Vixio: LatAm iGaming Market To Increase 400% In The Next Four Years

The regulated online gambling market in Latin America is on track for rapid expansion, with projections indicating a leap from $2.5 billion in 2024 to $12.3 billion by 2028. This fivefold increase is highlighted in a new report by Vixio, a regulatory and compliance intelligence agency for the iGaming and payments sectors.

Over the past decade, several LatAm nations have adopted regulatory frameworks for online sports betting and casino games, transforming the region into a key player in the global iGaming industry.

Countries with established systems include:

• Colombia

• Panama

• Peru

• Argentina

Others are moving in the same direction, with Brazil anticipated to be the primary driver of growth.

The launch of Brazil’s federal "Bets" market in 2025 is expected to significantly boost its industry, which currently operates in a grey area. Federal licenses have already attracted 114 applications.

Brazil’s projected market impact:

• $2.9 billion in gross gaming revenue (GGR) in 2025 (nearly half of the region’s regulated market)

• $6.3 billion by 2028 (over 50% of Latin America’s total)

• Taxation: 12% general income tax on GGR, with potential increases to 26.5%

Beyond Brazil, other nations are also contributing to the region’s growth.

Other LatAm market forecasts:

• Mexico: over $2 billion by 2028 (up from $1.3 billion in 2024)

• Colombia: surpassing $1 billion during the same period

• Peru: $436 million in 2025, over $850 million by 2028 (118 licenses issued to 63 operators)

• Argentina & Chile: emerging markets, with Argentina weighing advertising bans and Chile planning a new licensing framework by 2025

Conclusion
Latin America’s online gambling sector is entering a transformative phase, fueled by Brazil’s upcoming regulated market and steady growth across Mexico, Colombia, and Peru. While opportunities are vast, evolving tax structures and regulatory hurdles underscore the importance of strategic adaptation for operators aiming to succeed in this dynamic region.