LatAm Gaming at a Crossroads
Speaking at G2E Las Vegas, iGaming consultant Ramiro Atucha discusses the realities of regulation across Latin America, from Brazil’s high-stakes tax debate to the evolution of player behaviour in Mexico and Colombia, and why smart regulation, not heavier taxation, will decide which markets truly thrive in 2026.
Ramiro, as we look ahead to 2026, which Latin American markets do you see showing the strongest momentum toward online casino regulation and rollout?
There are several to watch. Ecuador is holding a referendum that should open the door for regulation; it’s not a huge market, but being a dollarised economy makes it easier for investors to measure and manage risk. Chile is also moving forward with regulation, and Mexico continues to grow steadily, despite having a somewhat fragmented framework.
And, of course, Brazil remains the big one. It’s technically regulated, but not all verticals are yet included, and the regulatory environment still needs to stabilise. Now, the government is talking about increasing taxes, which risks undermining competitiveness. The best way to combat unregulated operators is not to burden the regulated ones, it’s to make sure they can compete on fair terms.
Brazil’s been in the spotlight for some time. How do you see the next 12 months unfolding there?
The immediate challenge is that operators who have already invested heavily, not just in licences but in compliance, now find themselves limited compared to unregulated sites that pay no taxes and face no restrictions. If the government raises taxes by 50 per cent as proposed, it will make it almost impossible for regulated operators to compete.
If the goal is to generate more tax revenue, the logical step is to grow the regulated base, not drive players back to the black market. To do that, you have to make the regulated environment attractive for both operators and players.
What countries would you hold up as positive examples that other countries can learn from?
Colombia has been a great example of transparent communication. They’ve shown citizens exactly how much revenue gambling contributes and where it goes: health, infrastructure, social programmes. That helps people understand the benefits of regulated gambling.
But even Colombia now faces pressure to increase taxes, which risks reversing that progress. We’ve seen the same story in France, Germany, and the UK – raise taxes, drive players to unlicensed sites, and end up with less tax revenue and more risk. It’s astonishing that policymakers keep repeating the same mistakes.
What about player behaviour? How is content preference evolving across the region?
There’s definitely convergence happening. In the past, Mexico and Brazil were largely bingo markets, but that’s no longer the case. Brazilian players now engage with crash games, slots, and Megaways titles, just like European audiences.
At the same time, there’s an oversaturation of content. Developers are releasing more and more games to keep up visibility, but that shortens the shelf life of each title. Ironically, the most enduring games, Book of Ra, Sweet Bonanza, Aviator etc. succeeded not because of volume, but because of originality and quality.
How are local suppliers competing with major international brands entering Latin America?
Local suppliers compete through focus and agility. A European or U.S. platform provider entering Latin America still makes most of its money elsewhere, so local operators inevitably end up low on their priority list. That’s led many operators to shift toward smaller or regional suppliers who can deliver faster and adapt to their needs.
The trade-off is that some local providers lack the technical depth or experience of larger ones. So the ideal model is collaboration; local operators understand the players, while international suppliers understand the regulatory and operational side. Together, they can bridge the gap.
Do you expect more M&A activity between international and Latin American firms?
Yes, but it’s been slower than expected. Large global operators can’t ignore markets like Brazil or Mexico, but entering them is challenging due to different languages, culture, and limited visibility into who’s credible locally.
At the same time, many Latin American companies simply aren’t used to M&A processes. They lack the detailed financials and due diligence documentation required by international buyers. That’s why several potential deals stalled, not because the opportunity wasn’t there, but because both sides weren’t ready for each other.
What’s the current state of responsible gambling awareness in Latin America?
It’s growing rapidly. For the first time, there’s a public conversation about player protection and underage gambling. In the early stages, influencers in some countries promoted betting irresponsibly, as a way to make quick money, and the backlash was severe.
Now there’s a recognition that operators must self-regulate to avoid overreaction from authorities. It’s crucial to remember that underage gambling doesn’t happen on regulated platforms, it happens on unregulated ones. Misplacing the blame only strengthens the illegal market.
Finally, if you had to name one market and one product vertical to watch in 2026, what would they be?
Mexico, without a doubt. It has the scale, demographics, and momentum to become the next big success story. As for verticals, I’d say sports-related gaming: products that blend sports and entertainment, appealing to younger audiences. That’s where the energy is shifting.
