Latin America in 2022: opportunities for online casino operators
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Slotegrator has released a new overview of the iGaming market in Latin America. The emerging markets of Latin American have great potential. Mobile gambling is especially popular here. The online gambling policy and income of online casino operators differ by country. iGambling software developer and aggregator SloteGrator keeps an eye on the development of this market.
Brazil is the biggest gambling market in Latin America. New regulations were approved on May 10, 2022. Operators must pay a $4.4 million license fee and the validity period is 5 years. Brazilians are passionate about football and betting is popular. Betting on horse racing, mixed martial arts and basketball is also popular in Brazil.
Gambling in Mexico brings in about $300 million per year. Sports betting is the most popular form of gambling in the country. There is no specific legislation regarding it, but there are various legal interpretations. Online casino and sportsbook operators do not need to obtain an additional license.
Argentina's economy is the third largest in the continent. About 50 million people live in Argentina. More than 15 provinces have legalized online gambling. In 2021, Buenos Aires province will allow partnership agreements between local and foreign companies. Argentines love to play the lottery and bingo.
Colombia is the fourth largest economy and one of the largest gambling markets on the continent. More than half of its residents have access to mobile internet. In 2016, Colombia became the first in Latin America to regulate online gambling. The gambling tax is 15% of GGR and operators are required to pay a flat tax of $175,000.
Gambling was legalized in Panama in 1941. The State Council for the Control of Games is the national regulator of gambling activities in the country. Online platforms that target only foreigners are not taxed.
Costa Rica is a hub for foreign operators. Authorities do not issue licenses and prohibit transactions within the gambling industry with their citizens. Foreign companies may offer their services to citizens of other jurisdictions with a "data processing" license. Costa Rica has a lot of offshore casinos.
Belize is a popular destination for launching offshore companies. Gambling is regulated by the G gambling Control Commission. The annual license fee is only $10,000. However, the operator needs a deposit of half a million dollars.
Peru is a gray market for online gambling. All operators are internationally licensed. Peru's residents are more likely to bet on sports than play in online casinos. The Council of Ministers in Peru recently approved amendments to a bill to regulate online sports betting. Latin American markets are growing and developing every year.
