In the following article, Dmitry Starostenkov, CEO of EvenBet Gaming, shares his vision on what the future holds for the online gaming market in the dynamic Latin American region.
Opinion.- With 2025 on the horizon, the online gaming market in Latin America is poised for a significant transformation. Numerous questions arise regarding regulatory frameworks and market competition, leading us to seek the expert opinion of Dmitry Starostenkov, CEO of EvenBet Gaming, on what the future holds for this dynamic region.
One of the main concerns of the igaming industry in Latin America is the regulatory environment. Key questions revolve around the types of advertising that will be allowed and whether more restrictions on betting will be implemented. An example of this for EvenBet is the Brazilian market, where poker remains unregulated. Brazil's population exceeds 210 million, and the country hosts a significant and enthusiastic poker community, with events like the Brazilian Series of Poker (BSOP) attracting thousands of participants each year. However, the absence of regulation could hinder opportunities for licensed operators, resulting in a missed opportunity to create safe and competitive environments for players. Dmitry Starostenkov expresses his hope that common sense will guide regulatory bodies towards a more favorable approach to poker, which continues to thrive in the country.
Forecasts for the igaming market in Latin America indicate that by 2025 there will be high competition for marketing budgets. The regulated online gambling market in this region is expected to multiply by more than five, reaching USD12.300m by 2028. In 2024, this figure was only USD2.500m. Such rapid expansion means that marketing is crucial for gaining market share.
According to Dmitry Starostenkov, market leaders will emerge based on one of two strategies: leveraging large budgets to spend more than competitors or focusing on efficient player acquisition strategies. Niche marketing solutions, such as services designed for high-risk players or the use of influencer marketing for acquisition, will be vital. Countries like Colombia, which has seen a significant increase in licensed operators following the implementation of regulations in 2016, provide solid examples for emerging markets. EvenBet Gaming intends to adopt this latter approach, emphasizing innovative and cost-effective strategies over mere spending.
Localization will play a crucial role in determining success in the Latin American market. Dmitry Starostenkov emphasizes that language is just one aspect of this complex environment. Spanish, for example, varies significantly between different regions, with notable dialectical differences between countries like Mexico, Argentina, and Chile. Understanding these nuances is essential to avoid marketing mistakes. Additionally, local customs and cultural practices must be carefully considered, as Latin America is not a homogeneous market. For instance, Argentinians have a strong poker culture, while Brazil favors sports betting. Moreover, Brazil's growing enthusiasm for esports presents another opportunity for differentiation, as this market attracts a younger demographic that avidly consumes digital content. As a result, operators must tailor their services and marketing strategies to cater to these diverse preferences.
Mobile devices continue to dominate the user experience in Latin America, and studies indicate that more than 75 percent of Internet traffic in the region is generated through mobile devices. Most players access igaming platforms primarily through smartphones rather than desktop computers.
Dmitry Starostenkov notes that this trend is characteristic of several developing markets, including Africa and Asia. In contrast, Argentina presents an intriguing exception, where many players still interact through desktop computers, reflecting a more advanced technological environment compared to other countries in the region. The rise of 5G technology and increased smartphone penetration are likely to enhance mobile gaming experiences, making it even more critical for operators to optimize their platforms for mobile users.
In the Latin American market, there is a significant demographic of VIP and professional players, particularly in countries like Argentina and Brazil. According to industry reports, the number of online gambling users in Brazil alone is expected to exceed 10 million by 2025. These players often prefer desktop games, especially when it comes to multi-tabling, i.e., playing at multiple tables simultaneously. This preference highlights the need for online platforms to offer robust desktop experiences in addition to mobile-compatible options.
Dmitry Starostenkov underscores the importance of recognizing that, while mobile gaming prevails, it is crucial to understand the diverse preferences of different player segments. Enhancing features such as user interfaces, game variety, and customer support will be key to attracting and retaining high-value players.
Beyond established markets like Colombia and Argentina, and the phenomenal growth of Brazil, other Latin American countries are rapidly emerging as hotspots for igaming. For example, Chile and Peru are experiencing an increase in interest in various gaming options, including online casinos and sports betting.
