spending;
  • iGaming expects incredible growth by 2027. Today, 1.7% of web users take part in digital gambling. And this indicator is about to hit 2.1% by 2027.

‌Socioeconomic Consequences

Considering the developing nature of Latin America, well-established businesses like online gaming can have a positive influence on the local economy. Thus, it can create a lot of workplaces in software design, customer support, business promotion and management, and data analytics. These look promising for young specialists looking for career pursuits in a prospective field. This surely boosts the economic situation.

Latin America looks promising for investors. Famous bookmakers will be happy to settle down in the local market and contribute to the national economy. Apart from financial inflow, they bring new technologies, develop specialists and foster related fields. High taxation surely strengthens the country’s budget with regular inflows.

The Latin American audience needs protection from possible social difficulties. This is why secure gambling should stand at the centre of attention.

The most common methods to minimise social difficulties include:

  • age restrictions;
  • self-exclusion features;
  • secure marketing;
  • education campaigns to build adequate user habits, etc.

Legislative Aspects

Gambling in Latin America: legal basis

The gambling laws may differ from one Latin American state to another. Some national governments are up to modern policies, while others rely on more conservative views in this regard.

The legal basis in the region looks as follows:

  1. Argentina has probably the most complicated set of legislative norms, with each part of the state having the independent power to manage gambling forms. It has been earlier reported that Buenos Aires decided to pick well-trusted brands and bring them to the public.
  2. Brazil has made some changes to the country’s laws. It now allows the privatisation of sports platforms and national lotto. A limited number of bookmakers have been allowed into the country. Nevertheless, the authorities aim to implement strict yet more tolerant safety policies for all parties involved.
  3. Mexico is probably the most appealing market. Its large audience, mobile popularisation, and improving economic situation create good foundations for gambling brands. The federal law contains operational guidelines to keep the entire segment under control.
  4. Colombia became the regional pioneer to make digital activities legal. Both offline and online products are considered to be legitimate, apart from horse racing wagering, which has been completely banned. Thus, the entire field has undergone stable growth, which strengthens the state budget.
  5. Uruguay also has stringent iGaming policies. While most products are legal, digital casinos remain banned. This makes punters refer to international sites using VPNs.
Start your gambling business in a lucrative jurisdiction. Contact Gaminator’s specialists for assistance with technical and legal issues.

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Artur Zimnij
Author
Artur Zimnij
Gambling business specialist
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