iGaming in Latin America Could Be Bigger than the U.S.

One could argue that Latin America is late to the iGaming party. There are many reasons for this, and they are being addressed. The industry is growing rapidly in South America, creating a huge market with major players looking for the best online casino

Although the U.S. had a slow start due to state and federal laws banning gambling, these have been partially repealed. The country has seen tremendous growth, but it still might fall behind that of Latin America.

The Variable

Latin America’s inability to access iGaming, which includes sports betting and casinos, is the main reason why it has only recently discovered this market. Access to the internet was limited for a long time due to the high prices of laptops and desktops. 

Many people couldn’t afford a computer. The mobile phone revolution saved the day. In Latin America, most people have a smartphone and can access the internet and the iGaming Market.

The Numbers

Latin America has a much larger population than the United States, with 664 million people living in 2020. This compares to 331,002,651 Americans in the same year. Latin America has twice the potential for iGaming, so it is logically more attractive. 

The local population discovered internet-based gaming through their mobile phones. In December 2021, 422 million people signed up to play a variety of online games in Latin America. On average, they spend an hour per day playing their favorite games.

The Legislation

The U.S. saw a huge change in legislation that led to the boom of online gambling. The decision-making process for the most popular online gambling sectors, including casinos and sports betting, was transferred to the state level in 2017. 

Although not all states have legalized gambling, the ones that did see huge growth, similar results can be found in Latin America. Brazil and Ecuador are staunchly against this type of entertainment, and they only allow the state lottery to be legalized. However, this is changing, and legislation is being considered to introduce online casinos and additional sports betting options. 

Argentina, Peru, and Chile, however, have legalized gambling and have seen a huge financial benefit in the form of taxation. It contributes well over $3.4 billion annually to the countries.

The Reign of Soccer

Sports betting is legalized in many countries. This results in a rush by sports fans to place bets on their favorite teams. It’s no surprise that soccer is one of Latin America’s most loved sports. 

This makes it one of the most lucrative gambling markets. The platforms offer a variety of sports bets, which is why there seems to be no shortage of Latin Americans who enjoy this form of entertainment.

The Casinos

Online casinos are experiencing tremendous growth. This is due to legislative changes, technology access, and other factors. According to predictions, the industry will see one billion new players in the next ten-year period. 

However, a large portion of these new players will be from Latin America as technology becomes cheaper. The uptake is greater among younger players, and the number will increase as they reach the legal gambling age. This generation was born with a mobile phone in their hands and enjoyed the possibilities and the opportunities they provided.

The Bonuses

Some people join casino sites to win bonuses. There are many welcome bonuses available at most online gaming sites for sports betting and casino fans in 2022. These bonuses can be used without a deposit.

To claim free spins, you don’t have to link your credit card with a gambling site. You only need a free account. There are no small deposit offers. It is, therefore, necessary to deposit money in order to receive larger rewards.

Online casinos offer many rewards to their customers. Reload bonuses are available every week, depending on which site you’re playing at. For your parlay sports wagers, you could be eligible for VIP rewards or cash back options.

All of these options make iGaming attractive. Latin America has a leg up on the U.S. when it comes to legalized online casinos. It has the potential to experience substantially quicker growth as a result.

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