News Americas, NEW YORK, NY, Mon December 27, 2021: Latin America has been on the radar of online gambling investors for years. It is a huge market with millions of people who have shown interest in online casino games and sports betting.
When it comes to legalization, Latin America got into the game a bit late. Of course, some countries like Costa Rica and Panama have had legal online gambling for over a decade. But many countries are seeing an onslaught in iGaming demand.
Nonetheless, here’s a look at online gambling in Latin America and why it’s growing so rapidly:
Where is online gambling legal in Latin America?
Online gambling is legal in a handful of Latin countries. Here are some of them:
Colombia legalized online gambling in 2016, both sports betting and online casinos. Since then, the industry has grown significantly, generating $ 19.6 million for the government in 2019. Like many sports-loving countries, the bulk of Colombia’s online gambling revenue comes from sports betting.
In Argentina, the legalization of online gambling falls under provincial jurisdiction. Fourteen of the country’s 24 jurisdictions allow mobile betting, with some also accepting online casinos. Statistically, iGaming is an industry worth $ 2.4 billion.
The most populous country in Latin America legalized online gambling in 2018 after years of opposition. Licensing efforts have got off to a slow start, but the industry is expected to exceed $ 1 billion in the next few years.
- Mexico, Paraguay and Peru
Mexico allows online gambling through land-based businesses. For this reason, many Mexicans prefer to bet in offshore casinos and sports betting. The best Bitcoin casinos offer top-notch security, quality gaming, and convenient banking services. This makes offshore betting more attractive.
In Paraguay, most forms of online gambling are legal. However, the industry is relatively small and generates around $ 4 million per year. Peru, by comparison, allows slot machines and table games. But it bans racing, sports betting and lotto games.
As already mentioned, Costa Rica and Panama have been promoting online casinos for years. Costa Rica is home to more than 400 gambling sites. Interestingly, these companies cannot offer their services to the citizens of Costa Rica.
Panama has somewhat similar laws. Hundreds of online casinos acquire their licenses in the country but provide their services to foreigners. Investors incorporate their businesses in Panama because of its low taxes and licensing fees.
Like many countries in Latin America, Nicaragua allows almost all forms of online gambling. Uruguay has similar laws although it does not have a regulatory body that monitors the industry accordingly. However, licensed operators do not accept Uruguayan citizens by law.
What is driving the growth of iGaming in Latin America?
Online games are growing sporadically in Latin America. But what is driving this growth?
Secure gambling sites at sea
The main reason there is a demand for online gaming in Latin America is the easy access to offshore gaming sites. No matter where you live, you can find an online casino or a safe betting site.
Many of these companies are licensed in Latin America: Panama, Costa Rica or CuraÃ§ao. They offer great security and quality services. Above all, these operators have become trustworthy. People no longer have a reason to avoid them.
Mobile penetration in Latin America has seen tens of millions of people access the Internet over the past 15 years. It is important to note that mobile technology has also advanced so much that a cheap Android device supports hundreds of fancy games.
People who use smartphones for entertainment don’t need to find a desktop machine to play slots or bet on football. All they need is their smartphone. Of course, they should also choose a reliable mobile gaming website.
Fast and reliable payments
Gone are the days when you needed a bank account to deposit and withdraw money from online casinos. Today, you can deposit money at online casinos located in any part of the world using crypto.
If you are not a big fan of Bitcoin, you can also use credit cards like Visa and MasterCard. You can also make a deposit via PayPal, Google Pay, Skrill, EcoPayz or Neteller. In other words, Latin Americans are full of banking options at offshore casinos.
That being said, it is in your best interest to learn more about a casino’s banking policies before you become a customer. Find out about the minimum and maximum you can deposit. Learn about the fees you have to pay and the speed of withdrawal. This way you can compare and join the best sites.
Bonuses and free bets for all
For some, the main reason for joining casino sites is to bet with bonuses. Fortunately, most gaming sites in 2022 have a myriad of welcome offers for casino and sportsbook fans. No deposit bonuses are particularly attractive.
You don’t need to link your credit card to a gambling site to claim free spins. All you need is a free account. Unfortunately, the no deposit offers come in small amounts. As such, it becomes necessary to deposit money in exchange for larger rewards.
Online casinos offer many rewards to their customers in addition to welcome bonuses. According to the site, you can get reload bonuses every week. You could qualify for VIP rewards, cash back rewards or bonus boosters for your parlay sports betting.
Complete betting markets
Another reason people are flocking to gambling sites in droves is that there is something for everyone. It doesn’t matter if you like soccer betting, video game competitions, or bingo. If you can play it online, there is a site ready to provide the product.
The best part is that there are many gaming sites that offer all of these betting products on one platform. You can play slots, participate in a poker tournament and bet on sports on the same app. It adds convenience.
You don’t need to join a dozen gambling sites. Find a site with your favorite games and sports, and you will always have a game to play. Of course, no two sites are alike. This is why it is also essential to have casinos and alternative sports betting. It helps you take advantage of the best features of each site.