Unified strategies for a disparate region: Casino growth across Latin America

To understand each country, operators must engage with local nuances. A key starting point is how players get funds onto the site – and it varies. In Brazil, Pix, an instant payment platform, dominates, while in Mexico, debit cards and cash-based vouchers are more common.

Payment methods are important, but there are many challenges to consider, from regulation and politics to marketing and trends.

Below we examine major LatAm countries.

Historically gambling in Brazil has been subject to strong restrictions. As Fraga notes: “Land-based casinos have been forbidden for 80 years. So, for many, online casinos are new”.

With players lacking exposure to casino games, operators have typically leaned on traditional pastimes for growth. Fraga adds: “Betano sponsors the Brazilian League, the Brazilian Cup and the biggest Brazilian team”.

However, as knowledge of online gambling increases – with social media a vital conduit – Brazil is more than just a football-obsessed market.

Marketing strategies must be flexible. Operators will need to shift channels and reallocate budgets in response to trends and events, such as this summer’s World Cup. This flexibility extends to influencers, who feature heavily in Brazilian affiliate marketing. However, as regulations tighten, content must be closely monitored. Fraga points out that operators are now “jointly responsible for any bad advertising”.

Before 2024, online gambling was permitted, yet unregulated. Then the government introduced legislation to regulate the market, augmented by a wave of ordinances. The clearer, predictable rules mean that operators must meet legal, financial and responsible-gambling requirements.

Further to this, Fraga believes successful operators must have an open dialogue with the authorities. He states: “You must be aware of communications from the Secretariat of Prizes and Bets [SPA]. We’ve responded to queries within the same day, with all the relevant data.” The relationship should extend to “having a representative in contact with the SPA, guaranteeing compliance.”

In a country with more than 100 million Catholics and a surging population of evangelical Christians, gambling is viewed dimly in sections of society. Politicians across the spectrum weaponise this sentiment to gain popularity. Most notably President Lula argued for a blanket ban on iGaming, which the Brazilian Institute of Responsible Gaming (IBJR) strongly countered.

Owning the narrative is a priority for operators in Brazil, where Fraga observes “we are portrayed as villains”. There is an imperative to guard against misinformation, which could cement unfavourable attitudes. As such, Fraga suggests a proactive approach: “Often we respond to studies or research that publish incorrect numbers.”

But the numbers on the tables are indisputable: slots dominate, while crash games ascend. Of the top 10 games populating lobbies, eight are slots, but Spribe’s hit crash game Aviator sits top of the list. In May this year, 76% of genre content share was slots, but this is down from 88% in June 2025.

Atucha argues that, in Brazil, newer game types such as crash are readily embraced as there is no historic attachment to traditional games. Therefore, players look at legacy games and new variants with an open mind.

In addition, there is a burgeoning appetite for localised games. Evoplay released Caramelo Dog: Lucky Run, based on an internet sensation, which is infused with cultural references to create a deeper level of engagement.

Marketing strategies must be flexible. Operators will need to shift channels and reallocate budgets in response to trends and events, such as this summer’s World Cup. This flexibility extends to influencers, who feature heavily in Brazilian affiliate marketing. However, as regulations tighten, content must be closely monitored. Fraga points out that operators are now “jointly responsible for any bad advertising”.

In 2025 the gambling market expanded by 20% in Mexico, a country of more than 130 million people. This is particularly impressive amid the need for urgent updates to its regulatory framework – which mainly consists of laws passed in 1947.

Suppliers Pragmatic Play, and its subsidiary Reel Kingdom, dominate lobbies, with nine slots in the 10 most popular games. However, there is an indication that players are branching out from slots. In genre content share, live casino content went from 0.02% in June 2025 to 5.8% in May 2026. Over the same time period, slots declined from 93% to 82%.

For operators, Atucha argues, “the biggest challenge is outdated regulation that ties online licences to land-based operations.” New entrants typically need to obtain access through an existing land-based licence holder with online operating rights.

This approach presents risks. Atucha continues: “Since it’s an A1 licence, if one of the licensees has a problem, it may affect them all”. Those concerns have gained added relevance following licence suspensions of 13 Mexican casinos allegedly involved in money laundering activities.

While operators must strictly adhere to the 1947 framework, they should also monitor the active proposals to modernise gambling laws. This means preparing for near-term regulatory, licensing and sanctions reforms. With this complexity in mind, Fraga argues that “you cannot enter the market alone. You must find the right partners in Mexico.”

Caliente is a giant in the Mexican gambling market with an estimated 40% market share. The company’s logo can be seen on numerous clubs in Liga MX, Mexico’s top-flight football league. It has also become the sponsor of the CONCACAF Champions Cup.

As Caliente pursued traditional mass branding, Betxico focused on aggressive digital acquisition and local-market positioning. Reflecting on the newcomer’s rise, Atucha asserts that “Betxico entered a market completely dominated by Caliente… they kept on growing because they identified their niche.”

For Betxico, a major differentiator is their app, launched in partnership with Vibra Solutions. The scalable platform handles high traffic and real-time betting, while supporting compliance. Most crucially, it provides a seamless, mobile-first experience.

Suppliers Pragmatic Play, and its subsidiary Reel Kingdom, dominate lobbies, with nine slots in the 10 most popular games. However, there is an indication that players are branching out from slots. In genre content share, live casino content went from 0.02% in June 2025 to 5.8% in May 2026. Over the same time period, slots declined from 93% to 82%.

With a population of around 46 million and an estimated gross gambling win of just over $5 billion, Argentina is a huge market for betting operators.

The country’s regulatory framework is fragmented, with 23 provinces and the City of Buenos Aires each issuing unique licences. Provincial differences in market size are significant, meaning some jurisdictions are substantially more commercially attractive than others.

While the lack of federal gambling regulations may seem a barrier to entry for operators, provincial regulators have specialist knowledge about their territory. This localised oversight lends itself to bespoke frameworks and enforcement practices, which may result in long-term stability.

Depending on the province, it may be mandatory for international operators to find a local partner. In 2022 Bet365 opted for Pasteko S.A., a land-based bingo operator in Argentina. The timing coincided with the opening up of Buenos Aires, which accounts for around 40% of population, to betting operators.

As an early mover, Bet365 quickly established a dominant position with an estimated market share of 52%, according to H2 Gambling Capital. This was due to its strong sportsbook, global brand recognition and early licensing in Buenos Aires.

However, rivals have rapidly narrowed the gap as the market has matured. In 2025, Bet365’s estimated market share dipped to 25%, with Betsson at 20% and Betano and Bplay at 14%.

These ascendant operators focused on strategies that resonated with local players. This included targeted marketing, football sponsorships, preferred payment options and local customer support; while newly regulated provinces opened up.

Argentina has a long-established land-based casino sector, which has helped foster familiarity with traditional casino games. This is reflected in lobby presence where Aviator, the famous crash game from Spribe, places just tenth compared with first in Brazil and second in Mexico. Slots dominate the rest of the top 10, although Evolution’s live casino game Crazy Time takes the top spot.

For genre content share, slots dropped from 96% in June 2025 to 78% in May 2026. In the same time, live casino content surged from 0.02% to 10%. This suggests Argentinian players are becoming more exposed to new verticals.