🇧🇷 Brazil — The Giant Opens Its Doors
Brazil is undoubtedly the most important iGaming story in LATAM in 2025–2026. After years of legislative debate, the market was regulated by Law 14.790/2023, and the licensing process is active under the Secretaria de Prêmios e Apostas (SPA) — formerly SEAE — within the Ministry of Finance.
- Enormous market: 215 million people, football-dominated sports culture.
- Active licensing for sports betting: Operators can apply through the SPA. The process takes 12–18 months.
- GGR tax: 18% on gross gaming revenue.
- Mandatory local entity: A Brazilian company is required to hold the license.
- Online casino: Not yet fully regulated in 2026. Operators positioning now in sports betting can expand to casino when the regulatory framework is completed.
Recommendation: Enter now. Brazil is too large to ignore, and operators that establish themselves early will gain a durable competitive advantage. Delay carries significant opportunity cost.
🇨🇴 Colombia — The LATAM Benchmark
Colombia is the most mature and predictable market in the region. Coljuegos has managed licenses since 2016 with remarkable regulatory stability. More than 20 international operators are actively licensed, including Betplay (Codere), Rivalo, Rushbet and Bet365.
- Stable regulation: Nearly a decade of regulatory experience without disruptive changes.
- GGR tax: 17%, well understood and consistent.
- License timeline: 6–12 months, the most efficient in LATAM.
- Established ecosystem: Payment processors, AML frameworks and advertising rules are clearly defined.
Recommendation: First entry point for any LATAM strategy. Low regulatory uncertainty combined with a proven market make Colombia the natural starting point.
🇲🇽 Mexico — The Great Untapped Potential
Mexico is the second-largest market in LATAM with 130 million people, but its licensing process remains one of the most complex in the region. Licenses are managed by the Secretaría de Gobernación (SEGOB) under a 2004 regulation that also applies to online gambling.
- Long process: 18–36 months to obtain a permit.
- High bureaucratic complexity.
- No federal iGaming-specific tax: Operators are taxed under the general corporate tax regime.
- Mandatory local presence: A Mexican company with a physical establishment is required.
- Dominant sports: Football and baseball, with strong influence from the US betting market.
Recommendation: Long-term play. Mexico rewards patient operators who are willing to invest in the lengthy setup process in exchange for access to a very large market.
🇦🇷 Argentina — Fragmented Regulation by Province
Argentina operates a decentralized model: each province has its own regulatory framework. Buenos Aires and Córdoba are the most advanced, while the federal government has been working on a national framework that has not yet fully materialized in 2026.
- Buenos Aires (LOTBA): Active licenses for online casino and sports betting. Solid regulatory framework.
- Córdoba: Active regulation with several licensed operators.
- License timeline: 6–12 months per province.
- Variable taxes by province.
Recommendation: Start with Buenos Aires and expand to other provinces progressively. A province-by-province strategy requires local legal and operational resources in each jurisdiction.
LATAM Market Comparison 2026
| Country | Status | License Timeline | GGR Tax | Recommendation |
|---|---|---|---|---|
| 🇨🇴 Colombia | ✅ Mature | 6–12 months | 17% | First LATAM market |
| 🇧🇷 Brazil | 🟡 New | 12–18 months | 18% | Enter now or miss out |
| 🇲🇽 Mexico | ✅ Active | 18–36 months | Variable | Long-term play |
| 🇦🇷 Argentina | 🟡 Fragmented | 6–12 months/province | Variable | Start with Buenos Aires |
Ready to Enter the LATAM Market?
We help you define the optimal market entry strategy and manage the licensing process in your chosen jurisdiction. Our team has direct experience with regulators across Brazil, Colombia, Mexico and Argentina.
Frequently Asked Questions
Which is the best LATAM market to enter first?
Colombia is generally recommended as the first market due to nearly a decade of regulatory stability, clear rules and an established ecosystem. Brazil is also a priority given its size — operators who enter early will hold a significant advantage.
What taxes apply to iGaming operators in Brazil?
Brazil applies an 18% GGR tax for licensed sports betting operators under the SPA (Secretaria de Prêmios e Apostas). Online casino regulation is still being finalized in 2026.
How long does licensing take in Colombia?
The Coljuegos licensing process typically takes 6–12 months. It is the most predictable and efficient process in Latin America.
Is a local entity required to operate in Mexico?
Yes. Mexico requires a local company with a physical establishment to obtain a gaming permit from SEGOB. This, combined with the 18–36 month timeline, is the main barrier to entry.