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The Latin American market for sports betting has the potential to be one of the most dynamic to watch this decade. Turbocharged by a fervent passion for professional sports, especially football, not to mention an increased appetite for regulated sports betting, the LatAm landscape is on the cusp of a golden era for bettors and oddsmakers.

The recent launch of the Brazilian sports betting market in January 2025 has been a major milestone for the region. However, there have been a handful of Latin American nations that blazed a trail for regulated sports betting long before the Brazilian government.

Introducing the trailblazers for Latin American sports betting

Nations like Mexico and Colombia were the first to forge links with the sports betting industry. In 2016, Colombia became the first LatAm country to define a regulatory framework for online betting. Meanwhile the Mexican market has already evolved into a mature sports betting industry, driven largely by a permissive legal environment. Sportsbook operators in Mexico must secure licenses under the Federal Games and Draws Law.

The Brazilian government took some time to legalize sports betting in its country. This was no surprise considering it is the biggest nation in Latin America, with a population in excess of 200 million people. It also happens to boast a population of passionate sports fans, which makes Brazil the perfect market for sports betting operators to thrive.

Brazil’s decision to regulate online sports betting is expected to yield tremendous economic benefits for the country, not lest through tax revenue, foreign investment and job creation. It’s helping to set a much-needed precedent for Latin America’s biggest nations, demonstrating the clear benefits of a well-regulated market.

It’s already attracted some of the biggest names from the U.S. sports betting market, with the likes of DraftKings and MGM pre-registering their interest in a Brazilian license last year. DraftKings is live in 26 U.S. states at the time of writing, firmly establishing itself as the second-largest online sportsbook in America in terms of market share. As with most operators, there is a DK promo code to apply for any first-time customers looking to secure a welcome promotion at DraftKings. Most world-renowned brands moving into Brazil have had to deliver similar bonuses to engage the first wave of legal Brazilian sports bettors.

Which Latin American nation will launch a regulated sports betting market next?

The race is most definitely on to become the next Latin American country to offer licensed sports betting to its citizens. Chile is one of the main contenders to follow in the footsteps of Brazil, with its government already making positive noises during discussions about a bill to regulate iGaming and sports betting. Like Brazil, Chile is another sport-loving nation with a largely stable economy, both of which could make it a promising market.

The Uruguayans already have a formalized retail casino industry and their progressive stance towards betting could translate into an additional regulated sports betting market. Meanwhile the Peruvian government has also proposed a bill to legalize and regulate iGaming, including sports betting.

In Argentina, the government has taken a decentralized approach, allowing individual provinces to devise their own regulatory framework for sports betting. Buenos Aires has already enjoyed great success with its own market, which is likely to encourage more provinces to follow suit. Hence why Statista believes online sports betting revenues will hit $790m by 2029.

One thing is for sure, the Latin American sports betting scene is one of the most talked about emerging markets among operators, with huge potential to become a major player in the global sports betting industry.