Latin American sports betting market numbers point to substantial growth ahead. Market value stands at $21 billion in 2023, with projections showing an increase to $54 billion by 2026. The annual growth rate of 38% signals strong market momentum across the region.
Colombia emerges as the market leader with 68% of residents participating in sports betting activities. Brazil follows with 46.14% of its population engaging in sports wagering. The market outlook remains positive as 70% of iGaming operators target expansion into regulated Central and South American markets within three years.
Argentina’s sports betting revenue reaches $2.4 billion annually, while Mexico holds the highest mobile betting presence with 60% penetration. These numbers paint a clear picture of the market dynamics, legal landscape, payment methods, and cultural elements shaping Latin American sports betting in 2025.
21+ and present in participating jurisdictions. Gambling Problem? Call 1-800-GAMBLER.
Latin American Sports Betting Market Report
Sports betting revenue reached $6.73 billion across Latin America in 2023. Market projections show growth to $13.47 billion by 2030, with a 10.4% yearly increase.
Market Numbers 2024
Latin American regulated sports betting makes up 9.5% of worldwide betting volume. The region counts 9.5 million active bettors generating $3.19 billion in revenue. Online lottery adds another $1.21 billion, with players spending an average of $224.60.
Leading Sportsbooks
Major sportsbook operators in Latin America:
- William Hill
- Bet365
- Paddy Power Betfair
- Betsson
- The Stars Group
Colombia set the standard for regulated betting in 2016, drawing multiple operators to the market. Peru follows with 63 betting licenses issued under new regulations.
Popular Betting Options
Sports betting leads all categories at 49.47% market share. Brazilian players favor roulette games, with 80% choosing this casino option. Mobile gaming, particularly crash games, gains ground thanks to 80% smartphone usage across the region. Mobile betting apps continue attracting players who want quick, accessible wagering options.
21+ and present in participating jurisdictions. Gambling Problem? Call 1-800-GAMBLER.
Legal Sports Betting Markets Report
Legal sports betting revenue projections show regulated markets reaching $12.30 billion by 2028, up from $2.50 billion in 2024.
Market Revenue Breakdown
Brazil sports betting moves from gray market to regulated status, with $2.90 billion projected revenue for 2025. Tax rates vary across markets:
- Brazil: 12% GGR tax, potential rise to 26.5%
- Peru: 12% GGR tax
- Mexico: 30% GGR tax plus 1% turnover
- Colombia: 15% GGR tax
Market Access Challenges
Operators face unique requirements in each jurisdiction. Argentina splits regulation across 16 provinces, though rules stay mostly consistent. Sportsbooks must meet local compliance standards to serve each market.
Payment processing creates hurdles for operators. Markets use different banking methods, with limited digital options in some areas. Colombia started with cash-only deposits at physical locations.
Unlicensed betting continues despite regulation. Brazil’s $30 million licensing fee pushes some operators underground. Most countries avoid prosecuting players using unlicensed sites, making enforcement difficult.
21+ and present in participating jurisdictions. Gambling Problem? Call 1-800-GAMBLER.
Sports Betting Payment Methods
Sports betting operators adapt to new payment rules across Latin American markets. Sportsbooks face strict licensing requirements and banking regulations to maintain market access.
Banking Rules
Brazil blocks credit card deposits for sports betting transactions. Sportsbooks must use approved payment channels instead of standard banking options. Peru sportsbooks need special approval for credit card betting deposits.
Crypto Betting Growth
Latin American bettors processed $415 billion in crypto transactions from July 2023 through June 2024. Brazil and Argentina each handle $90 billion in crypto volume. Stablecoins make up 70% of Brazil’s exchange flows.
Local Payment Options
Alternative payments reach 40% of digital betting volume. Players use market-specific deposit methods:
PIX transfers lead Brazilian deposits, while Mexican bettors prefer OXXO cash payments. Colombian players choose PSE bank transfers, and PagoEfectivo serves Peru’s market.
Digital wallet betting grows 20% yearly, targeting $70 billion by 2025. Cash deposits drop to 7% of total volume.
21+ and present in participating jurisdictions. Gambling Problem? Call 1-800-GAMBLER.
Sports Betting Culture Report
Sports betting leads casino gaming across Latin American markets.
Popular Sports Markets
Soccer betting dominates Brazil, with 81% of players choosing soccer markets. Other popular betting options include:
- Brazilian volleyball and basketball leagues
- MMA and jiu-jitsu events
- Racing and tennis matches
Player data shows 77% male bettors, with 54% between ages 18-34. Female bettors make up 15-25% of players, focusing on tennis, basketball and horse racing markets.
Social Gaming Numbers
Social casino revenue targets $500 million by 2025. Mobile apps drive growth with 75% smartphone coverage in urban areas running 4G networks.
Bingo and lottery games keep strong player bases. Simple rules and social elements attract new players to these traditional options.
Urban areas house 71% of players. Sports passion meets social gaming habits across Latin America, creating unique betting patterns. Players blend old favorites with new mobile options.
21+ and present in participating jurisdictions. Gambling Problem? Call 1-800-GAMBLER.
Latin American Market Outlook
Latin American sports betting numbers point to $54 billion market value by 2026. Mobile betting growth and new regulations drive market expansion across the region.
Brazil moves from gray market to regulated status while Colombia’s framework sets regional standards. Payment options expand as crypto betting hits $415 billion and alternative payments reach 40% of transactions.
Soccer betting leads Brazilian markets with 81% player share. Social casino games target $500 million by 2025. Colombia tops regional participation at 68% while other markets grow steadily.
Market fundamentals support continued growth through 2025. Sportsbooks adapting to local preferences while meeting compliance requirements find success in Latin American markets.
21+ and present in participating jurisdictions. Gambling Problem? Call 1-800-GAMBLER.
FAQs
Q1. What is the projected size of the online gambling market in Latin America by 2026?
The online gambling market in Latin America is projected to reach $54 billion by 2026, showing a significant growth from $21 billion in 2023.
Q2. Which country leads the online gambling market in Latin America?
Colombia currently leads the market with 68% of its population engaging in betting activities, while other countries in the region are steadily increasing their participation rates.
Q3. How are payment methods evolving in Latin America’s online gambling sector?
Payment methods are diversifying, with cryptocurrency transactions reaching $415 billion and alternative payment methods accounting for 40% of digital commerce. Digital wallets are also showing remarkable growth.
Q4. What are the most popular types of online gambling in Latin America?
Sports betting, particularly football betting, is the most popular form of online gambling in Latin America. Social casino gaming and traditional games like bingo and lottery-style activities are also gaining traction.
Q5. How is regulation affecting the online gambling market in Latin America?
Regulatory frameworks are maturing across the region, with countries like Colombia and Brazil leading the way. This evolution is creating a more structured environment for operators, although challenges remain in terms of cross-border operations and taxation.
