South America continues to emerge as one of the most dynamic regions in global iGaming. Regulatory transitions, formal licensing regimes, and accelerating digital adoption are reshaping the competitive landscape across the continent.
Using Blask market intelligence data, we’ve analysed South American markets across:
- Year-over-Year growth (YoY)
- Acquisition Power Score (APS)
- Competitive Earning Baseline (CEB)
- Casino regulatory status
Below, we break down:
- The 10 largest South American iGaming markets by CEB (Competitive Earning Baseline)
- The 10 fastest growing markets (by YoY growth)
The 10 Largest iGaming Markets in South America (by CEB)
| Country | YoY Growth | APS | CEB (US$) | Casino Status |
|---|---|---|---|---|
| Brazil | +8.52% | 79.92M | $6.28B | Regulated |
| Argentina | +35.95% | 6.15M | $1.47B | Regulated |
| Mexico* | +48.49% | 3.45M | $1.33B | Regulated |
| Chile | +36.52% | 3.20M | $1.04B | Unregulated |
| Peru | +60.49% | 10.47M | $844.41M | Regulated |
| Colombia | -21.94% | 4.91M | $479.20M | Regulated |
| Uruguay | +19.28% | 150.67K | $255.81M | Unregulated |
| Ecuador | +15.97% | 3.34M | $202.99M | Unregulated |
| Paraguay | +24.29% | 1.35M | $150.49M | Regulated |
| Bolivia | +103.40% | 133.12K | $56.92M | Regulated |
(*Mexico included due to regional commercial alignment in LATAM strategy discussions.)
Key Observations
Brazil dominates the continent by earning potential, with a projected CEB above $6B and the highest APS in the region. Argentina and Chile follow, though Chile remains in a transitional regulatory phase.
Peru stands out as a large and rapidly formalising market, combining +60% YoY growth with nearly $850M in projected revenue baseline.
The 10 Fastest Growing iGaming Markets in South America (YoY)
| Country | YoY Growth | APS | CEB (US$) | Casino Status |
|---|---|---|---|---|
| Venezuela | +140.00% | 3.18M | $91.27M | Unregulated |
| Bolivia | +103.40% | 133.12K | $56.92M | Regulated |
| Peru | +60.49% | 10.47M | $844.41M | Regulated |
| Chile | +36.52% | 3.20M | $1.04B | Unregulated |
| Argentina | +35.95% | 6.15M | $1.47B | Regulated |
| Paraguay | +24.29% | 1.35M | $150.49M | Regulated |
| Uruguay | +19.28% | 150.67K | $255.81M | Unregulated |
| Ecuador | +15.97% | 3.34M | $202.99M | Unregulated |
| Brazil | +8.52% | 79.92M | $6.28B | Regulated |
| Colombia | -21.94% | 4.91M | $479.20M | Regulated |
Growth vs Stability
While Venezuela and Bolivia show explosive percentage growth, Peru and Argentina represent the most commercially significant high-growth markets due to their combination of:
- Strong APS
- Substantial CEB
- Increasing regulatory clarity
Brazil, despite more modest YoY growth, remains the structural anchor of the continent.
Understanding the Key Metrics
Below are explanations based on the Blask definitions provided.
YoY (Year Over Year)
YoY reflects the percentage change in the total Blask Index value over the past 12 complete months, compared to the equivalent 12-month period one year earlier.
In practical terms, it measures market momentum — whether a country’s overall iGaming performance is accelerating or contracting relative to the prior year.
Acquisition Power Score (APS)
APS represents an estimated acquisition range for a brand based on its Blask Index value, using market-level benchmark conversion assumptions.
The values reflect modeled minimum, maximum and most likely acquisition volumes that could be expected during the selected period if the brand performed in line with average market efficiency.
APS is not an observation of real user numbers — it is a standardized projection.
Competitive Earning Baseline (CEB), US$
CEB represents an estimated revenue range for a brand based on its projected APS, using benchmark assumptions for user retention and average revenue per user (ARPU).
Like APS, CEB reflects modeled minimum, maximum and most likely revenue outcomes — not direct revenue reporting.
It effectively provides a comparable earning potential baseline across markets.
Casino Status
Casino Status indicates whether casino services in a given country are:
- Licensed and regulated under that country’s legal framework
- Unregulated
- Or formally prohibited
Regulatory maturity directly impacts operator risk profile, tax structure and long-term scalability.
Strategic Takeaways for Operators
South America is not a uniform growth story. It is a continent defined by:
- One dominant market (Brazil)
- Several high-growth regulated markets (Peru, Argentina)
- Transitional regulatory environments (Chile)
- High-growth but higher-risk jurisdictions (Venezuela)
For operators evaluating LATAM expansion in 2026, the real opportunity lies where:
Scale + Growth + Regulatory Clarity intersect.
Currently, Peru and Argentina appear to offer the strongest balance of those three factors.
Brazil remains the structural heavyweight — but execution risk and competition intensity are materially higher.
