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The future of the Latin American betting market

The future of the Latin American betting market
According to research, there's a strong trend in the Latin American betting market; check the details.
by Academia   |   comments 0
Monday, October 26 2020

This year we had several changes around the world, including within the betting sector in Latin America. Several companies have had to adapt to the virtual world, with this, a survey carried out recently pointed out a strong trend about the future of the betting market in Latin America, having an evaluation of around US $ 5 billion.

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The survey was published by Sherlock Communications, “A Big Bet: The Latin American Betting Market in Full Growth”, which identified six regions as the main economies, containing Brazil, Mexico, Chile, Peru, Colombia and Argentina. In addition, the study contains an analysis carried out with more than three thousand residents, in a partnership with Toluna.
The interviews conducted showed that one in four people had never placed a bet, while 39% had already made some bets in their lives. In Brazil and Peru, the survey found that 18% bet weekly. According to the study, Brazil is the country that most places bets, double the percentage of Chile and four times more than the percentage of Mexico, who still prefer the game to remain illegal in their respective countries.
Patrick O'Neil, current managing partner at Sherlock Communications, said: “Our report shows the need - and indeed the desire - for clear and concise regulations. Countries where betting is not regulated are less attractive to international companies, as well as more dangerous for consumers. "
In addition, the research indicates that the choice of an ambassador to attract the public to the sector, usually changes the requirements according to each country. According to respondents, a fifth of the participants reported that a player would be a good image for an ambassador. Meanwhile, Colombians rejoiced that a local hero would be more attractive, while Peruvians opted for an international star.
However, the survey of respondents points out that 62% of them prefer bookmakers that provide free bets and bonuses to bet. In Colombia, 60% of respondents prioritize the most simplified form of payment. Another point that must be highlighted is a more intuitive platform that corresponds to expectations, as well as the provision of assistance in the language of the region.
While in Brazil's situation, the country remains the only one where physical betting and casinos are prohibited. The interviewed Brazilians reported that if the referring physical environments are approved, this factor can help in the expansion of the economy and attract a larger amount of tourists, money and jobs. However, there are a third of those interviewed who still believe that casinos can increase the number of gambling addictions. Already 23% of respondents, believe that this sector may even be conducive to money laundering
The Brazilian government has before it the opportunity to recognize gambling as an economic activity like 80% of the countries that make up the UN” - stated the current chairman of the Board of ABRABINCS - Brazilian Association of Bingo, Casinos and Similar.
Olavo Sales da Silveira also said that: "We believe that the country has the potential for a diversified package of games, in particular we believe in the primary insertion of the urban casinos model that allows capillarity and widespread investments in the various municipalities with a tourist vocation that are spread across the country representing opportunities for investors from Brazil and the world."
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