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 — already a mature market
Colombia was the first country in Latin America to introduce a fully regulated online gambling market through Coljuegos, and today it remains one of the region’s most structured jurisdictions. The market is mature, stable and supported by an established licensing framework, local payment solutions and strong consumer awareness around online betting and casino products.
However, Colombia is also considered a very closed and difficult market for new international entrants. The industry is heavily dominated by local operators with strong brand recognition, large databases and a powerful presence both online and through physical retail betting networks.
Competition is intense, acquisition costs can be high and average player value tends to be relatively low compared to other international markets. For that reason, operators entering Colombia usually require strong local partnerships, significant marketing investment and a long-term strategy rather than expecting quick short-term profitability.
Argentina — a provincial model
Argentina operates under a provincial regulatory model rather than a single national framework, meaning each province can regulate online gambling independently. Buenos Aires Province and Buenos Aires City are currently the most important regulated markets, alongside a limited number of other provinces that have already launched licensing frameworks.
This fragmented structure makes Argentina more complex operationally than other LATAM markets, as requirements, taxes and licensing processes vary between jurisdictions.
Peru — regulated and open for business
Peru officially regulated online gambling and sports betting through legislation published in 2022, and the market has now been fully operational for the past couple of years under the supervision of Mincetur.
Since regulation came into force, both local and international operators have entered the market, creating an increasingly competitive but still highly attractive environment.
Unlike some other Latin American jurisdictions, Peru is generally viewed as an open market for international operators, with a regulatory framework designed to attract investment and formalise the industry.
The country has a large sports betting audience, growing digital adoption and strong interest from international brands looking to expand across LATAM.
While competition is increasing and the “early mover” advantage is gradually disappearing, Peru still represents one of the best opportunities in the region for well-funded operators with a strong product, localised marketing strategy and long-term vision.
For many international companies, Peru is now considered a key market within any broader Latin American expansion strategy.
Brazil — massive potential, but also one of the world’s most challenging markets
Brazil finally moved forward with its long-awaited online gambling regulation and licensed operators officially began operating in the regulated market in 2025.
With a population of more than 200 million people, a huge passion for football and one of the largest betting audiences in the world, Brazil is widely considered one of the biggest gambling opportunities globally.
At the same time, Brazil is also an extremely complex and expensive market to enter.
The regulatory framework requires substantial financial commitment, including a licence entry fee of approximately 5 million USD, in addition to local operational, legal, tax and compliance costs.
Competition is intense, marketing investment is enormous and major international brands are already heavily active across sponsorships, media buying and football partnerships.
For operators with significant resources, strong local partners and a long-term vision, Brazil offers extraordinary potential.
However, it is not a market for small operators or companies looking for quick returns, entering Brazil requires serious capital, patience and a highly localised strategy.
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.
Chile — probably the biggest unregulated opportunity in Latin America
Chile currently has no regulated online gambling framework in place.
Although a new gambling law has been under discussion for several years, no final regulation has yet been approved or officially published.
This has created ongoing debate within the industry and among authorities regarding whether online gambling should be considered illegal or simply part of a legal “grey market”, meaning legal but not specifically regulated.
Despite this uncertainty, international online betting and casino operators continue to actively operate in Chile and carry out a wide range of marketing activities, including TV advertising, sponsorships, influencer campaigns and digital media buying.
The general expectation within the industry is that the Chilean government will eventually move forward with regulation, although there is currently no confirmed timeline for when the law may finally be implemented.
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.
