Discover the winners and losers in the SiGMA LatAm Market Report
The recently published SiGMA Market report targets LatAm, specifically Mexico, Colombia, Argentina, and Brazil. It takes a closer look at the marketing activities for Q1 2025 (November 2024 – February 2025) of online gaming operators, focusing on SEO, and affiliate marketing. The report also looks at product trends, share development, market capitalisations, and recent M&A deals from the region.
Market leaders in LatAm
Betting apps in LatAm
The report presents data about the leading betting apps in the sports category in Mexico, Colombia, and Peru (data from average daily rank, sports category apps – free, iPhone). Peru is included for this set of data, as no betting app data is available for Brazil and Argentina. Caliente leads the ranking in Q1/2025, followed by BET365 and Codere. In Peru, Betano leads, followed by 1xBet and Betsafe. BetPlay tops the ranking in Colombia, followed by 1xBet and Wplay.
Most Active Operators on Affiliate Sites in LatAm
The report benchmarks the top online gambling advertisers/ brands on affiliate websites across the four countries. The findings show variations by country and whether focusing on betting or casino sites:
- Betting: bet365 consistently ranks highly across Mexico, Argentina, and Brazil. Betsson leads in Colombia.
- Casino: Codere tops the ranking in Mexico and Colombia. Betsson ranks top in Argentina, while bet365 tops the list in Brazil.
SEO Benchmarking Leaders
The SiGMA LatAm Market report analyses search engine optimisation (SEO) performance across Brazil, Colombia and Mexico, measuring the top Google organic search results for betting- and casino-related keywords. Key findings:
Brazil: lance.com.br leads for betting-related keywords, very closely followed by gazetaesportiva.com and metropoles.com. gazetaesportiva.com is the top performer for casino keywords, followed by metropoles.com and olhardigital.com.br.
Colombia: futbolre.com leads in betting, followed by sportytrader.com and lat.motorsport.com; oddschecker.com leads in casino-related keywords, followed by es.casino.guru and futbolred.com.
Mexico: oddschecker.com leads for betting-related keywords, followed by sportytrader.com and apuestalegal .mx. oddschecker.com is also the top performer for casino keywords, followed by casino.mx and neonslots.mx.
The findings are also available on the interactive dashboard of the top online gaming advertisers/brands on affiliate websites in LatAm.
So far, only a few affiliates (e.g., Oddschecker) have been able to establish their own (global) brand reputation. Therefore, the Google ranking is of key importance for most affiliates.
SEO Affiliate Sites
As in most online industries, ranking in search engines is a crucial success factor. Therefore, our analyses of the data aimed to answer the question: “Which online gambling operators are doing the best job in SEO?” Here are the results (refer to the full report for more details):
Brazil: When it comes to betting SEO analysis, bet365 leads the SEO ranking. Runners-up are Betway and NetBet. For Casino SEO Analysis, NetBet leads the ranking, followed by Betsson and Betway.
Colombia: When it comes to betting SEO analysis, Rushbet leads the SEO ranking. Runners-up are Bwin and Wplay. For Casino SEO Analysis, Wplay leads the ranking, followed by Rushbet and Codere.
Product trends
The report includes a comparison of data collected over 3 different periods. In March, June and September 2024, participants, who include key stakeholders in the industry, were asked the same question: Please evaluate the GROWTH POTENTIAL (regarding gross revenues) of the following. The graph below presents the ranking list based on the latest data collected in September compared to the other 2 periods.
Based on the latest data, mobile casino has outpaced both mobile and live betting and takes top spot for the highest growth potential.
Market Capitalisations
Flutter ranks highest with a market capitalisation of GBP 36.7 billion, followed by Evolution (GBP 13.0 billion) and MGM (GBP 7.2 billion). The average market cap of the companies analysed is GBP 7.3 billion.
The Future of Online Gambling in LatAm
The future of online gambling in Latin America is promising, driven by regulatory reforms and technological advancements. Brazil’s new framework, launched in 2025, is pivotal, with projections indicating it could contribute significantly to the region’s revenue. Colombia and other countries are also refining their regulatory environments, fostering growth. However, challenges remain, particularly related to compliance complexities. As the market is projected to quadruple by 2027, operators must prioritise consumer protection and adapt to local nuances to capitalise on this growing industry.
The SiGMA Market reports are the result of a partnership between SiGMA Group and MECN’s Online Gambling Quarterly (OGQ).
Four countries in focus
Colombia: The growth of online gaming in Colombia has led to an increased focus on sports betting and online casino games. Operators are likely to invest in product diversification and user retention strategies. The country introduced a temporary 19% VAT on online gambling in February, effective until December 2025. This measure aims to generate significant revenue and address security challenges. Operators like Stake Colombia have launched promotions to maintain user engagement in response to the new tax rate. SEO and affiliate marketing will be crucial in navigating these changes and maintaining market share.
Argentina: Argentina is moving toward a unified regulatory framework for online casinos, focusing on transparency, consumer protection, and combating illegal gambling. The goal is to establish standard guidelines across provinces. With potential restrictions on gambling advertising, SEO and affiliate marketing will play a critical role for operators who may need to adapt their marketing strategies, focusing more on digital channels and responsible gaming initiatives. The push for stricter regulations could increase investment in responsible gaming tools and technologies. Operators may also explore partnerships with local entities to comply with emerging regulations.
Mexico: Mexico has made significant changes in its gambling regulations, particularly with the ban on slot machines in physical locations. This shift has led to a focus on online gaming, which is expected to grow by 70% over the next three years, reaching a revenue of over USD 4.5 billion. Online gaming operators in Mexico will likely enhance their digital marketing strategies, including SEO and affiliate marketing, to capitalise on the growing tech-savvy and youthful demographic turning to online platforms. The emphasis on online gaming suggests a rise in digital casino games and sports betting platforms. Operators may focus on developing user-friendly interfaces and mobile apps to cater to the growing demand.
Brazil: Brazil’s newly regulated online betting market began in 2025, with strict standards for consumer protection and oversight. Licensed operators must use the bet.br domain, which has led to a surge in online traffic, surpassing major platforms like YouTube and Instagram. Operators will likely leverage SEO and affiliate marketing to capitalise on this visibility. The regulated market has led to increased engagement, with users spending more time on betting platforms.
