Looking beyond Brazil, which LatAm market stands out most right now, and what makes it attractive?

Liam Hoofe, Content Strategist at GameOn

Based on our research for GO Intel, I think Chile is the market to watch out for the most. The size of the opportunity is potentially massive, with the Chilean Senate’s own figures estimating that more than 5 million Chileans are already gambling online.

The demand is definitely there, and broader discussions about a regulatory framework are underway. Our estimates in GO Intel also put channelisation rates at 80% if enforcement and regulation ran smoothly.

The proposed ‘cooling-off’ period for operators already active there is also quite a unique approach, and it will benefit those who approach the market with the right foundations in place.

Of course, as we’ve seen with Brazil, there will no doubt be a lot of public debate around the market, and the tax structure could be complex, but of the three we researched, this one still stands out the most.

Paulina Hovar, Lead Sales Manager LATAM at BGaming

Right now, Mexico and Argentina stand out the most to me.

Mexico has been showing steady growth for a while now. It’s already a fairly mature market with strong operator presence, but there’s still plenty of room to scale. At the same time, one of the main things to watch is the tax situation and how regulation may develop in the future, since that could impact profitability and market dynamics.

Argentina is interesting for a different reason. The market is regulated at the provincial level, so it’s much more decentralized. That creates opportunities because entry can be more flexible, but it also means you need to understand the local landscape and choose partners and regions carefully.

Ramiro Atucha, Board Advisor to Kiron Interactive

Mexico stands out. The size of the market alone makes it attractive, and the current regulation is already acceptable enough for public companies to feel comfortable operating there. It’s also moving toward a more formal framework, so there’s still margin to grow. Beyond Mexico, I’d point to Chile, certain provinces in Argentina, and Colombia. All three have their own dynamics, but they’re markets you can’t ignore right now.

When entering markets that are still evolving from a regulatory perspective, what’s the right balance between moving early and waiting for clarity?

Liam Hoofe, Content Strategist at GameOn

That’s the million-dollar question, and it’s one I’m not sure there is a 100% correct answer to. For me, it’s about building relationships, ensuring you have the right infrastructure in place, and understanding a market before you invest.

Operators and studios that just enter with no understanding of the culture and of the way the regulatory landscape could adapt are putting themselves at risk of failing.

Trying to remain one step ahead of regulation and working alongside the regulators to help the market mature is always going to be a much better approach than just waiting for regulation to come into place and being reactive.

Paulina Hovar, Lead Sales Manager LATAM at BGaming

It depends on how mature the market is.

If the regulatory framework is already clear and established, then the best approach is to operate fully within the licensed model from day one.

But in markets that are still in a gray or transitional stage, where operators are already active, it can make sense to take a more gradual approach. That could mean building partnerships, adapting the product to local needs, and preparing for future regulation before fully committing.

You also have to be very careful about legal and reputational risks. Every market is different, so timing and level of involvement should be assessed on a case-by-case basis.

Ramiro Atucha, Board Advisor to Kiron Interactive

As early as possible, as long as it isn’t illegal or forbidden. That’s the right moment to enter and transition through the regulatory process. Brazil is the clearest example. Sports betting was legalized in 2018, but the full regulatory framework only came in late 2023, with licensed operations starting in 2025. The operators that used those years to attract players, test the market and build name recognition without breaking the law made a real difference. By the time regulation arrived, they were already established.

As markets like Chile, Peru, and Uruguay develop, what will separate the brands that succeed from those that struggle?

Liam Hoofe, Content Strategist at GameOn

The biggest differentiator for me is localisation, and by that, I mean real localisation, not just translating a game into Spanish and calling it a day. This means actually creating products and promotions that speak to local audiences. LatAm is not just some big monolithic market with a one-size-fits-all solution – brands that succeed there are the ones that understand this. The ones who know that a player in Chile is not the same as one in Uruguay or Brazil are going to be the big winners.

On top of that, working closely with regulators and showing genuine concern for players’ well-being in these markets will make a huge difference. It’s not enough anymore to just display simple responsible gambling tools; players want to see it in your actions, and it’s obvious to them which brands really care and which are just ticking boxes.

And finally, local partnerships. Some of the most successful companies we work with are those that really integrate themselves and find local partners that offer genuine insight into communities, and can be leveraged to build trust. This can be achieved in a number of different ways, whether it’s through working with local content creators and influencers or getting involved with local charities and events.

Paulina Hovar, Lead Sales Manager LATAM at BGaming

As markets like Chile, Peru, and Uruguay continue to develop, the following three factors will set successful brands apart from the rest.

First, strong local partnerships. Without people on the ground and a real understanding of how each market works, it’s very difficult to build a sustainable position.

Second, product adaptation. Translation alone is never enough. Companies need proper localization that reflects user behavior, cultural differences, and local audience preferences.

And third, regulatory readiness. The companies that invest early in certification, compliance, and building the right processes will have a major advantage later on. It’s expensive and takes time, but in regulated markets, long-term preparation usually makes the difference between short-term growth and lasting success.

Ramiro Atucha, Board Advisor to Kiron Interactive

Brands that bring international experience and proven competitiveness from other markets, combined with genuine local understanding, will get the best of both worlds. The international background gives you credibility and product depth. The local presence gives you a product that’s actually adapted to how players in that country behave. Neither side works on its own. In Chile, Peru, and Uruguay, the operators who get this combination right are the ones who’ll separate from the pack.

Check out our latest Q&A w/ Robert Miller, President, Kiron North America.

Everyone is talking about the opportunity presented to the North American market by the World Cup. Just how big an opportunity do you believe it is? And what is the size of this opportunity for virtual sports?

For live sports betting, the World Cup is one of the biggest opportunities available. It drives significant betting volume, attracts new customers and creates moments of engagement that few sporting events can match. For virtual sports, the opportunity is different. The World Cup can help introduce new players to a broader betting ecosystem, but virtual sports are not dependent on major tournaments to succeed. Their real strength is providing consistent engagement throughout the year. While the tournament creates a short term surge in activity, the long term opportunity lies in offering customers engaging experiences every day, not just during major events.

Events like the World Cup present a huge demand for content from operators. How can virtual sports help operators in North America during these times?

Live matches will always be the centrepiece of the World Cup experience and rightly so. However, operators also need ways to keep customers engaged between matches and throughout the wider tournament journey. Virtual sports complement live betting by providing continuous entertainment and additional touchpoints when there is no live action available. The greatest value comes when virtuals are integrated into a broader engagement strategy that keeps players connected to the platform before, during and after major sporting events.

The North American market has been maturing significantly in the last few years, does a tournament as big as the World Cup showcase the strength of the market? Or highlight the flaws in its set-up?

It does both. The strength of the market is clear in the scale of customer participation and the growing appetite for sports betting experiences. Major tournaments demonstrate just how much demand exists. At the same time, they highlight one of the industry’s biggest challenges: retention. Many operators are highly successful at attracting customers during major events, but maintaining engagement afterwards remains a key focus. Long term success will come from building experiences that keep players engaged throughout the year, not just during peak sporting moments.

North American sports fans have a very different relationship with football compared to European or Latin American audiences. How does that affect the way virtual football products need to be positioned or presented in this market?

Product positioning needs to reflect the realities of the local audience. Football continues to grow in North America, but it does not yet have the same cultural position it enjoys in many other regions. For that reason, virtual football products should focus on accessibility, entertainment and ease of engagement. Players respond to experiences that are intuitive, fast paced and easy to understand. The emphasis should be on delivering continuous action and a compelling user experience rather than relying solely on familiarity with the sport itself.

The World Cup has a jam-packed schedule and the North American sports calendar is one of the most packed in the world. With so much live content available, how do you make the case for virtual sports to operators who believe they already have enough sports action to offer?

The conversation is not about choosing between live sports and virtual sports. The most effective operators recognise that the two can work together. Live sports naturally create periods of inactivity between events, while different player segments engage with content in different ways. Virtual sports fill those gaps and create additional opportunities for interaction. When positioned correctly, they enhance the overall entertainment offering rather than compete with live sports.

When the World Cup has finished, what is the lasting impact on virtual sports in North America and how do providers ensure they do not lose any momentum they have gained?

The lasting impact comes from what operators do with the attention generated during the tournament. Major sporting events create opportunities to introduce new customers to products and experiences they may not have explored previously. Maintaining momentum requires strong operational integration, seamless customer journeys and products that continue to deliver value long after the tournament ends. Providers that focus on year round engagement rather than short term spikes will be best positioned to benefit.