Online Gambling: How Popular is it in Latin America?
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Gambling, for the most part, has always been a huge business. Then, when the Internet came along, things got much better for the gambling industry and now there are more innovations and improvements than ever before. When it comes to the different gambling markets around the world, there are a number of notable distinctions, and usually everyone focuses on the leading jurisdictions in terms of revenue and market. We are going to buck this trend and take a look at the gambling market in Latin America.
The gambling market in Latin America is one of the fastest growing markets in the world, and gambling companies are well aware of the lucrative opportunities. Not all countries in South America are as open to online gambling as each other, but given the gambling laws in places such as Asia and North America, many consider the South American gambling market to be one of the best places to gamble, after Europe.
One of the main things that makes Latin America really hard for gambling companies to ignore is the huge population of adults that are of the legal age to gamble. As of the year 2020, there were more than 300 million adults in South America that are allowed to gamble, and a large chunk of these people do enjoy playing casino games and partaking in other types of online gambling. To say that online gambling is popular in South America seems like a huge understatement to us.
Improve Technology is Helping the Growth
The huge adult population of gambling age is just one part of the puzzle. The growth of online gambling in a region is obviously dependent on the technological infrastructure of the region. After all, it is technology that allows consumers to access any of the gambling services that different iGaming operators are offering. As more and more people in Latin America get access to the Internet and smartphones, it stands to reason that the number of people gambling online will continue to increase.
South American Online Gambling Laws
The gambling laws in South American countries vary from one country to the other. For example, some, such as Colombia, are happy to allow online gambling with few restrictions, while others are less generous when it comes to online gambling. However, with billions of dollars being gambled each year, some of these less flexible countries are starting to become more lenient.
For example, the Chilean market is starting to boom because although they have not officially licensed any online casinos, like Argentina has, they are more than happy to allow their citizens to gamble at offshore casinos so that they can get their gambling fix. Nowadays, there are a number of online casinos that are more than happy to accept players from Chile and there are plenty of online casino comparison sites for Chileans, such as sites like this one, that help the people of Chile find the best online casinos for them.
Offshore Casinos for Latin American Players
For those in South America who cannot access any local online casinos, playing at online casinos that are based outside their country of residence is obviously their best option when it comes to getting their gambling fix. However, it is important to stick to online casinos that are registered with reputable gambling regulators such as the United Kingdom Gambling Commission, the Malta Gaming Authority and the Curacao Gaming Control Board. By gambling at online betting sites that have been regulated by gambling regulators such as these, South American gamblers, can ensure that they are gambling at a safe site. This is something that all gamblers should pay attention to, not just those in South America.
Even those gamblers who live in South American countries that have restrictions on offshore gambling do not have to worry that much since the governments of these countries have better things to be doing than hunting those who are gambling online illegally. They also do not bother to blacklist online casinos, like other countries around the world often do. Due to the fact that South American governments do not blacklist casinos, South American players do not have to mask their identities or locations, meaning that there is no need for VPNs or proxies.
The majority of online casinos and sports betting sites that accept the rising number of South American players will offer their gameplay in Portuguese or Spanish, but more often than not they will not accept the currency of South American countries. For this reason, the majority of South American gamblers play using US dollars, meaning that they will be subjected to conversion fees, which can get quite high at times.
Bonuses and promotions are an important part of online gambling, and South American players are not left behind. Online casinos that have delved into the Latin America market are usually more than happy to offer South American gamblers a variety of great welcome bonuses and regular promotions. South Americans, and gamblers from anywhere else in the world, should make it a habit of reading the terms and conditions that apply before they go ahead and claim a bonus or promotion.
Some Final Words
With the right type of assistance and some strong business structures, South America’s gambling scene is destined to prosper even more than it is now. The market is accelerating with each passing year, and those regional, local, and global companies that have set up shop on the continent already are just the start. If this upward trend carries on as it is, we will not be too surprised to rank as one of the biggest gambling hubs in the world.
