iGaming Markets Slowly Rise in Latin America
There is an evident rise of iGaming markets in Latin America. Operators looking to target these markets will need to know more about the gambling regulations or how to adapt to the latest iGaming trends like the emergence of fiat and Bitcoin casino markets. It is also important for them to be familiar with what the local players are willing to make wagers with.
Brazil, Mexico, and Colombia are the three emerging markets in the region. However, each has its own legal challenges as well as gaming behavior to address in order to make the most of their potential to fully establish a solid gaming market.
The gambling regulations in Mexico are still in the works. These regulations can help to bring in more overseas operators. Currently, the government requires an operator to have land-based casinos before operators can open an online casino.
According to the proposed regulations, operators will need to apply for a 10-year license to have a casino run on Mexico-based servers or ones that have the .mx web domain. Local bettors will not have access to online casinos that has a .com domain.
Operators that can meet the proposed gambling regulations in Mexico will find it easy to draw in players. Many Mexican locals have been playing on unregulated online casinos. Locals enjoy slot games and another RNG type of games.
The Brazilian government, on another hand, keeps on trying to create an online gambling bill that will help it regulate the country’s gambling market. Due to many crises that the country kept facing, the bill was put on hold several times.
This is one of the country’s biggest missed opportunities since Brazil has the largest population than other Latin American territories. Many players are not satisfied with what the regulated market has to offer. Because of this, many are going to the unregulated market.
Brazilians have a large iGaming market. This is evident in the number of attendants in the Brazilian Gaming Congress in Sao Paulo in November 2016. Many Brazilian bettors have a good appetite for poker and bingo room.
The country’s market appetite for poker rooms is why Bodog opens its doors to Brazil and Mexico market. To make it easier for locals to play at Bodog, the company is taking in Bitcoin and other payment options.
Ed Pownall, the spokesman for Bodog, said:
“The LatAm region has long been seen as a growth area for the online gaming industry but we felt leading with poker was the best point of entry as we have made such a strong name for ourselves in this arena.”
Bodog, whose sister brand Bovada provides casino games and sports options, has been one of the solid gambling names in the industry since 1994. A progress from what Bitcoin in Brazil was like in 2015 will help prepare the country to embrace Bitcoin gambling.
The Latin American country is very strict with its regulated online gambling market. Taxes from casinos and the gambling market is one of the funding sources of the country’s health services. Recent regulations allow operators to run an online casino in the country. These operators will pay a tax of 15 to 17 percent of the company’s gross revenue.
Colombia has the third largest population in the Latin America territory and about half of them go online. The country’s market is leaning toward bingo games. CyberBingo has a good chance of drawing in Colombians to its bingo rooms since this betting site welcomes players from the country.