The increasing popularity of online gaming in South America is driving the technological development of the continent. With more people gaining access to the internet through Smartphones, online gaming has become one of the most known entertainment forms in several countries, such as Brazil, Colombia, and Chile.
The Scenario Behind The Online Casino Market Growth
The online gaming market is also pushing towards the development of online gambling. In particular, stats reveal that digital casinos are gaining larger space in the market thanks to technological enhancement and accessibility. Today, everyone can quickly find the best online casinos for Argentine or Brazilian players. Moreover, the leaderboard for online casino gaming shows that Brazil and Argentina have the highest number of regular casino players in the continent. Colombia, Peru, and Chile follow Brazil and Argentina in the top ranking.
What’s influencing the rapid growth of the online casino market in South America? Except for the technological improvements of recent years, the growth is influenced by several factors, including the legal scenario, local culture, and internet penetration. Due to cultural background, South American countries are keen on online gambling in various forms. After the US legalized online casinos, Latin American governments seem to follow the same policy. In February 2022, Brazil’s government voted to legalize online and real-world casinos. Peru prepared laws in 2022 to regulate online gambling and sportsbook sites. As you can see, these measures seek to earn from taxation on gambling incomes while legitimating the industry inside the country.
Another fundamental factor that facilitates the online casino market rise in South America is culture. Historically speaking, Spanish colonizers brought from Europe several gambling games that they used to play as free-time activities. South Americans formed their culture on this aspect, as well.
How The COVID-19 Pandemic Contributed To The Online Gambling Rise
Technological enhancements and culture aren’t the only factors that influence the rise of the digital gambling segment in the continent. The COVID-19 pandemic revolutionized the way many people spend their free time at home. Lockdowns also played a role in reshaping local economies into a more digital-oriented universe.
Meanwhile, the US was legalizing sports betting, which encouraged large companies to invest in the North American continent and the Latin American government to follow the US model. After the pandemic period, many countries had a shift in the government leadership, which opened the way to discussing the regulation of digital casinos. This process explains the rise of a new trend – the legalization of online gambling.
Consequently, the legalization of online gambling brought a new wind of interest in investing in South America for large gambling companies. As new casinos appear in Brazil, Argentina, Colombia, Peru, and many more countries, more daily players emerge from the online gambling scenario. Peru had 150,000 online bets per day in 2020 – a memorable record for the country and the continent.
Last But Not Least
As a final consideration, a solid online gambling industry in South America goes hand in hand with a drastic decline in taboos about gambling. Such old-fashioned taboos have been replaced by a new industry providing employment opportunities for people and tax revenue for the local government. Of course, the industry also provides a lot of entertainment for every player!