iGaming insights to thrive in LATAM 

There is no denying the fact that Latin America has massive potential. The region is becoming quite the talk in the iGaming sector and developing as an increasingly attractive prospect, thanks to an availability of customers that has yet to be reached, along with the fact that a number of countries, including Colombia, Peru, Argentina, Mexico, Uruguay, and Brazil have shown signs that their iGaming markets are growing. Adding to this potential are not only the legislative landmarks under Brazil's belt but also the prospect of soon legalizing sports betting, Brazil may quickly surpass all other countries as the world's largest market for sports betting.

Despite the great potential and progress of the countries mentioned above, setting up and being in business in LATAM is far from straightforward, as the region is vast with various markets. Businesses wanting to enter LATAM will need to have all the right ingredients, as this region is far too diverse to take a standard global approach. Thorough knowledge and understanding of the right content and solutions are required in LATAM to successfully reach and engage each country and player. 

Thanks to Uplatform's extensive data and hands-on experience across LATAM, our expert team has compiled this insightful guide with the vital information operators interested in entering the region should know.

Offer mobile-friendly solutions

Smartphones have led to massive growth in Latin America's iGaming industry. In 2020, Statista reported that 80 % of Brazilians owned smartphones, and expected to rise to 88% by 2025. Argentina and Chile had 70% adoption rates, respectively. Mobile devices are increasingly in demand in these countries since most people cannot afford PCs and consoles. Argentinean statistics from 20 indicate that 48% of households have access to the internet via a computer. Among Colombians, the rate is 44.8%, and for Brazilians, it is 38.7%.

In LATAM, light web versions, mobile apps, and mobile web versions are essential due to the high penetration of mobile internet and the low percentage of households with access to PCs. Fortunately, Uplatform offers all of them, along with SMS and Telegram betting, for operators looking to enter the LATAM market.

Localized offering

Latin America is one of the most diverse regions in the world, with 20 countries and 13 dependencies. Spanish and Portuguese are the predominant languages in most of these countries. However, there is also more diversity when considering parts of the region that speak English and Dutch. If you intend to enter these specific regions, you should tailor your project to meet these essential aspects. 

Localization includes more than just languages; it also involves local sports, leagues, and betting preferences. Considering Latin Americans are some of the most passionate football fans in the world, it's no surprise that football is the most popular sport here. Over 67% of their bets are on football. Other than the World Cup, they enjoy the Champions League, Italian Serie A, English Premier League, and Spanish La Liga. It is interesting to note that interest levels in the last two are remarkably even.

There is more to LATAM sports fans than just following big football leagues. Localized content is crucial to winning over sports bettors in this part of the world. In Latin American countries, operators also need to ensure they cover their domestic leagues and football teams also. For that reason, Uplatform offers a regionally tailored offering that is comprehensive and ready to satisfy all LATAM players. Our content is strategically localized, and tailored to suit local populations' betting preferences, offering local favorites like horse racing, motorsport, tennis, and basketball. With more than 200+ sports in line, including such exclusives as the Brazilian Campeonato Pernambucano U20 league and Chilean Tercera Division, we cover all the sporting events LATAM bettors love.

It is also important to take into account the betting experiences. Latin American countries each have their own gambling culture. Latin American players, for example, have different betting habits than European players. Generally, operators can expect lower bets at a higher frequency. Having a variety of marketing tools can help increase players' engagement, including bonuses, cross-selling, and other features. iGaming Uplatform offers a special live zone with the possibility to hold multiple live bets - to follow 2,3,4 or more events simultaneously, which is very popular in LATAM. To keep LATAM betters engaged and entertained, we also offer Bet Constructor, Bet Builder, and a range of unique bet types.

Accommodating payment methods

The Latin American banking and payments statistics are quite different depending on the country and region. Brazil, for instance, lacks financial services like debit cards, credit cards, or even bank accounts for most adults residing in the north.

In contrast to countries like the US or Europe, Latin America does not have the same type of financial market access. The popularity of local institutions, payment networks, and fintech companies outweighs the popularity of traditional international institutions.

Mobile payments and digital wallets have become increasingly popular among consumers; although cash transactions still dominate the region, a high number of the unbanked population remains. Many Latin American countries have developed alternative payment methods for their citizens who do not have access to financial services through adaptation and innovation. Consequently, fintech, banks, and governments have embraced digital payments to improve the region's financial needs.

Betting experience and trust are improved through understanding the preferences of local bettors and offering payment options that are convenient for them in their own country. With the absence of traditional global banking institutions and the adoption of payment alternatives, Uplatform is well positioned to meet the needs of Latin American locals. In addition to electronic wallets, mobile payments, cash, e-currency exchangers, payment systems, cryptocurrency, and eVouchers, we provide various payment options. We also support many different payment processors such as Inovapay, Directa24, AstroPay, Pay4fun, Vcreditos, All4pay, and many others.

To meet the iGaming LATAM market's specific requirements and ensure businesses thrive across Latin America, Uplatform also provides a multifunctional agent scheme with a multilevel agent structure, in-depth reporting, and statistics giving businesses complete control of their operations.

Stay on top of the trends 

Based on a few trends, Esports in Latin America will likely grow rapidly in the coming years. There is a strong presence of Dota 2 teams, League of Legends teams, and Counter-Strike: Global Offensive (CS:GO) teams in the region. A team that wins internationally tends to grow its fan base and spread the news more quickly, and a growing ecosystem starts to blossom when sponsors and investors are attracted. This is what is slowly happening now in LATAM.

A play-in tournament for the League of Legends World Championship is being held in Mexico, along with several other tournaments. All of which can only serve as another diver in further popularizing Esports in the region.

Globally, Esports is already developing at a rate in many parts of the globe that rivals traditional sports. Latin America may not be a major esports market at the moment, however, with the expansion of local teams, steadily growing popularity, and the increase in tournaments in the region, the iGaming LATAM market is not one to be ignored. 

It is with great pride that Uplatform can state that we have been one of the providers that have been at the forefront of the Esports boom. Uplatform's impressive sportsbook allows businesses to profit in Latin America's growing Esports market. With our comprehensive sportsbook, LATAM esports fans can choose from a vast selection of esports. In addition to CS:GO, League of Legends, Dota 2, Rocket League, and other games, there are many others available as well. Including high-tier leagues, random matches, and covering numerous markets.

Get to know the laws

Legalizing, regulating, and taxing iGaming has become one of the main priorities of most South American governments in recent times. But to be sure you are within the law, you must be familiar with all local regulations.

Countries like Argentina and Uruguay are at the forefront of the efforts to enact sensible gambling laws that will boost the local economy while minimizing the negative effects of illegal betting.

On the other hand, Bolivia and Ecuador still follow rulemaking made over 100 years ago, usually by religious leaders, which has ravaged their gaming industries. Despite conservative opposition that resists change and maintains old methods, countries such as Brazil are bridging this gap by implementing legislation that modernizes the law.

The LATAM market presents many opportunities for businesses but also some challenges. However, sustainable success can be achieved through collaboration with a reliable and trusted partner with experience operating in Latin America like Uplatform. Backed by our hands-on experience and comprehensive data, we have strategically developed a proven range of effective solutions that deliver quality results.

Contact our professionals at Uplatform for expert advice on how to succeed in iGaming LATAM.