Brazil has for very understandable reasons captivated industry attention throughout 2025 following market launch at the start of the year, and amid all this hype it’s easy to overlook some of Latin America’s other leading prospects.

GR8 Tech, an international tech firm active across multiple betting and gaming markets, has published a report examining six key Latin American markets. While it acknowledged that Brazil is by far the biggest, with annual gross revenue expected to hit $10bn, it is far from the only opportunity.

Argentina, Chile, Colombia, Paraguay, Peru, and Uruguay are all highlighted as key potential markets, though each of course has its own dynamics and in many cases challenges to address – Peru’s tax regime has been met with industry criticism, for example.

“LatAm is one of the iGaming industry’s most dynamic regions, but treating it as a monolith is a costly mistake. While Brazil dominates headlines, markets like Argentina, Colombia, and Chile are carving their own paths,” said Yevhen Krazhan, CSO at GR8 Tech.

“Our team designed this report to highlight the features, nuances, and opportunities of the top six markets and help operators make informed decisions based on data.”

Crunching numbers and reviewing regulations

When looking at new markets, a good place to start is looking at the numbers – how big a market actually is. Of the six markets analysed by GR8 Tech, Argentina has the most gaming revenue, standing at US$3.92bn in 2024.

This is followed by Colombia at $2.3bn, Uruguay at $1.46bn, Peru at $1.35bn and Chile at $1.28bn. However, while Argentina may be the biggest, this doesn’t necessarily mean that it is the best, as there is another factor to consider – regulation.

Columbia stands out as the first country in Latin America to legalise iGaming and is widely regarded as having one of the most proven and stable regulatory regimes in the Latin American betting industry.

The report highlights clearly defined taxation rules and single iGaming licences covering online sports betting, virtual sports, poker, bingo and fantasy games. The majority of iGaming activity also takes place onshore.

In contrast, while Argentina’s market clearly has a lot of value, the report highlights that it has a ‘mosaic’ of regulations which can make business difficult. Argentina’s regulatory framework is spread across the 23 provinces and the City of Buenos Aires, making it a more fragmented market than Colombia.

Interestingly, Peru is also highlighted as having a very comprehensive and transparent regulatory system for both land-based and online operations. However, as noted above, the taxation concerns are present here, with the market very dissatisfied with the 1% consumption tax.

In Chile, meanwhile, gambling is unregulated and technically illegal, with only state-authorised firms able to operate the National lottery, casinos and betting at racetracks. There is still potential though, with Bill No 14,836 moving through Congress – albeit slowly.

The last market to consider is Paraguay, a much smaller one than the likes of Brazil, Colombia and Argentina but still a nation where GR8 Tech believes the betting industry has some prospects as the market begins to transition from a monopoly to a multi-licence one for land-based and online casinos and sports betting.

As the Brazilian market continues to mature and saturate, with hundreds of companies now duking it out for share in the country, international firms’ attention may be increasingly drawn to the six markets discussed above. The increasing likelihood of Brazil putting tax rates up may make this prospect even more likely.