News Americas, NEW YORK, NY. 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 playing online casino games and betting on sports.
When it comes to legalization, Latin America was a bit late to the game. Of course, some countries like Costa Rica and Panama have had legal online gaming for over a decade. But many countries are only witnessing an onslaught of demand for iGaming.
Check out these 25 best gambling sites.
Anyway, here’s a look at online gambling in Latin America and why it’s growing so fast:
Where is online gambling legal in Latin America?
Online gambling is legal in a handful of Latin countries. Below are some of them:
Colombia legalized online gambling in 2016 – both sports betting and online casinos. Since then, the industry has grown tremendously, generating $19.6 million for the government in 2019. Like many sports-loving countries, the majority of Colombia’s online gambling revenue comes from sports betting.
In Argentina, the legalization of online gambling is a provincial matter. Fourteen of the country’s 24 jurisdictions allow mobile betting, with some also accepting online casinos. Statistically, iGaming is a $2.4 billion industry.
Latin America’s most populous nation legalized online gambling in 2018 after years of opposition. Licensing efforts are off to a slow start, but the industry is expected to surpass $1 billion in the next few years.
- Mexico, Paraguay and Peru
Mexico allows online gambling through land-based businesses. Because of this, many Mexicans prefer to bet in offshore casinos and sports books. The best Bitcoin casinos offer top-notch security, quality games, 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 approximately $4 million annually. Peru, by comparison, allows both electronic 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 over 400 gambling sites. Interestingly, these companies cannot offer their service to Costa Rican citizens.
Panama has somewhat similar laws. Hundreds of online casinos obtain their licenses in the country, but offer their services to foreigners. Investors incorporate their businesses in Panama because of 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 lacks a regulatory body that controls the industry accordingly. However, licensed operators do not accept Uruguayan citizens by law.
What is driving growth for iGaming in Latin America?
Online gaming is growing sporadically in Latin America. But what drives this growth?
Safe offshore gambling sites
The main reason there is a demand for online gambling in Latin America is the easy access to offshore gambling sites. No matter where you live, you can find a safe online casino or betting website.
Many of these companies are licensed within Latin America: Panama, Costa Rica or Curacao. They provide excellent security and quality services. Importantly, these operators have become reliable. People no longer have reason to avoid them.
Mobile support
Mobile penetration in Latin America has seen tens of millions of people gain access to the internet in the past 15 years. Importantly, mobile technology has also advanced so much that a cheap Android device supports hundreds of sophisticated games.
People who use smartphones for entertainment do not need to find a desktop computer to play electronic games 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 in online casinos located in any part of the world through crypto.
If you are not a big fan of Bitcoin, you can also use credit cards like Visa and MasterCard. Alternatively, you can deposit via PayPal, Google Pay, Skrill, EcoPayz or Neteller. In other words, Latin Americans are awash with offshore casino banking options.
That said, it’s in your best interest to learn more about a casino’s banking policies before becoming a customer. Learn about the minimum and maximum you can deposit. Find out about the fees you have to pay and the withdrawal speed. This way, you can compare and join the best sites.
Bonuses and free bets for everyone
For some, the main reason to join casino sites is to bet through bonuses. Fortunately, most gaming sites in 2024 have a host of welcome offers for both casino fans and sports bettors alike. The no deposit rewards are particularly attractive.
You do not need to link your credit card to the gambling site to claim free spins. All you need is a free account. Unfortunately, no deposit offer comes in small amounts. As such, it becomes necessary to deposit money in exchange for greater rewards.
Online casinos have many rewards for their customers, well, apart from welcome bonuses. Depending on the site, you can get reload bonuses every week. You may qualify for VIP rewards, cashback or bonus boosters on your sports bets.
Comprehensive betting markets
Another reason why people are accessing gambling sites in bulk is because there is something for everyone. It doesn’t matter if you like football betting, bingo video game competitions. If you can play it online, there is a site ready to offer the product.
The best part is that many gambling sites offer all these betting products on one platform. In the same application you can play electronic games, participate in a poker tournament and bet on sports. This adds convenience.
No need to join a dozen gambling sites. Find a site with your favorite games and sports and you’ll always have a game to play. Of course, no two sites are alike. This is why it is also essential to have alternative casinos and sportsbooks. This helps you take advantage of the best features of each site.
Read about the 3 best online casino sites in Latin America (newsamericasnow.com).
Save 50.0% on select ILOUYU products with promo code 50L8K5V7, through 9/20 while supplies last.
