According to SOFTSWISS, the rising confidence in the LatAm iGaming market can be attributed to several key factors. These include the growing acceptance of gambling regulations, cultural values, and the increasing popularity of sports betting in the region.
In its market overview of the LatAm region, SOFTSWISS has identified several important findings regarding the growth prospects of the iGaming industry in the area.
Regulation has emerged as a significant force shaping the LatAm iGaming landscape, with countries like Colombia, Argentina, and Mexico implementing regulatory frameworks and guidelines.
The historical significance of gambling in LatAm countries also plays a crucial role, with Mexico’s gambling history dating back to the Aztec empire and Brazil being known for the popular lottery game ‘Jogo do Bicho.’ This historical interest in gambling showcases the local enthusiasm for gaming.
Lotteries and horse races are preferred in countries such as Chile, Peru, and Argentina, indicating a receptive market that embraces gaming and innovative experiences.
Other factors contributing to the growth potential of iGaming in LatAm include high digitalization, a growing middle class, and a vibrant economy. Statista predicts that the online gambling market in the region will reach USD 3.4 billion by 2025.
To succeed in the LatAm market, operators need to consider the content preferences of the local audience. Sports betting is highly appreciated, while slots and table games are also popular. Surprisingly, ‘fish games’ have gained rapid popularity in LatAm, providing an opportunity for operators to integrate with fish game providers and tap into this emerging trend.
However, the LatAm iGaming market presents challenges in terms of payment processing due to complex financial regulations and limited access to traditional banking services in many countries.
Despite these challenges, the region offers ample opportunities for operators willing to invest. SOFTSWISS, with its experience and expertise in the region, is well-equipped to help operators navigate the unique challenges and opportunities in the LatAm market.
To learn more about the LatAm iGaming market, SOFTSWISS recommends exploring its research. Additionally, SOFTSWISS experts will be available at the SiGMA Americas event in São Paulo, Brazil, from 14th to 18th June, where attendees can explore the company’s innovative software solutions at stand D80.