There are more than 20 countries who legalized gambling between 2015 and 2025. And they did it for a reason: either to collect more taxes or to fight the illegal gambling operators. But in LATAM, the progress is not that significant yet uncertain. Although there was a huge spike in the industry for the past 10 years, LATAM still looks like a patchwork when it comes to gambling laws and legalization.
The reason for that is not always in the field of legislation. Some countries are afraid gambling can cause negative effects on society and prefer not to play with fire. Some countries invest a lot of time and effort into the endless fight against offshore casinos and illegal gambling losing millions with little to no success. Other countries don’t see the problem and only take measures in case of big scandals or social pressure. Countries like Colombia and Mexico introduced licensing and benefit from extra tax income, while Argentina and Peru are still far from having a clear legal framework preventing major casino operators from starting their business there. Peru, Paraguay and Bolivia are the three most promising markets that major brands like 777 fun keep their eye on. And the biggest question is which of the three is going to be the next one to start issuing gambling licenses.
Having a straightforward legalization framework for casino operators is a key to attract big names in the industry to start creating jobs and invest into tourist infrastructure. When done right, legalization of gambling can bring more positives than drawbacks resulting in many major public fields to be funded from casino taxes. Let’s check the current state of things in each country and evaluate how likely this or that country will introduce gambling to their citizens and make it legal.
Peru
Peru is probably the most promising because they already have a legal framework for land-based casinos. It can be a nice basis and if done right, can become a trampoline for the whole LATAM region to legalize gambling just like Colombia did. While being a major travel destination, Peru has a growing middle class resulting in a growing number of first-time players and the average check people spend in casinos. The market has seen limited competition from international brands so far, offering new entrants a chance to grab early market share.
All the licenses were managed by the Ministry of Foreign Trade and Tourism who issued around 700 licenses for gambling establishments prior to the day. But despite this clarity for land-based casinos, there is no procedure for online gambling operators to start working legally. However, after Peru took a major step toward legalizing online gambling back in 2022, this country is on the top of the list for big brands willing to expand to LATAM. Peru is poised to become a regional leader if policymakers continue supporting innovation and regulation in tandem. With the right investment and approach, Peru is probably the most ready of the three countries to support a significant new casino launch in the near future.
Paraguay
Paraguay is not the first country that major international casino brands will enter in the near future even if its location and economic environment make it an underrated. The market is smaller than the one in Peru or Colombia but there is a good potential because of the geographical location because Paraguay has access to two of South America’s largest markets. If they allow gambling today, there will be tens of thousands of tourists tomorrow. Cross-border tourism is a huge thing, especially when regional restrictions in Brazil and Argentina make Paraguay a more accessible alternative for gamblers.
Peru already has a regulated gambling sector. All the licenses and regulation is handled by the National Gambling Commission who control land-based casinos and sports betting operations. But when it comes to online gambling, there is still no clear framework.
What’s good for casino operators is Paraguay’s relatively low taxation and investor-friendly policies. This can facilitate the growth of the industry making Paraguay a hot spot for casino enthusiasts both for land-based and online experience. Another good thing is low operational cost. Electricity, wages, and business taxes are among the lowest in LATAM, which can significantly reduce overhead for new casino projects.
Right now there are a bunch of problems in the industry especially regarding transparency and enforcement that, if solved, will give Paraguay a boost in the eyes of investors. With a little help from a regulatory body, Paraguay could transition from a niche market to a regional hub, especially for online casino brands testing LATAM waters.
Bolivia
Bolivia’s gambling sector has no news to make potential investors happy. The market has remained relatively quiet in recent years with the country’s regulatory body introducing no new laws on regulating online gambling. Online casinos remain a grey area, with no clear legal framework either supporting or banning it outright. This situation could either prevent investors from coming to the market or become a unique opportunity for big brands depending on the future government policies. Bolivia’s economy is gradually stabilizing. With better infrastructure and clear licensing pathways, Bolivia could attract regional operators looking for first-mover advantage.
One major challenge for Bolivia is its strict and regulatory environment that complicates the process of starting a new business with foreign investments involved. The government is known for taking measures against unauthorized gambling in the past, which creates a perception of risk for new investors. Moreover, political volatility and bureaucratic issues continue to prevent foreign business initiatives across industries. For the casino sector, this means that any potential development would require strong legal counsel, local partnerships, and a long-term investment horizon. But despite the challenges, Bolivia still has a good potential for the near 5-10 year timeframe.
