iGaming in Latin America: Guyana’s Growing iGaming Market Potential

May 15, 2024 SEO

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The global iGaming industry has experienced significant growth due to the increasing use of the Internet and mobile devices and the legalization of online gambling in different countries and jurisdictions. This growth can be attributed to a shift in consumer preferences towards digital entertainment. Guyana’s iGaming sector is much smaller than other Latin American countries, with notable differences in regulations, market maturity, and growth projections.

 

Latin American countries like Colombia, Brazil, and Mexico have well-established and regulated iGaming markets, boasting larger market sizes and higher revenue. On the other hand, Guyana is considered an emerging player in the iGaming market, which is smaller and less developed than its regional counterparts. Despite these differences, Guyana’s strategic location, efforts to promote tourism, and supportive investment-friendly policies could attract international iGaming operators looking to enter the market despite its restrictive gambling laws.

 

Under Guyana’s Gambling Prevention Act, most forms of land-based gambling activities are prohibited, with only a few exceptions, which include lotteries and sports betting. To boost tourism initiatives, casino gaming was legalized in 2007 in Guyana, with only two casinos currently operating in the country. The regulation of the gambling industry falls under the jurisdiction of the Guyana Gaming Authority, which issues licenses, enforces regulations, and ensures that all gambling operators comply with regulatory requirements.

 

While no regulations govern online gambling in Guyana, the absence of explicit laws against it has resulted in the development of iGaming activities. Online gambling in Guyana is considered to exist within a legal gray area where it is not explicitly illegal but lacks a defined regulatory framework. Currently, no online casino companies are operating in Guyana itself. However, Guyanese players can access and gamble at offshore online or no ID verification casinos that are licensed and regulated in other jurisdictions. Mark Hoover explains that sites with no ID verification are highly sought after among players as they skip the usual registration process, allowing players to get straight to gaming while also offering an increased level of anonymity. However, players should proceed with caution and only play on reputable sites. 

 

The Investment Act of 2004 in Guyana provides assurances and protections for both foreign and domestic investors within the gambling sector. Additionally, Guyana has entered into Bilateral Investment Promotion and Protection Agreements with several countries to encourage and safeguard investments, potentially impacting the iGaming industry in the country. Strengthening the oversight and legal frameworks for online gambling could be crucial for Guyana to capitalize on the expanding opportunities in the iGaming sector.

 

Overall, the iGaming and gambling market across Latin America is projected to witness significant growth, with the gross gaming revenue of the betting market projected to reach $3.4 billion by 2025. The iGaming market in Guyana is predicted to generate $23.32 million in revenue in 2024, showing an estimated annual growth rate of 5.45% from 2024 to 2029.

 

Compared to other Latin American countries, Guyana’s iGaming industry is still relatively small. For example, Colombia’s online gaming sector raked in $300 million in Gross Gaming Revenue (GGR) in 2021, marking an 18% growth in state earnings in 2022 compared to Guyana. Brazil, on the other hand, is expected to legalize and regulate sports betting soon, projecting it to become a $1 billion market within five years. Mexico’s larger population, economy, and regulated gambling market do permit all forms of gambling, including gambling at offshore crypto casinos and sports betting. Argentina, the fourth largest country in Latin America, has a more regulated online gambling market and is projected to grow by 11.60% in 2028.

 

Guyana’s iGaming market is expected to reach a revenue of $23.32 million by 2024, with a projected growth rate of 5.45% from 2024 to 2029. The absence of a regulatory framework for iGaming in Guyana presents challenges and potential opportunities for the market’s future expansion. There is a growing demand for digital entertainment among Guyana’s population, particularly the younger demographic. As technology continues to advance, internet usage is increasing, and many Guyanese are turning to online platforms. 

 

Two notable trends are shaping Guyana’s iGaming markets right now, including the growing popularity of online gambling and the rising demand for live dealer casino gaming. A key trend in Guyana is the increase in mobile gambling’s appeal fueled by widespread smartphone use and high-speed internet access. More customers are now engaging with online gambling platforms via their devices due to the convenience and flexibility it provides. This shift enables customers to place bets or play games anytime, anywhere.

 

A new trend gaining popularity in the market is the increasing interest in live dealer casino games. These games offer players an interactive gambling experience by allowing them to engage with real dealers and fellow players in real-time. The growing demand for an authentic casino experience among those who value the social aspect of gambling is fueling this trend. These shifts are shaped by evolving customer preferences, technological advancements, and the desire for more gaming experiences.

 

The future outlook for Guyana’s iGaming industry suggests gradual growth that is driven by trends like mobile gambling and live dealer games. Latin America’s overall iGaming and gambling market is projected to grow significantly by 2025. Already, the online sports betting market in the country is projected to grow by 5.82% annually from 2024 to 2029. This could potentially result in a market volume of $4.02 million in 2029. As the industry expands, the regional growth trend in Latin America could influence and drive increased demand for digital entertainment like iGaming in Guyana.

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• Guyana, igaming, Market, online

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