PAYMENT METHODS AND ONLINE CASINOS IN LATAM
Top Casinos and Best Banking Options for LATAM Players
Very few regions of the world still resist the benefits of online gambling. The iGaming industry is becoming an important sector of the economy, so why would they resist? The regulation and activation of this sector are gradually being facilitated in Latin American countries. That being the case, CBM is right on time to give you a panoramic review of the status of internet gambling in major LATAM countries.
Latin America is a diverse assembly of countries and cultures – it includes 20 countries and 14 independent territories. So, one can expect differences to arise, but also colorfulness, flavor, richness in being unique. Of course, there are many similarities to observe, as well. How does all this reflect on the online gambling markets in the countries of Central and South America? Well, Latin American nations are big fans of sports and betting, that much is certain. As or the regulatory status of the online gambling scene in individual countries, it varies across the continent.
Some countries have an overall regulatory framework in place, which includes online gambling. Others have regulations set up on a province-by-province basis. Finally, there are countries that are in pursuit of reforming their existing gambling laws to have them fit the digital age better. Right now, it appears that countries such as Argentina, Colombia, Brazil, Peru and Mexico are the frontrunners in the iGaming race of LATAM.
Across the territories of America Latina, there are over 300 million prospective gamblers. There is immense potential here, and international gambling operators know this. Online gambling trends are growing bigger every year among Argentinians, Colombians, Mexicans and beyond. Our skilled CBM investigation team has taken a closer look at what the LATAM market is all about. We will put you up to date with online casinos in South America, covering the ways you can deposit and cash out, as that is our main point of interest.
Best LATAM Online Casinos
The fact that there aren’t many Latin American online casinos regulated by local governments does not limit online players to enjoy casino games. There is a vast choice of Spanish-speaking platforms available. It is not our goal to push you into a situation where you have to deal with shady casinos looking to capitalize on the immense market potential. On the contrary, we want to point you the way towards safe online casinos you can join from a Latin American country and not look back. Check out our selection below.
Slots Palace
18+ | New Customers Only |
T&C Apply- Amazing live casino
- 4,900+ games
- Great cashback offers
18+ | New Customers Only |
T&C Apply
Casumo
18+ | New Customers Only | Opt-in required. 20 Bonus Spins on “Sahara Riches Cash Collect” and 100% Deposit Bonus up to £25 on first deposit. Min deposit £10. 30x wagering requirement for Bonus Spins and 30x wagering requirement for Deposit Bonus (game weighting applies). Max £5/spin or £0.50/line or £10/round (live casino). 30 days expiry. Please Gamble responsibly begambleaware.org
T&C Apply- Free deposits & withdrawals
- Reel Races
- Evolution & Playtech live dealers
18+ | New Customers Only | Opt-in required. 20 Bonus Spins on “Sahara Riches Cash Collect” and 100% Deposit Bonus up to £25 on first deposit. Min deposit £10. 30x wagering requirement for Bonus Spins and 30x wagering requirement for Deposit Bonus (game weighting applies). Max £5/spin or £0.50/line or £10/round (live casino). 30 days expiry. Please Gamble responsibly begambleaware.org
T&C Apply
Top Casino Banking Methods in Latin America
Casino gamblers across the countries in both South and Central America are well supplied with payment methods to deposit with. The region is rich in local transfer solutions that, most of the time, serve as terrific tools for funding a casino account. In addition, a healthy selection of international systems is also on offer at many LATAM casinos online. From DineroMail and Lobanet to Pago Efectivo and Teleingreso, you can choose a method that fits your gaming agenda the most. The below-listed methods are likely to appear as the most favored choices at the best online casinos in Latin America. You can take our word for it!
Review & Best Casinos
- No banking info revealed
- Improves budget management
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Review & Best Casinos
- Speedy bank deposits
- No need to apply for the card
- Safe casino banking method
Review & Best Casinos
- Fast & safe casino deposits
- No account needed
- Visa, Mastercard, Amex cards
Review & Best Casinos
- Fast casino transactions
- Available around the globe
- 165 supported currencies
Review & Best Casinos
- A leading payment solution
- Maximum security
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Review & Best Casinos
- Fast casino payments
- Available around the globe
- Designed with iGaming focus
Review & Best Casinos
- Available around the globe
- Designed with iGaming focus
- Fast deposits & withdrawals
Review & Best Casinos
- Instant deposits & withdrawals
- Safe and reliable e-Wallet
- Widely accepted at casinos
Review & Best Casinos
- Trusted around the world
- Fast casino withdrawals
- Great option for UK, SE, IT, ES
Laws and Regulations on Online Gambling in Latin American Countries?
While investigating what’s happening in the casino industry of countries like Argentina, Peru, Mexico, and other Latin American territories, we found that the gaming market is somewhat of a hot topic on the continent for several years now. The gradual shift of the industry to the Latin market is notable, as well as certain differences in comparison to European countries. LATAM nations love sports and sports betting, as well as land-based casino gambling. Online games are popular among the locals, no doubt, yet in some countries the gambling market is still in its infant stages. Let’s have a closer look at the regulatory landscape of individual LATAM countries.
Argentina Online Gambling Regulations
As the second-biggest economy in the entire Latin American region, Argentina had to step up and regulate online gambling. The country boasts a rich land-based gambling culture, but as it turns out Argentine players are avid web gamblers. In Argentina, the online gambling market is not regulated on a federal level, rather on the provincial level.
What this means is that internet casino operators have to solicit a license from local authorities. Upon obtaining a license, the operator can only offer services to residents of that province. The online gaming and betting sector is estimated to generate $2.4 billion in annual revenues for the Argentine treasury.
Bolivia Online Gambling Regulations
In short, there are no online gambling regulations in Bolivia. The country’s Law 060 of Lottery and Chance Games, which was established in 2010, states in its Article 8 that all profit wagers are prohibited. However, the country’s Gaming Control Authority is well aware that Bolivian players visit online casinos and play for real money. Online gambling regulations are on the menu, but the reforms are not there yet.
Colombia Online Gambling Regulations
Colombia is particularly fertile soil for online gambling businesses. The country is the fourth economy on the continent, has a high percentage of mobile penetration and a large population. In 2016, Colombia regulated online gambling and was the first country in LATAM to do so. Nearly all forms of gambling, both land-based and online, are legal.
Coljuegos is the authority that oversees gambling activities and issues licenses for online gambling sites. The so-called Colombian model is successful, which is why other Latin countries look up to it. Internet gambling is safe, players can legally gamble at a number of websites, with fairness and transparency achieved.
Chile Online Gambling Regulations
In Chile, things are starting to move towards regulating gambling online. Current legislation prohibits not only online operators to offer their services via websites, but also land-based casinos from launching their online platforms. The bill that would regulate online gambling is expected to pass in 2021 as the Ministry of Finance wishes to ensure players safety and increase tax revenues. For the moment, Chilean players make use of their unlimited access to websites based and licensed in other jurisdictions.
Costa Rica Online Gambling Regulations
The iGaming sector in Costa Rica has been flourishing but in a unique way. Namely, the laws of this country prohibit games of chance, yet, somehow, Costa Rica is known as an online gambling hub. Gambling companies must follow the state law if they wish to operate in the market, but they can only accept players from other countries – not Costa Rica. More than 450 iGaming companies operate out of Costa Rica, a number of them with a “data processing” license. With no real regulation in place, setting up an online casino in the tropical South American country is easy. While many sportsbooks and casinos are based in San Jose, Costa Ricans play online casino games at sites with serves located elsewhere.
Mexico Online Gambling Regulations
While many consider the online gambling scene in Mexico to be a grey area, legal experts claim that the Gaming Regulations of the Federal Law on Games and Raffles authorizes taking internet bets. The Dirección General de Juegos y Sorteos, indeed, regulates the gambling market, and touches on remote gambling centers.
Those looking for gambling services in Mexico can find them with a few sites which have authorizations and partnerships with land-based license holders. That being said, Mexican gambling sites are unavailable to Mexican citizens. As a result, Mexicans gamble on offshore-based sites. Proposals for establishing comprehensive online gambling legislation and a regulatory body to oversee the industry exist. Will they bring change, remains to be seen.
Peru Online Gambling Regulations
In Peru, it is considered allowed what is not expressly prohibited. Operators feel free to offer online casino games to Peru residents, as it is not considered illegal to do so. The General Directorate of Casino Games and Slot Machines (DGJCMT) is the regulator in charge of allowing both domestic and foreign gambling brands to service Peruvian players. There is heavy competition in the Peru online casino market since offshore operators are not obligated to acquire a license. Of course, you should always pay attention to sites that do not expose their players to security risks and hold credible licenses.
Uruguay Online Gambling Regulations
There is a lack of regulation in Uruguay when it comes to operating online casino games. For that reason, Uruguayans simply gamble on foreign-based sites. A law was passed in 2018 that gave the Dirección Nacional de Loterias y Quinielas (National Directorate of Lotteries and Pools) sole authority to operate online gambling. This entity offers lotteries and sports betting. Legal presence for online gambling operators is possible in the Montevideo Free Trade Zone, but even then, they cannot offer their services to residents of Uruguay.
Venezuela Online Gambling Regulations
Online gambling is a trend in Venezuela, particularly sports betting. Venezuelans are always looking for new places to bet at, so where can they bet? There are internet gaming companies located on the nearby Margarita Island, not on the Venezuelan mainland. The government is yet to strictly regulate the online gambling market in the country, so there are no boundaries for Venezuelan players when it comes to siding with offshore operators. Due to the hyperinflation and the value of bolivar constantly declining, many people have turned to BTC deposits and altcoins. While Maduro tries to push Petro, the players, of course, opt for the cryptocurrency the government cannot manipulate.
Can Casinos That Accept Latin American Players Be Trusted?
While the situation varies from country to country, the choice of casinos overall can be trusted – as long as the players are maintaining themselves informed about the brands’ regulatory statuses. Many of the casinos catering to LATAM online gamblers can trace their licenses back to Curacao. It is the most spread-out license in the region. Ranked somewhat lower are licenses obtained from Panama and Costa Rica.
Operators seeking a license in Panama face low costs and weak control. The only requirement is that they have a legal representative residing in Panama. To be extra safe, players should avoid such venues. A license in the Curacao jurisdiction is a much better choice. Ideally, having access to sites approved by the local governments is the safest way of placing bets in Latin America.
But, as we have seen in the previous sections, local people are mostly banned from accessing their own local markets. Therefore, they have no other choice but to seek entertainment coming from the “outside world”. Betsson is a rare example of an international brand receiving official authorization and a local domain (Betsson has a Peruvian site with a .pe domain). Luckily, it seems as the will to change things around and start activating individual LATAM markets in the years to come exists.
Best Casino Bonuses for LATAM Players
How difficult is it to find lucrative online casino bonuses in LATAM? Don’t you worry about it! Casino Banking Methods has it all covered. Over time, promotions only got more generous and more creative. Bonuses take various formats, and players are free to pick among free spins, match deposit bonuses, cashback offers and more. Not all bonuses are worth the effort, so it is vital to recognize truly beneficial offers. LATAM online casino bonuses listed below originate from safe, reputable sites that are available in major Latin American states.
Winz.io
Free Spins
SLOTS
None
Ongoing
€20
No
PlayUZU
No Wagering
Not needed
None
Ongoing
€10
No maximum
PlayOJO
Free Spins
No Wagering
Welcome Package
None
Ongoing
€10
No maximum
Boom
Deposit
Free Spins
Not needed
1x
Ongoing
€20
No maximum
Neon 54
Cashback
Not Needed
1x
Ongoing
€10
Cadabrus
Cashback
Not needed
1x
Ongoing
€50
No maximum
Nomini
Cashback
Not needed
1x
Ongoing
€50
No maximum
Slotland
Deposit
WELCOME1
25x B
Ongoing
$25
$100 per code
Local Payment Methods to Consider
Localization is becoming imperative, even for iGaming companies. Operators pay attention to various aspects of localizing their operations, aiming to make their content and services more and more convenient for users. This factor was particularly interesting for us at CBM as we’ve discovered multiple local payment methods widely used by Latinos and also available at casinos online accepting players from LATAM.
Bettors from Argentina, Brazil, Chile, Colombia, Mexico, Panama and Peru can make use of DineroMail. It is a transfer solution with the characteristics of both an electronic wallet and a payment processing system. Lobanet has a network all across Latin America. Within this network, local banks cooperate and process transactions in a more effective way. Pago Efectivo is an ideal option for Peru, whereas Teleingreso deposits are available for users in Mexico, despite being a service based in Spain. For a true sense of the local, you can opt for depositing with Todito Cash, a Mexican-based electronic payment system, or Redcompra in Chile.
Depositing with Local LATAM Currency
As we have established in our Using Local Payment Options & Currency: Is it Worth It? article, “dominant currencies in casino transactions have long been globally-accepted currencies”. However, this is slowly changing as more and more casinos are going local. We have also pointed out the benefits of depositing with local currency.
Not only is it easier to keep track of your investments, but you can also avoid exchange fees and speed up the transactions. In practice, punters from the LATAM region often need to use USD instead of their local currency. That doesn’t mean that there are no casinos online supporting a variety of local options. There are, and you can find websites accepting deposits in PEN, COP, MXN, CLP and BRL.
Fun Facts
Cuba suffers from heavy restrictions on gambling. Since less than 50% of the country’s population has internet access, the spread of online gambling, even as an illegal activity, is considerably impacted and slowed down.
Buenos Aires is the first city in Argentina to legalize online gambling, becoming an attractive location for iGaming operations.
After the changes in the legislation in Mexico in 2004, the government did effectively issue a few online gambling licenses. But these sites welcomed foreigners and closed their doors for the locals.
Vibra Gaming is a software provider coming from Argentina. The company was founded in 2020 and has a license to use the image of Popeye in its games.
The LATAM gambling industry’s worth is estimated at US$ 5 billion.
Some of the more popular online casinos among Latinos are Codere, Campeonbet, Bet365 and ComeOn casino, among others.
FAQ
What are the best payment methods for online casino players in Latin America?
Each player should decide on their own which method suits them best. Nevertheless, picking a method you are already familiar with can bring a higher sense of comfort and control. In the case of LATAM punters, there are many locally-acknowledged and widely-used options, such as Oxxo, Lobanet, Todito Cash, Pago Efectivo and DineroMail.
Is it legal to play for real money at LATAM online casinos?
It is not illegal. While some countries prohibit games of chance or do not regulate the iGaming market, players from any Latin American country can join a foreign-based online casino and play for real money.
Should I play at international or local gambling websites?
If you have the option to play at a locally-based, authorized site, do it. This way, your safety is guaranteed, as well as the fairness of the games on offer. If you choose to play at offshore sites that accept players from your country, make sure the brand is licensed in Curacao or Malta.
Where can I find a safe online casino in Peru?
Check out our list of the best online casinos in LATAM. Players from Peru are welcomed by many casinos, particularly large international operators.
Are online casinos allowed in Columbia?
Yes, Colombia is the only country that currently has a fully regulated online gambling market with a regulatory body to supervise and issue licenses in this department.
Can I deposit to an online casino in Costa Rica?
Costa Rican banks do not process transactions for online gambling operators located in the country. As a player, you can safely deposit to a licensed casino that is based outside of Costa Rica.