In this Sports Betting Focus issue, Betby provides Gambling Insider with an in-depth analysis of sportsbook statistics within the dynamic and rapidly evolving landscape of the Latin American region. Through an exploration of data trends and forecasts, we gain valuable insights into the transformative journey of the Latin American sports betting market, its current state and its promising future.
A GROWING MARKET
The Latin American market for sports betting has witnessed a remarkable surge in recent years, underscoring its growing prominence within the global gambling industry. From €7.7bn ($8.35bn) in total gross gaming revenue (GGR) in 2016, the market has expanded significantly, reaching €12.4bn by 2022. This represents a substantial €4.7bn increase over the span of just six years. However, perhaps more compelling are the forecasts for the market’s trajectory up to 2028, which suggest even more remarkable growth. With the regulated Brazilian scenario as a key driver, projections indicate that the market could nearly double from its 2022 total GGR. Such forecasts highlight not only the market’s expansion in terms of size and geographical reach but also its increasing monetary value, driven in part by ongoing regulatory reforms across various countries in the region.
THE RISE OF SPORTSBOOK
Amid this broader market expansion, sports betting has emerged as a significant growth driver within the Latin American gambling landscape. The data reveals a substantial increase in sportsbook GGR, rising from €0.7bn in 2016 to €2.1bn in 2022. Projections indicate that this growth trajectory is set to continue, with GGR expected to reach €6.9bn by 2028. Such exponential growth underscores the strong demand for sportsbook offerings in the region, positioning it as a highly profitable segment for companies operating within this space.
DOMINANCE OF SPORTSBOOK IN THE COMING YEARS
Comparing the performance of sports betting with other verticals, such as lotteries, it becomes evident that sportsbook holds a dominant position in terms of growth potential within the Latin American market. By 2028, sports betting is projected to outpace lotteries significantly. From 2022 to 2028, the sportsbook vertical is expected to achieve a compound annual growth rate (CAGR) of 21.93%, far surpassing the growth rate of lotteries at 3.31%. Meanwhile, the casino vertical is forecast to experience more moderate growth, with a CAGR of 4.5%. These statistics firmly establish sportsbooks as the preferred form of gambling in Latin America, with its share of total GGR set to strengthen further in the years ahead.
THE MOBILE BETTING REVOLUTION
As online gambling continues to gain traction, the means by which players access sportsbooks are evolving, with mobile platforms emerging as the preferred choice. This trend mirrors global patterns, with mobile betting experiencing exponential growth in the Latin American region. GGR from mobile betting has surged from €65m in 2016 to €564m in 2022, and projections indicate further growth, with GGR expected to reach €2.6bn by 2028, boasting a remarkable CAGR of 28.91%. This underscores the immense potential of mobile betting as a key driver of growth within the Latin American gambling market.
LATIN AMERICA’S EMERGENCE
Latin America has emerged as a formidable contender in the online gambling arena, rivaling other regions in terms of revenue, accessibility, and overall success. With a CAGR of 10.2%, Latin America is rapidly closing the gap with market leaders such as North America (6.6%), Europe (5.96%), and Asia (13.06%). The data presented underscores Latin America as a dynamic and promising market worthy of attention and investment, offering ample opportunities for industry stakeholders to capitalise on its growing prominence within the global gambling landscape. With its expanding size, increasing monetisation and preference for sports betting, Latin America represents a lucrative opportunity for industry players seeking to establish a foothold in this vibrant and dynamic region.
