SiGMA, together with Blask, has published the South America Market Report. The data period covers February 2025 to January 2026 and includes ten markets across the continent.
Top markets by engagement
The Blask Index is an aggregated indicator of user interest across all gambling brands in a country.
🔵 Brazil — 232.9M (regulated)
🔵 Peru — 30.0M (regulated)
🔵 Argentina — 16.3M (regulated)
🔵 Colombia — 14.1M (regulated)
🔵 Venezuela — 9.7M (unregulated)
🔵 Ecuador — 9.5M (unregulated)
🔵 Chile — 7.4M (unregulated)
🔵 Paraguay — 2.4M (regulated)
🔵 Uruguay — 260K (betting regulated)
🔵 Bolivia — 256K (regulated)
Top markets by revenue
🔴 Brazil — $ 551.1M (regulated)
🔴 Argentina — $ 137.2M (regulated)
🔴 Chile — $ 95.1M (unregulated)
🔴 Peru — $ 79.9M (regulated)
🔴 Colombia — $ 41.5M (regulated)
🔴 Uruguay — $ 23.9M (betting regulated)
🔴 Ecuador — $ 18.9M (unregulated)
🔴 Paraguay — $ 12.8M (regulated)
🔴 Venezuela — $ 10.0M (unregulated)
🔴 Bolivia — $ 6.4M (regulated)
What the data shows
🔵 Brazil stands in a category of its own: $ 551M per month, 4x larger than the second market
🔵 The top five markets by revenue generate over 90% of the region’s total monetization
🔵 Argentina ranks 2nd in revenue ($ 137M) but 3rd in engagement: high monetization per user
🔵 Chile ranks 3rd in revenue ($ 95M) but only 7th in engagement: an unregulated market with strong offshore operator activity
🔵 Venezuela and Ecuador show the opposite trend: top-6 in interest but near the bottom in revenue
Brazil
🔴 Engagement has stabilized at a peak of ~230M — the market has moved from rapid growth into maturity
🔴 Licensed sector: BRL 37B GGR, with BRL 10B in taxes for 2025
🔴 Parallel grey market: an additional BRL 30−40B — comparable to the legal sector
🔴 GGR forecast for 2026: up to BRL 70B
Engagement dynamics over the period
🔵 Venezuela — 2x growth (from 5M to 11M)
🔵 Argentina — +42% despite negative GDP in 2023−2024
🔵 Chile — +35% (from 5.4M to 7.3M)
🔵 Peru — +32% (from 25M to 33M)
🔵 Colombia — volatility with recovery toward the end of the period
🔵 Brazil — no active growth, mature market
Conclusion
South America is not a single market, but ten different ones — each with its own maturity level, dynamics, and regulatory environment. The region is moving in multiple directions at once, and each requires a tailored approach.
The Blask Index is an aggregated indicator of user interest across all gambling brands in a country.
🔵 Brazil — 232.9M (regulated)
🔵 Peru — 30.0M (regulated)
🔵 Argentina — 16.3M (regulated)
🔵 Colombia — 14.1M (regulated)
🔵 Venezuela — 9.7M (unregulated)
🔵 Ecuador — 9.5M (unregulated)
🔵 Chile — 7.4M (unregulated)
🔵 Paraguay — 2.4M (regulated)
🔵 Uruguay — 260K (betting regulated)
🔵 Bolivia — 256K (regulated)
Top markets by revenue
🔴 Brazil — $ 551.1M (regulated)
🔴 Argentina — $ 137.2M (regulated)
🔴 Chile — $ 95.1M (unregulated)
🔴 Peru — $ 79.9M (regulated)
🔴 Colombia — $ 41.5M (regulated)
🔴 Uruguay — $ 23.9M (betting regulated)
🔴 Ecuador — $ 18.9M (unregulated)
🔴 Paraguay — $ 12.8M (regulated)
🔴 Venezuela — $ 10.0M (unregulated)
🔴 Bolivia — $ 6.4M (regulated)
What the data shows
🔵 Brazil stands in a category of its own: $ 551M per month, 4x larger than the second market
🔵 The top five markets by revenue generate over 90% of the region’s total monetization
🔵 Argentina ranks 2nd in revenue ($ 137M) but 3rd in engagement: high monetization per user
🔵 Chile ranks 3rd in revenue ($ 95M) but only 7th in engagement: an unregulated market with strong offshore operator activity
🔵 Venezuela and Ecuador show the opposite trend: top-6 in interest but near the bottom in revenue
Brazil
🔴 Engagement has stabilized at a peak of ~230M — the market has moved from rapid growth into maturity
🔴 Licensed sector: BRL 37B GGR, with BRL 10B in taxes for 2025
🔴 Parallel grey market: an additional BRL 30−40B — comparable to the legal sector
🔴 GGR forecast for 2026: up to BRL 70B
Engagement dynamics over the period
🔵 Venezuela — 2x growth (from 5M to 11M)
🔵 Argentina — +42% despite negative GDP in 2023−2024
🔵 Chile — +35% (from 5.4M to 7.3M)
🔵 Peru — +32% (from 25M to 33M)
🔵 Colombia — volatility with recovery toward the end of the period
🔵 Brazil — no active growth, mature market
Conclusion
South America is not a single market, but ten different ones — each with its own maturity level, dynamics, and regulatory environment. The region is moving in multiple directions at once, and each requires a tailored approach.