South America Online Gambling Market Outlook, 2028

South America Online Gambling Market Outlook, 2028

South America is a promising market for the online gambling industry. Markets that have already chosen to regulate online casinos and sports books are seeing consistent growth in the sector, and countries with favourable regulations on the horizon are expecting extraordinary levels of growth in the near future. Argentina has the largest market share in South America's online gambling market, with a population of nearly 45 million people. Argentina is South America's fourth-largest country and second-largest economy. Online gambling is regulated at the provincial level, with operators only permitted to serve residents of their province. South America has long been on the radar of online gambling investors. It's a massive market, with millions of people all over the region interested in betting on sports and playing online casino games. The ease of access to offshore gambling sites is the primary driver of South American interest in online gambling. Many of these companies are licenced in South American countries like Panama, Costa Rica, and Curacao. They provide exceptional safety and service. Importantly, these operators have a reputation for dependability. People no longer have any reason to avoid them.

According to the research report, “South America Online Gambling Market Outlook, 2028” published by Bonafide Research, the market is anticipated to grow at a 14.41% CAGR between 2023-2028. South America's online gambling market is expanding rapidly as people flock to online gambling sites because there is something for everyone. It doesn't matter if people like soccer betting, video game competitions, or bingo. If people want to play it online, there is a website where they can buy it. The best part is that many gambling establishments provide all of these wagering options on a single website. On the same app, users can play slots, participate in a poker tournament, and bet on sports. Over the last 15 years, millions of people in South America have used mobile phones to access the internet. Notably, mobile technology has advanced to the point where a low-cost Android handset can run hundreds of sophisticated games. People who use their smartphones for entertainment do not need to look for a desktop computer to play slots or place soccer bets; all they need is their smartphone. South America holds a lot of promise for the online gambling industry. Markets have already chosen to regulate online casinos, and sports betting is growing steadily.

Brazil is South America's second-largest online gambling market, trailing only Argentina. Brazilians are famously passionate about football, and that passion definitely translates into a love of betting. Another important feature of the market is its sheer size; the population exceeds 200 million. Furthermore, more than half of Brazilians have access to mobile phones. Sports betting is the most popular online gambling game among Brazilians. Brazilians' enthusiasm for sports betting is not limited to football. Horse racing betting is also popular, followed by mixed martial arts and basketball. There is a slight difference in payment systems because the law prohibits the use of credit and debit cards for gambling transactions. Brazilian online casino operators can forget about this issue thanks to Moneygrator, which allows you to add multiple payment methods to gambling sites with a single click, such as electronic money, vouchers, mobile money, cryptocurrencies, and so on.

Argentina's regulatory system is still far from ideal, but the market's positive trend is continuing. Regulation is carried out at the provincial level, with each province having the authority to make its own decisions regarding casinos and online gambling. Licensed operators are only allowed to accept residents of the province in which they have a permit. More than 15 provinces have already legalised online gambling, including the metropolitan province of Buenos Aires, which is home to more than a third of the country's population. This province's regulatory body allowed partnership agreements between local and foreign companies in 2021. Argentines enjoy playing the lottery. National Quiniela, Quiniela Cordoba, Provincial Quiniela, and so on—the lotteries differ by province because they must be authorised by local governments. Furthermore, Argentinians enjoy bingo and horse racing, and sports betting is popular for games such as football, basketball, and tennis.

According to the report, the South American market is divided into gaming type, such as sports betting, casinos, poker, bingo, and lottery. Sports betting is one of them, and it will have a larger market share in 2022. Where the poker segment is expected to grow at a significant CAGR by 2028. Customers are increasingly interested in online gambling services. As more people in South America gain access to the internet and mobile devices, they are increasingly turning to online gambling as a form of entertainment. Many South American countries have recently legalised and regulated online gambling, creating a more favourable environment for both operators and players. This has created new opportunities for online gambling companies to expand into these markets. The popularity of sports such as soccer and basketball is driving significant growth in the South American online gambling industry. As a result, there has been an increase in investment in online sports betting platforms and services. Based on device type, the market is segmented into mobile devices (phones and tablets) and desktop. During the forecast period the mobile device are expected to gain the maximum market share of online gambling market of South America.

Start-ups Scenario in South America:
• Betmotion: Based in Brazil, Betmotion is a popular online sports betting and casino platform. The company offers a wide range of betting options and casino games, and has a strong presence in the Brazilian market.
• Rush Street Interactive: This U.S.-based company has expanded into the South American market, offering online sports betting and casino games in countries such as Colombia and Argentina.
• Suaposta: Based in Brazil, Suaposta is a start-up that focuses on horse race betting. The company allows users to place bets on horse races from around the world, and offers a user-friendly online platform.
• BetCris: Headquartered in Costa Rica, BetCris is a leading online sports betting platform that operates in several South American countries. The company offers a wide range of betting options and has a strong reputation for customer service.
• Playbonds: Based in Uruguay, Playbonds is an online casino and bingo platform that has been in operation since 2011. The company offers a variety of casino games, including slots, table games, and live dealer games.

Considered in this report
• Geography: South America
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• South America Online Gambling market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:
• Brazil
• Argentina

By Gaming Type:
• Sports Betting
• Casinos
• Poker
• Bingo
• Lottery
• Others

By Device Type:
• Mobile Devices (phones and tablets)
• Desktop

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Online Gambling industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.