The state of Latin America: Where are the key regulated markets?

As each country has opened up to legalising gambling and the millions that it brings in terms of tax revenue, operators, affiliates and suppliers from around the world have clamoured to get a piece of the market. Currently, the continent is made up of a complete mixture of regulations, some parts are wholly restrictive, others are permissive to a near-oblivious level and the rest are working to regulate as fast as possible – if they haven’t already. Here, Gambling Insider explores the regulations found in each country and what is and isn’t currently legal. Argentina, much like the US, regulates all of its gambling on a state-by-state basis, leaving it to the individual jurisdictions to decide what kind of rules to set when it comes to gambling restrictions.In November 2024, the Chamber of Deputies granted partial approval to a bill aimed at preventing gambling addiction and regulating online gambling and betting. The law mainly prohibits betting advertising and promotes a comprehensive plan to address problematic gambling. However, it has not yet been considered by the Senate. In January 2025, Brazil legalized fixed-odds betting, requiring licensed operators to follow responsible gaming rules, protect minors, and use the .bet.br domain to indicate legal status. Currently, there are more than 75 authorized betting operators. As of June 2025, Bill 2,234/2022, which seeks to legalize land-based casinos, bingo halls, jogo do bicho, and horse race betting in Brazil, has been postponed in the Senate due to a lack of quorum. Currently, no new date has been set for a vote. Brazil’s SPA and 18 states are working on the framework for the National Betting System (SINAPO), which is now under review by the Attorney General. The system will offer two membership types and benefits like a unified operator list, a self-exclusion platform, and the “.bet.br” domain. Land-based gambling is legal if licensed, while online gambling is technically illegal and operators are subject to enforcement actions by the government. As of August 2025, Chile’s Senate has approved a bill to regulate online betting platforms, aiming to create a formal licensing system. The bill also introduces advertising restrictions, a responsible betting policy, and measures to block unlicensed platforms. While players are not prosecuted for using unlicensed platforms, enforcement is targeted at operators. Colombia has legal betting, so long as the companies that enter Colombia’s betting market have a local license. Costa Rica regulates physical gambling under Law No. 9050, with casinos licensed and overseen by the Ministry of Public Security. Online gambling has no formal framework, but companies can get municipal data processing licenses to operate internationally, though not for Costa Rican residents. Ecuador completely closed off all gambling in 2011, and the industry has remained banned ever since the Executive Decree was issued. However, foreign websites are allowed. As of August 2025, Ecuador’s President Daniel Noboa has proposed a national referendum to potentially allow casinos and gaming halls in five-star hotels, reversing the 2011 ban. While gambling is legal in Guyana, much of the country’s online gambling remains unregulated. In Mexico, land-based gambling such as casinos, bingo, and raffles is legal with a license from the Secretaría de Gobernación (SEGOB), while online gambling, including sports betting and casino games, has been legal since 2004 with the same licensing requirement. Players are not penalized for using unlicensed sites, but operators of illegal platforms can be blocked and sanctioned. Gambling is legal with a regulatory framework for land-based casinos. Online gambling is permitted but is subject to the same regulatory oversight as land-based operations, and only licensed land-based operators are authorized to offer online gambling services. Gambling in Panama is fully legal and regulated, with both land-based and online operators licensed by the Panama Gaming Control Board (JCJ). Online gambling is allowed for international players, while Panamanian residents are prohibited from participating. Gambling in Paraguay is legal and regulated by the National Gambling Commission (CONAJZAR), covering both land-based and online operators. Online platforms use the .bet.py domain. Land-based has long been legal and is regulated by MINCETUR under the traditional framework.Online gambling was legalized in 2024. Since then, over 100 license applications have been submitted for online operators, such as Games Global, 7777 Gaming, Habanero and Bet365, among others. Land-based gambling is legal and state-regulated. However, online gambling has been banned since 2018, except for lotteries and sports betting operated exclusively by the state-owned La Banca. Although the Senate approved a bill to regulate online casinos, it has not yet been addressed by the Chamber of Deputies. Gambling Legal: Yes – the two casinos accept cryptocurrency as payment. Land-based gambling is legal and regulated, while online gambling remains unregulated and largely operates in a legal gray area. Some licensed casinos, like Ciudad Jardín, accept cryptocurrencies as a payment method. How can you tell licensed operators from unlicensed ones? The answer here is you have to do research into the operator. Of course, it is an added chore to do when a player wants to get down and play, but being in the regulated market is always safer than not. Many countries in LatAm won’t prosecute players for gambling with black market operators, meaning that those operators exist freely – and usually without adequate player protection in place. Therefore, the word here is ‘caution.’ Is regulated sports betting coming in Brazil? Regulated sports betting is now live in Brazil. The market officially launched on January 1, 2025, with over 50 approved operators. Licensed operators must be established in Brazil, use “.bet.br” domains, and comply with strict technical and tax requirements, while credit cards and cryptocurrencies are prohibited for betting transactions.