In 2021, the sports betting market in LatAm alone had generated a revenue of 43.63 million USD. On a global scale, it is 5.50% of the annual revenue generated by sports betting by far. The experts predict that by 2028 the annual gross will reach 59.65 million USD. NuxGame, as a company that provides software solutions for the iGaming business, shared some important insights for clients about the operation on the LatAm market.
Currently, LatAm and the Caribbean market is widely recognized as one of the most promising for young operators.
LatAm - Main Market Characteristics
The online gaming market of Latin America is still not as widely spread as in Europe or Asia. Many LatAm countries have mixed regulations, or iGaming is regulated only in some states or regions while being unregulated in all the others.
The audience is aged between 18 and 45.
Languages: Spanish, Portuguese, and French. Also Mexican Spanish, Brazilian Portuguese, Rioplatense Spanish, and Colombian Spanish.
Platforms. Mobile online gaming is dominating.
Banking. The most popular payment methods: classic credit and debit cards as Visa and MasterCard. Also digital wallets, cryptocurrencies, and instant payment cards.
Content. It is always a great idea to have a sports betting platform onboard your website. When it comes to online casino games, make sure that they are localized to fit the market where you operate.
Licenses for Operation in Latin America
In the nearest future, new licensing authorities are going to emerge as the iGaming business is gaining momentum. Here is the list of the most popular gaming licenses for operation in the Latin American territories:
Curacao,
Panama,
Costa Rica,
Belize,
Argentina.
The Most Promising Markets of the Region
The Latin American population is currently over 652 million people who live across 20 countries and 14 dependent territories. The biggest local markets are: Mexico, Brazil, Argentina, Colombia.
Conclusion
LatAm market is probably the most lucrative market for iGaming startups these days. Among the significant advantages for the business, we can name the large size of the market, relatively low competition, and, consequently, lower budgets for entering the market and promoting your brand. Taking into account that more and more countries are adopting iGaming legislation these days, we can predict increased interest in the market from big brands in the nearest future.
If you are considering starting an iGaming business in the LatAm region, you will need a high-quality software solution for your new casino or sportsbook. Check out the Turnkey solution by NuxGame, which allows launching a project from scratch as soon as possible. Versatile and cost-effective solutions by NuxGame are customizable for clients' needs and feature brand promotion tools as affiliate and agent systems.
Source: https://www.newswire.com/news/nuxgame-guide-to-entering-the-latam-market-21561531
