Brazil, Argentina, Mexico, Chile, Peru, and Colombia each present distinct iGaming opportunities in 2026. We map the regulatory status, market size, and key considerations.
Latin America has emerged as one of the most dynamic regions in global iGaming. Six countries in particular, Brazil, Argentina, Mexico, Chile, Peru, and Colombia, represent a combined addressable market of over 400 million people, with dramatically different regulatory frameworks, tax structures, and player demographics.
Brazil, The region's largest market
Brazil's regulated market, launched on 1 January 2025, is now in its second year of operation. With 65 licensed operators running 171 brands as of mid-2025, the market is establishing itself rapidly. However, an estimated 40-50% of the market still operates through unlicensed platforms. The government's GGR tax of 18% (raised from 12% in October 2025) and R$30 million licensing fee set a high entry bar.
Colombia, The template
Colombia was the first LatAm country to regulate online gambling, launching its framework in 2016. Coljuegos, the national gaming regulator, has issued over 20 online casino and betting licences. Colombia provides a mature, stable model that other LatAm countries are studying.
Mexico, Large but complex
Mexico has a large iGaming market but operates under a complex permit system administered by SEGOB. A full regulatory overhaul has been under discussion for years. Operators currently require a concession from an existing domestic permit holder, making direct market entry complex.
Chile, New regulation imminent
Chile's new government is expected to advance its online gambling regulation bill in 2026 after years of legislative delay. A 19% VAT applies in addition to other taxes, operators should model the economics carefully before committing resources.
Argentina, Province by province
Argentina regulates gambling at the provincial level. Buenos Aires Province and the City of Buenos Aires have active online gambling frameworks; other provinces are at varying stages. A unified national framework remains a long-term discussion rather than an imminent reality.
Peru and Colombia, Stable and growing
Peru has a functioning online gambling regime and represents a mid-size opportunity with relatively straightforward licensing compared to Brazil. Colombia continues to see steady market growth.
For operators building a LatAm strategy, the key variables are tax burden, licensing timeline, and payment infrastructure. Brazil's PIX instant payment system has significantly eased onboarding and transaction friction for licensed operators in the region's biggest market.