Which LATAM Market Should Sportsbook Operators Enter Next?

Table of contents

• Top LATAM Markets for Sportsbook Expansion in 2027
• What Makes a LATAM Sportsbook Market Worth Entering?
• LATAM Sportsbook Markets at a Glance
• Which LATAM Markets Offer the Most Practical Opportunities for Sportsbook Expansion?
• Which LATAM Markets Should Operators Approach with Caution?
• Which LATAM Market Should Sportsbook Operators Enter Next?
• Turning a Market Opportunity into a Successful Launch

Key takeaways 

• Mexico, Argentina, Colombia and Peru offer different opportunities for sportsbook expansion, but their licensing arrangements, competitive environments and market-entry requirements vary considerably.

• Peru offers a relatively accessible licensing route, allowing foreign operators to apply directly, while Colombia provides an established regulatory framework in a mature and competitive market.

• Mexico and Argentina offer significant commercial potential, although market access can depend on local partnerships or approvals in individual jurisdictions.

• Brazil, Chile, Paraguay and Uruguay present substantial regulatory barriers, ranging from restrictions on new licences to prohibitions on commercial online betting.

• Market size alone is not enough to determine commercial attractiveness. Operators should also consider the cost of acquiring customers, time to first revenue, capital requirements and expected operating margins.

Top LATAM Markets for Sportsbook Expansion in 2027

For sportsbook operators looking to expand internationally, Latin America presents some exciting possibilities. Football is a huge part of everyday life, millions of potential customers are within reach, and several countries have established regulated betting markets. It's easy to see why operators are looking closely at the region.

 
With several markets competing for attention, the choice isn't always obvious. Would you be better off entering a large market with an established betting industry, or a smaller country where competition might be less intense? And how much should licensing costs, regulatory requirements and launch timelines influence that choice?

 
The answers aren't necessarily what you'd expect, because the biggest market isn't always the most attractive opportunity. So, let's explore the LATAM countries most worth considering in 2027, where operators should be more cautious, and what makes one market a better commercial fit than another.

 

What Makes a LATAM Sportsbook Market Worth Entering?

Before deciding which country deserves your attention, it's worth considering what makes a betting market commercially attractive in the first place. A large population and a passion for sport are certainly good starting points, but they tell us relatively little about how successful a sportsbook might be in a particular country. To understand the opportunity, operators need to look at what it would actually take to build a competitive business there.

 
One of the first questions is whether the operator can legally enter the market at all. Is the market open to new operators, and can foreign companies apply directly? The financial considerations are equally important. Licensing fees, gambling taxes, marketing spend, and ongoing compliance costs can substantially change a market's commercial appeal.

 
Operators also need to consider whether their sportsbook can accommodate local payment methods, regulatory reporting requirements and customer expectations without extensive development work.

 
Ultimately, the decision should be guided by the balance between opportunity, cost, and practical accessibility. An accessible licence is certainly attractive, but it's worth considerably less if the cost of competing leaves little room for a sustainable profit.

LATAM Sportsbook Markets at a Glance

The eight markets covered in this comparison offer very different opportunities for sportsbook operators. Some have established licensing frameworks that allow new entrants to apply, while others present significant restrictions or require partnerships with existing permit holders.

 
The table below provides an overview of the main considerations for operators planning expansion in 2027.

For operators looking to launch in the near term, Mexico, Argentina, Colombia and Peru therefore deserve closer examination. However, the most suitable choice depends on the operator's available capital, existing partnerships, technology and longer-term commercial plans.

Which LATAM Markets Offer the Most Practical Opportunities for Sportsbook Expansion?

With these considerations in mind, which countries deserve a closer look? Here are four markets that offer different opportunities for sportsbook operators. Our comparison considers the commercial potential of each market, the practicalities of obtaining a licence and the requirements operators must meet before entering the market.

Mexico - A Large Betting Market with Significant Potential

Mexico is an attractive prospect for sportsbook operators looking to reach a large betting audience. With a population of around 130 million, a strong football culture and growing interest in online betting, it offers a lot of scope for commercial activity. Liga MX and international football attract much attention, while the NFL, NBA and baseball provide opportunities to engage customers beyond football.

 
The scale of that opportunity is considerable. Industry estimates put Mexico's total online gambling gross gaming revenue at approximately $3.2 billion in 2025, although this includes activity outside the licensed market. Competition is already well established, with brands such as Caliente, bet365 and Codere competing for customers. For newcomers, the opportunity lies in finding a compelling reason for bettors to choose another sportsbook.

 
Market access, however, is considerably more complicated. Gambling is overseen by the Secretaría de Gobernación (SEGOB), and there is no straightforward standalone online sportsbook licence. International operators generally need to partner with an existing Mexican permit holder, subject to applicable regulatory requirements and approvals.

 
For operators serious about entering Mexico, the first priority is therefore establishing a legally viable partnership and understanding its commercial terms. Operators should assess licensing arrangements, taxation, local payments, and the cost of competing before committing to a launch.

 
Mexico may be particularly relevant to operators with the resources to compete in a large market and the ability to establish suitable local partnerships. Its commercial potential is considerable, but market access is likely to be one of the first challenges to resolve.

 
For a closer look at licensing arrangements, permit holders and the legal framework, explore Altenar's guide to gambling laws in Mexico.

Argentina - Significant Potential, but No Single Route to Entry

Argentina has plenty to interest international sportsbook operators. As in many other Latin American countries, football dominates the sporting landscape, with passionate support for clubs such as Boca Juniors and River Plate, along with strong interest in international competitions. Industry forecasts suggest Argentina could account for around 13% of Latin America's gross gaming revenue from betting in 2026, making it one of the region's larger markets.

 
There is also an established online betting industry, with international brands including bet365, Betano and Betsson already operating in regulated jurisdictions. For newcomers, this demonstrates commercial interest, but also means competing against operators with an established local presence.

 
The difficulty, however, is gaining access. Argentina has no national online betting licence. Its 23 provinces and the Autonomous City of Buenos Aires regulate gambling separately. Buenos Aires Province, overseen by IPLyC, has seven authorised online operators, while Buenos Aires City operates its own system under LOTBA and has suspended new applications.

 
Operators therefore need to identify jurisdictions where entry is possible, potentially through an existing licence holder, while accounting for local taxes, technical requirements and separate approvals.

 
Entering Argentina is ultimately a decision about which regional markets offer the most viable opportunities. For operators prepared to pursue expansion jurisdiction by jurisdiction, the country offers significant potential, but it cannot be approached as a single national betting market.

Colombia - An Established Market with Experienced Competition

Colombia offers something that newer regulated markets cannot, and that's nearly a decade of experience with legal online sports betting. Since opening its regulated market in 2017, the country has built an established betting industry, with football drawing strong interest and international brands competing alongside domestic operators.

 
That experience also makes Colombia a demanding market for newcomers. Operators such as BetPlay, Wplay, Rushbet and Betsson already have a local presence, so attracting customers means offering something compelling enough to compete with familiar brands.

 
The licensing route, however, is well established. Coljuegos regulates online betting and grants concession contracts lasting three to five years. Applicants need a Colombian company or registered foreign branch, demonstrate financial capacity, obtain technical certification, and provide guarantees covering player funds and prize payments.

 
Colombia therefore offers a relatively predictable regulatory route, but commercial success depends on more than securing approval. New entrants must account for compliance costs and the investment needed to compete in a mature market.

 
For operators with experience in regulated markets and the resources to establish a competitive offering, Colombia may provide a more predictable route to expansion than countries where licensing arrangements remain uncertain.

 
Operators considering Colombia can explore the country's licensing framework, regulatory obligations and market-entry requirements in Altenar's guide to Colombian gambling laws.

Peru - A More Accessible Route into LATAM's Betting Market

Peru may not offer the same market size as Mexico or Argentina, but it does have another advantage worth considering: a national licensing framework that allows international operators to enter without necessarily establishing a local company.

 
Peru has attracted both international and domestic betting operators, creating a competitive market in which newcomers need more than a recognisable brand. Pricing, product selection and the quality of the betting experience can all influence their ability to attract customers.

 
Under Law No. 31557, the Ministry of Foreign Trade and Tourism (MINCETUR) regulates online sports betting. Foreign companies can apply directly for authorisation, while the regulator requires financial documentation, technical certification and compliance with operating standards. Peru also applies a 12% monthly tax on a defined revenue base, alongside other applicable obligations.

 
For operators, the attraction is greater regulatory predictability. MINCETUR sets a 30-working-day decision period for qualifying applications, though certification, documentation, and launch preparations can make the overall process much longer.

 
This makes Peru a market worth considering for operators who prioritise a more straightforward licensing route. While competition and operating costs still require careful assessment, the ability to apply directly can remove some of the complications associated with partnership-dependent markets.

 
To understand the legislation behind Peru's regulated betting market, including licensing and operator obligations, read Altenar's overview of gambling laws and regulations in Peru.

Which LATAM Markets Should Operators Approach with Caution?

Not every attractive betting market offers a realistic opportunity for immediate expansion. Some of Latin America's most interesting countries have large potential audiences and strong commercial appeal, but entry conditions can be far less encouraging.

 
Four countries in particular deserve closer attention. Brazil, Chile, Paraguay, and Uruguay all interest sportsbook operators, but each presents specific challenges that operators must understand.

Brazil - Major Potential, but Sports Betting Is Currently Prohibited

Brazil would normally be impossible to overlook in any discussion of LATAM sportsbook expansion. With more than 200 million people, enormous interest in football and substantial demand for sports betting, it has the scale to attract almost any international operator.

 
However, the regulatory situation changed dramatically in September 2026. After establishing a federally regulated betting market in January 2025, Brazil introduced Provisional Measure 1.394/2026, prohibiting fixed-odds sports betting and online casino games nationwide. The measure also required existing operators to wind down their activities.

 
The prohibition is already in effect, but the measure must pass through Congress to become permanent law. The current deliberation deadline is 23 November 2026, although the legislative timetable may change.

 
For operators, Brazil remains commercially significant, but there is currently no viable route to launching a legal sportsbook in the country. Until the regulatory position changes, monitoring developments is the only practical option.

 
For background on how Brazil's betting regulations developed before the recent prohibition, see Altenar's guide to gambling regulation in Brazil.

Chile - Waiting for a Regulated Online Betting Market

Chile is another market that could attract considerable interest from international sportsbook operators. It has a relatively affluent consumer base, an established appetite for online betting, and a competitive industry already serving Chilean customers. The challenge is that this activity has grown without a legal framework that allows commercial online sportsbooks to operate.

Chile's Superintendencia de Casinos de Juego (SCJ) maintains that commercial online betting platforms are unlawful. Enforcement has also intensified. In September 2026, Chilean authorities ordered internet providers to block 42 online gambling websites, including platforms associated with several internationally recognised betting brands.

However, a potential route forward exists. Legislation to regulate online betting platforms remains under consideration in the Senate, with proposals addressing licensing, taxation and player protection.

For operators, Chile is therefore a market worth watching closely. Its commercial potential is evident, but entering before a clear licensing framework is established presents considerable legal uncertainty.

 
To understand how Chile fits into the wider development of regulated betting across Latin America, read Altenar's overview of the region's emerging gambling markets.

Paraguay - Restricted Access Through an Exclusive Concession

Paraguay presents an interesting situation for sportsbook operators. The country has historically restricted sports betting to a single authorised operator, Aposta.la, operated by Daruma SAM S.A. That exclusivity has effectively prevented competing sportsbooks from entering the regulated market independently.

 
However, the regulatory environment is changing. Law No. 7438/2025 introduced reforms intended to end the monopoly system and permit up to three operators per gambling category, including sports betting.

 
The complication is that the existing exclusive concession remains in force. Paraguay's regulator, CONAJZAR, still identifies Aposta.la as the only authorised sports betting operator nationwide.

 
As a result, the legislation points towards greater competition, but new entrants need confirmation that additional licences are actually available before treating the market as a realistic launch opportunity.

Uruguay - Limited Opportunities for Private Online Operators

Uruguay has a well-established sporting culture and an existing sports betting audience, but international operators will find very limited opportunities to enter the market independently.

Unlike countries that issue commercial online sportsbook licences, Uruguay operates a tightly controlled system overseen by the Dirección Nacional de Loterías y Quinielas (DNLQ). Its authorised sports betting platform, Supermatch, currently holds the exclusive position in the market.

 
Under Law No. 19.535, online gambling and betting services are prohibited unless specifically authorised. Authorities can also block unauthorised websites, restrict payment transactions, and prohibit advertising for unapproved operators. According to the regulator, it had blocked 1,730 unauthorised gambling websites by July 2026.

 
For operators evaluating LATAM expansion, Uruguay shows why betting demand alone is not enough. Like Brazil, Chile and Paraguay, it may warrant continued attention, but operators cannot currently approach it the same way they do countries with established licensing routes for new applicants.

Which LATAM Market Should Sportsbook Operators Enter Next?

The difficulty with comparing LATAM markets is that a country offering significant revenue potential may also require substantial investment and carry considerable uncertainty. So how should operators weigh one opportunity against another?

 
A useful approach is to compare each market against the same commercial assumptions:

These comparisons can reveal why a smaller market might offer a stronger commercial return than a much larger one. They also help operators establish whether an opportunity fits their available capital and longer-term expansion plans.

 
Looking across the region, one conclusion becomes clear: the most commercially attractive LATAM market is not necessarily the largest, and the easiest market to enter is not necessarily the most profitable.

 
Mexico and Argentina offer significant potential, but both present market-entry challenges that can influence the cost and complexity of expansion. Mexico may be particularly relevant to operators with substantial resources and established local partnerships, while Argentina requires a more targeted approach based on opportunities available in individual jurisdictions.

 
Colombia offers an established regulatory framework, although newcomers must compete against operators with considerable local experience. Peru, meanwhile, provides a relatively accessible licensing route, making it worth considering for operators who want greater predictability when planning a launch.

 
The situation is different in Brazil, Chile, Paraguay and Uruguay. Each has characteristics that could attract international operators, but current restrictions make immediate expansion difficult or impossible. For these countries, monitoring regulatory developments may be more practical than committing resources to a launch.

 
For operators planning their next move in 2027, the strongest opportunities are therefore likely to depend on their individual circumstances. A business with substantial capital and established local partnerships may approach Mexico differently from an operator looking for a more straightforward licensing process in Peru. An experienced international brand may also be better positioned to compete in Colombia than a newcomer entering its first regulated market.

 

Ultimately, the decision should be guided by the balance between commercial potential, market accessibility and the resources needed to compete. A large betting audience can make a country attractive, but sustainable growth depends on whether an operator can reach that audience profitably and operate within the local regulatory framework.

 

Turning a Market Opportunity into a Successful Launch

Identifying the right LATAM country to enter is only part of the challenge. The next question is whether your sportsbook can deliver the experience customers expect, meet local regulatory requirements, and compete effectively without making expansion unnecessarily expensive.

 
Consider what entering a new market actually involves. Your sportsbook may need different betting markets, local payment integrations, language and currency options, regulatory reporting capabilities and trading controls suited to local betting patterns. If you plan to expand into more than one LATAM country, those requirements could change considerably from one launch to the next.

 
This is where the technology supporting your sportsbook can make a considerable difference to the cost, complexity and commercial potential of entering a new market.

 
Altenar's configurable sportsbook platform, trading and risk management services, integration capabilities, and operational support give operators options to adapt their betting offering to different markets. The aim is to build on an existing technology foundation while accommodating each jurisdiction's requirements and commercial priorities.

 
So which LATAM market is next on your expansion plans? Book a demonstration with Altenar to discuss your target market, explore the sportsbook capabilities you'll need, and see how our technology could support your next big launch.