In recent years Latin America has seen a huge increase in the gaming market. This trend is ongoing, and it's directly related to an increase in the smartphone market. Given that PC and console prices are still prohibitive for most of the population, more and more people are buying mobile and handheld devices.
Since the tech world is interconnected, this surge in mobile purchases has also impacted the online gaming market. Currently, Latin America has almost 422 million registered online players.
This market is constantly growing and all of these numbers are set to increase, especially due to falling smartphone prices. The number of companies activating in the gaming market is also increasing and a lot of them are setting their eyes on winning over the Latin American audience.
The Growth of Gaming in Latin America
As mentioned, the availability and accessibility of smartphones are making it easy and convenient for people all over the world to play mobile games. The same applies to people living in Latin America. The advent of cheap smartphones that are affordable to anyone, regardless of social status, has caused a boom in gamers from South American countries.
Many developers and distributors are starting to take aim at this new market and here are some of the stats and information that back it up:
- The main reason for Latin Americans to opt for gaming has been solely for entertainment purposes. Data shows that more players are looking to access competitive gaming.
- Statistics say that around 66% of Latin Americans enjoy gaming daily and around 44% of them play for at least an hour every single day.
- 70% of the gaming public have said that they fully trust mobile gaming and the big companies on the market.
- Nearly 87% of surveyed gamers stated that they are willing to pay money in order to skip an ad or for any other bonuses that they can receive in-game.
Most Latin America citizens play games solely for entertainment purposes.
What About the Gambling Market
Due to high player demand for high-quality gameplay, top-of-the-line graphics, and engaging environments, gaming and gambling have almost become synonymous. Just like with gaming, the gambling market is also seeing a huge increase in player numbers. Big companies are looking to expand their reach into Latin America and ensure they grab a piece of the pie. A big number of Latin American players are joining the gambling world, especially online.
There are many casino games to choose from, but one of the most popular are online slot games, a game that is easily accessed, quick and has different varieties. In comparison to other casino games, slot providers also offer players a range of bonuses to use when testing out online slots, such as free spins winkslots, a promotion that allows new players free spins when they sign up to the site.
As far as legality goes it all depends on the country, here is a quick rundown:
- Brazil still has some very outdated laws and the only permitted gambling is the one operated by a government entity called Caixa Economica Federal. Lawmakers are starting to see the income potential and are working on bills to open up the market.
- Argentina on the other hand allows any form of gambling to operate in their country. However, states can have their own legislation so new licenses are dependent on the area where they want to operate.
- Uruguay also has some very large casinos which have increased tourism in the country in recent years. Provinces are also free to regulate their gambling laws and the industry in the country is worth more than $100 million per year.
- Mexico is already one of the biggest tourist destinations in the world and they can boast about having over 300 land-based casinos. The online market though is not regulated so players have very little protection.
- Colombia is another country that outlaws any form of gambling, including lottery games and sports betting. Still, in 2020 the government began opening up to online operators and soon enough some of the big players will be entering the market.
The gambling laws differ in each country of Latin America.
If you have been paying attention to the gambling market you are well aware that countries like the US and UK have very strict gambling laws. But the gambling market in the US is slowly transitioning to online gambling as the main avenue, due to strict laws and taxes when it comes to land-based casinos.
What the Future Holds
Gaming and gambling are seeing a huge uptick all over the world and this trend will be reaching Latin America in the coming years. New companies are popping up all over the place creating competition that will be beneficial to the entire industry in the long run.
From a legal standpoint the relaxation of laws will differ depending on what country we are talking about. All in all, the future seems bright given that many countries, that had completely outlawed gambling in the past, are starting to see the tax benefits that gambling can bring to the economy.
Conclusion
If you enjoy gambling trips all over the globe, countries in Latin America should definitely be on your radar for the foreseeable future. The entire region will definitely see huge increases in tourism in the coming years, most of it related to the relaxation of gambling laws.