Sports betting in Latin America – From 2019 to 2024

In recent years, sports betting in Latin America has transformed significantly. Previously overshadowed by the European market, the region has now become a significant hub for industry growth.

Latin America is not an emerging market as it was discussed previously on various gaming forums and blogs. It’s a land filled with multiple opportunities and prospects when it comes to sports betting. But what does it mean exactly? What is the real situation in the latam sports betting market, what are the facts that tell us about its growth or decline?  

To answer these questions, in this article, we are going to present a review of the LatAm sports betting market. Our review will primarily focus on the last 6 years. But it will also encompass a previous period to explain the progress of the market and compare the emerging trends with the situation in the past. So, without further ado, gear yourself up, get comfy and read along.

Increasing number of users

Latin America’s sports betting scene is booming! According to Statista Market Insights, In 2019, there were 3.6 million active bettors across the region. The same index has reached 8.3 million active users all over the region in 2024. That’s more than double in just five years—an incredible 132% growth! It’s clear that sports betting has caught on big time in LatAm.

The increase of online Sports betting users in Latin America. Source: Statista Market Insights

Multiple factors can explain this growth. But it can mainly be attributed to the increase in other key market indicators, such as internet penetration in the region, ICT device penetration, and improved quality of telecommunications. 

The expansion of digital infrastructure and the extensive accessibility of wireless connections are important catalysts that helped the growth of the LatAM sports betting Market. Moreover, since most bets are made from mobile devices, we mustn’t forget about smartphones. In fact, in Latin America, the number of smartphone users has increased by 91% compared to 2019. Let’s set side by side the growth of sports betting users and smartphone users.

The increase of sports betting users and smartphone users in Latin America (from 2019 to 2020)

Sports (especially football) have always been popular in this region. With the growth of internet, computer, and smartphone penetration, it’s no wonder that the number of users has increased at a rapid rate in the LatAm sports betting market.

Keywords Explorer – Main keywords of sports betting in Latin America

So, people in LatAm have an interest in sports betting, and they have all the tools and telecommunication channels they need to access the sports betting sites. At this point, we need to narrow down our focus of interest and observe what search engines and keywords users are utilizing to search and find what they are looking for.

Thus, we’ve decided to trace the users’ activity. The plan was to discover the keywords that were the most frequently used across various LatAm countries and find out how the keyword search volumes fluctuated from year to year. 

To get the information, we extracted the data from Ahrefs‘ database and conducted our research. It was not surprising that Brazil, Argentina, and Mexico were the LatAm Countries with the biggest traffic and search volumes. 

Sports betting-related keywords in Brazil

According to our research, the most common keywords in Brazil are: “apostas esportivas”, “betano apostas esportivas”, “sport bet”, and “sports betting”. Below, you can see the table showing the search volume of the main sports betting-related keywords in Brazil from 2019 to 2024.

The increase in the Average search volume of sports betting related keywords in Brazil

* The sum of main keywords such as: “Sport bet”, “apostas esportivas”, “Betano apostas esportivas”, “Sport betting” and other related keywords

Take a moment to check out these figures—they’re pretty eye-opening! In 2019, approximately 0.6 million people were searching for keywords such as “Sport Bet”, “Apostas esportivas”, “Betano apostas esportivas”, and the rest. In 2024, that number went up to 27 million. So, in the six-year gap, Brazil has a 4321% increase in the usage of sports betting-related keywords.

Among the main keywords “Sport bet” topped the charts as the most-searched one. In 2019, it racked up 197 631 searches for the whole year. In 2024, more than 17 million searches are executed. To put that in perspective, what used to be a year’s worth of curiosity is now just a typical month’s query count, averaging around 165,000 searches. That’s a massive jump, right? It’s clear that the interest in sports betting has skyrocketed among Brazilian users. 

But you might ask why. What’s the reason behind this huge growth? Well, the increase in internet and smartphone penetration rates could have contributed to this result. 

From 2020 to 2024, the number of mobile internet users has increased by 40% in Brazil, reaching a staggering 144.25 million users. Another reason is the country’s love of football. It’s the land of the fans who consider football as a notable part of their country’s national identity.

So, considering the growth of ICT device penetration, the increase in the availability of various telecommunication channels, and the supportive cultural background, it’s not surprising that sports betting in Brazil is thriving.

Sports betting-related keywords in Mexico

Similar results can be seen in Mexico and Argentina, too. Here’s the chart summarizing the top keywords for Mexican users, with the most popular keyword being “Apuestas Deportivas” (138 478 searches in a year).

The increase in the Average search volume of sports betting related keywords in Mexico

*The sum of main keywords such as “Apuestas deportivas”, “Sports betting”, “Sportsbook”, etc.

Moreover, by doing some simple math, we found out that the use of “Sports betting” as a keyword has increased by 582% from 2019 (1 374 searches) to 2024 (9 374 searches). 9,000 searches in a year is not a giant leap, but the high growth rate might suggest that this keyword will be popular and more frequently used in the future.

Thus, compared to Brazil, we see lower rates in the search volume of the main keywords. Conversely, Mexico is hitting the jackpot with double the revenue from sports betting compared to Brazil. But, in Mexico, the sports betting revenue change from the previous year is only 13.7%. And Brazil is experiencing a 43% increase from the previous year. So, in Brazil, it’s clear that the growth trend is moving forward in all aspects, and that’s why the Brazilian market is booming. While Mexico maintains a lower but stable level of increase. 

Sports betting keywords in Argentina

Now, we’ve come to Argentina. Check out the graph below. See how the average search volume for major sports betting keywords has shot up to 397,587? That’s a 446% increase since 2019!

The increase in the Average search volume of sports betting related keywords in Argentina

*The sum of main keywords such as “Apuestas Deportivas”, “Sports betting”, “Apuestas Deportivas Argentina” and other related keywords

To give you a better understanding about this growth, it’ll be good to compare these results with the results derived from different market. So, we’ve grabbed information about the main sports betting related  keywords in the UK, which has the leading sports betting industry in the global scene. In specific, these keywords were: “sports betting”, “sports betting sites”, “online sports betting” and “sports betting UK”. So again, let’s check out the graph given below.    

The comparison of main keyword search volumes in Argentina and the United Kingdom

We can see that in 2024, Argentina has a 59% higher search volume for the main sports betting-related keywords than the UK. While back in 2019, the UK had a 125% higher result compared to Argentina. Does it ring any bells? 

In Colombia, the keyword “Apuestas deportivas” has racked up an impressive average of 225 022 searches yearly for the past six years. We could line up similar stats for each Latin American country. But the message is already loud and clear: sports betting in Latin America is on a hot streak!

To note, we didn’t include branded keywords in our analysis. But there are hundreds of such keywords with quite high search volumes in LatAm countries. For instance, only Brazilian users search for ”bet365” 13 million times monthly. And yes, this operator has huge traffic coming from Latam countries. 

We used Semrush to gain insight into the monthly visits from 5 LatAm countries, including Brazil, Peru, Argentina, Colombia, and Mexico. As It turned out, Bet365’s organic traffic from these latam countries was 15 117 907 in 2019. In 2023, this website had received 210 million organic visits. That’s a 1287% increase in just 5 years. 

Sports Betting Revenue in LatAm Market

We’ve already said that sports betting in Latin America is booming. Now, it’s time to look at the actual growth and see the stats. The numbers are astounding when it comes to the revenue generated by the LatAm sports betting market. 

For instance, look at the graph that illustrates the revenue from the online sports betting market in Latin America from 2019.

Sports Betting revenue in LatAm (In Billion USD). Source: Statista Market Insights

The data shows that in 2019 the revenue of the LatAm sports betting market amounted to 1.21 billion USD. Now, in 2024, Latin America has a 199% increase in this performance indicator (3.62 billion USD). In contrast, the growth of GDP in LatAm countries in the same time (2019-2024) is only 31%. 

Here’s another figure that shows the fluctuations in the sports betting revenue, illustrating how much the revenue has increased from the previous year. We can see that, in 2022, there was a highest (40.1%) surge in the revenue change.

Online Sports betting Revenue Change in Latin America. Source: Statista Market Insights

It was around this time that the LatAm sports betting market became the focus of many operators who had already established themselves in Latin America, and the debates about its legalization began. 

If we look countrywise, the biggest players in the LatAm market are Brazil, Mexico, Colombia, and Argentina. In 2023, Mexico’s Gross Gaming Revenue (GGR), generated only from sports betting, was 1086 million US dollars, while Colombia gained 729.8 USD dollars in the same year. Argentina (500 Million USD), Brazil (422.7 Million USD), and Peru (149.9 Million USD) follow the list with the designated revenues.

By the end of 2023, Columbia had a 244% increase in sports betting revenue than in 2019. Argentina has seen a 171% increase in the same amount of time, while Peru and Mexico have undergone 105% and 60% growth, respectively. 

GGR of the main LatAm countries generated from sports betting. Sources: Statista Market Insights; VIXIO

Now, let’s rewind back to the top of the article, where we said that there are 8.3 million Latin American sports betting users in 2024. According to the latest information, the Average Revenue per User is 430 USD. 

The increase of the Sports betting users and Average Revenue per User in LatAm sports betting market. Source: Statista Market Insights

From the data shown in the table, we can see that LatAm sports betting market has experienced a 132% increase in the quantity of users and 26% increase in the average revenue per user. So, what really drives the growth of the LatAm sports betting market is not the amount of money an average user spends on sports betting sites, but the increasing number of new users on a yearly basis.

At the given moment, the total online gambling revenue of the LatAm market is 8.02 billion USD. This amount is derived from the online casinos, online lotteries and sports betting websites. Our analysis of the sources provided by Statista suggests that Sports betting comprises 45.14% of the total revenue, while the online casinos generate 39.8% of the whole income. These data proves that the sportsbooks remain as the major iGaming venues and one of the most popular ways of entertainment in Latin America.

Factors that help the growth of sports betting in Latin America

Latin America has grabbed the attention of the iGaming scene. Despite hurdles like varying laws across countries, there’s a strong belief that this region is set to become a big deal in the market. So, why are folks optimistic about Latin America’s chances? What’s pulling in the online gaming companies? Let’s dive into the details that put Latin America in a favorable light.

• Increase in mobile penetration and internet penetration: Digital divide is waning. More than 70% of the LatAm population owns a smartphone and 60% of the internet traffic comes with smartphones. which spells big business for mobile gaming and sports betting. Because the adoption of the internet and the increased use of smartphones trigger the increased interest in online sports betting. 
• Population Growth – The population is increasing in the LatAm region. According to the latest statistics, Latin America has a population of over 669 million people. That’s a massive audience ready to tap into sports betting.
• Middle Class on the Rise  – The middle class in Latin America is on a speedy climb, boosting the economy and opening up business opportunities. With more disposable income, this group is increasingly spending on leisure activities, including sports betting.
• Popularity of Sports Betting – Latin America really stands out when it comes to sports betting, often even outshining traditional casino activities. The deep-rooted sports culture translates into widespread support for favorite teams and a booming demand for sports betting services.The most popular sport to bet is football, but LatAm users try out everything. In fact, Horse racing betting is also a very popular venue to place bets.

Latin Americans have a deep-seated affinity for gambling that has been nurtured over generations. Such activities have been woven into their daily lives.

In countries like Argentina, Chile, and Peru, horse races and lotteries are particularly favored. LatAm users, especially from younger generation, also bet on esports. In fact, Mexico proves to be one of the most active LatAm country when it comes to esports betting. For more information, check out the Esports betting market review that we’ve conducted a while ago.

Clearly, betting isn’t a new scene in Latin America—it’s been a beloved pastime for decades. Most of the population is already very familiar with it.  They also quickly get the hang of new betting experiences and are eager to try out innovations. In the end, this makes Latin America a hotbed for fresh ideas in the sports betting world.

What you should consider

In the end, we’ll give you a quick reminder and some tips in case you plan to enter the latam sports betting market.  So, if you want to start a sportsbook in the LatAm market we advise you to pay attention to creating personalized experiences for the clients. Embrace localized engagement strategies and improve the retention rate, don’t rush in just for acquisition.

You shouldn’t take a one-size-fits-all approach when it comes to LatAm countries. Diversify your sportsbook business and you’ll have a greater chance to get a lead into the booming market.

Existing operators in Latin America say that their biggest problems are changing rules, issues with ensuring responsible gambling, and increasing fraud in ads. So, to learn from those ones and handle these issues, you need to put strong measures in place for responsible gambling, and use better technology and sportsbook risk management systems to prevent fraud.

For the most part, these are the things that you need to know about. The rest depends on how you promote your sports betting business into the LatAm market.  

As we have already mentioned, the region has multiple opportunities and a very promising future. Users can quickly become interested and accept the new innovations in online sports betting. So, diversify your offerings and try to be innovative and offer unique service to users. With growing revenues and a booming popularity of sports betting, it’s definitely a right time to enter the LatAm market.