The Latin American gambling market has evolved enormously in the last two years. Markets that were in regulatory limbo when we first wrote about this topic have now moved forward — and the opportunity for operators is more real than ever.
In this post we analyse the current status of key LATAM markets and whether it makes sense to launch operations there today.
Colombia and Argentina — already mature markets
Colombia has been a regulated market for years and remains one of the most established in the region. Argentina operates at a provincial level, with Buenos Aires and a few other provinces having active regulated frameworks. Both are competitive but proven markets worth considering for operators with the right budget and local knowledge.
Peru — regulated and open for business
Peru’s regulator Mincetur published the gambling law in 2022 and the market has been fully regulated and operational for the past couple of years. Licensed operators are actively competing in the market and the framework is now well established.
For operators looking to enter, the window to get in early is closing — but there is still a real opportunity for well-funded operators with a clear differentiation strategy.
Chile — a growing regulated market with strong potential
Chile is one of the most exciting markets in LATAM right now. The country has moved through its regulatory process and licensed operators are now active in the market.
Chile has a large, digitally engaged population, strong internet penetration and a well-developed sports culture — particularly around football — which makes it an attractive market for both casino and sportsbook products.
Competition is growing but the market is still far from saturated, and operators that enter now with a solid marketing strategy have a real chance to build a strong player base.
At Itzitip we work directly in the Chilean market, with local agency partners and hands-on experience running campaigns there.
If you’re considering Chile, we can help you navigate the market and hit the ground running.
Brazil — regulated and one of the biggest opportunities in the world
Brazil finally moved forward with its long-awaited gambling regulation and licensed operators began operating in the regulated market in 2025. With a population of over 200 million and an enormous passion for football and sports betting, Brazil is arguably the biggest gambling opportunity in the world right now.
The market is highly competitive and requires serious investment, but for operators with the resources and the right local partners, the potential is extraordinary.
Mexico — viable but complex
Mexico is a different case. There is currently no specific online gambling regulation in the country, which means that to operate legally, operators need to reach an agreement with an existing retail casino licensee — partnering with a local entity that already holds a land-based license.
This model has its risks: you are dependent on a local partner, the agreements can be complex, and the regulatory framework is not purpose-built for online. That said, it is entirely feasible and there are operators running successful businesses in Mexico under this structure today.
A new dedicated online gambling regulation has been discussed for some time, but there is no clear timeline for when it will be published. Operators considering Mexico need to go in with a clear understanding of the partnership model and realistic expectations.
What does it cost to launch in a new LATAM market?
Investment depends heavily on whether you are an existing operator expanding into a new market or building from scratch.
A new operator should budget a minimum of €500k to launch, with €750k to €1M being a more realistic figure when you factor in company setup, licensing, platform agreements and initial marketing spend.
For operators already active in other markets, the incremental cost is significantly lower — but marketing investment is non-negotiable in any market.
You will need a combination of programmatic, social media, sponsorships and local prescriptors to build brand awareness, plus a clear bonus strategy that balances acquisition cost against player lifetime value.
Our take
LATAM is no longer a question of “if” — it’s a question of “where” and “how”. The markets are moving, the players are there, and the operators that move with local knowledge and the right partners will have a real advantage.
If you’re considering launching in Chile, Peru, Brazil or any other LATAM market, get in touch.
We’d love to discuss your strategy and how we can help you grow in these markets.
