This projection highlights the transformative developments in Latin America, where countries like Colombia, Panama, Peru, and Argentina have implemented regulatory frameworks
The regulated online gambling market in Latin America is set to experience unprecedented growth, expanding from $2.5bn in 2024 to $12.3bn by 2028, according to Vixio’s latest Latin America Outlook Report.
This projection highlights the transformative developments in Latin America, where countries like Colombia, Panama, Peru, and Argentina have implemented regulatory frameworks, transitioning the region from an emerging market to a robust, regulated online gambling sector.
The Role of Brazil in LatAm’s Growth
Vixio identifies Brazil’s Bets framework as a pivotal factor in the region’s growth. With 114 applications for federal online gambling licenses, Brazil’s gross gaming revenue (GGR) is expected to reach $2.9bn in 2025, accounting for 47% of Latin America’s regulated market. By 2028, Brazil’s GGR is projected to grow to $6.3bn, representing over half of the region’s total revenue.
Despite its promising forecasts, the market faces challenges from a 12% general income tax on GGR and potential tax hikes from new levies, including the Goods and Services Tax (IBS) and Goods and Services Contribution (CBS), which could increase the tax burden by up to 26.5%.
Beyond Brazil: Regional Highlights
Vixio’s report also emphasizes growth across other key markets:
- Mexico: The market is forecast to grow from $1.3bn in 2024 to over $2bn by 2028, despite facing regulatory challenges tied to land-based operator licenses and disputes over online gaming restrictions.
- Colombia: The market is expected to surpass $1bn in revenue by 2028, continuing its trajectory as a mature regulated market.
- Peru: Following the launch of its regulated market, Peru is projected to generate $436m in 2025 and exceed $850m by 2028, supported by the recent issuance of 118 licenses to 63 operators.
- Challenges and Opportunities in LatAm
While the region’s growth potential is undeniable, Vixio cautions stakeholders about shifting regulatory dynamics:
- Argentina faces potential advertising bans.
- Brazil continues to grapple with regulatory challenges and Supreme Court decisions.
- Chile is expected to introduce new licensing frameworks by 2025, presenting both opportunities and uncertainties.