iGaming is transforming from an open global sector to a fragmented selection of regions where no rules are the same and player demands can be just as diverse as the climates of those regions.
Operators seeking global scale cannot adopt a one-size-fits-all strategy. Success requires an intrinsic understanding of local market dynamics and the foresight to avoid costly and problematic markets. Securing the right B2B partner is often the deciding factor in executing complex market entries.
Recently, BetConstruct Regional Director Gor Mnatsakanyan took to the stage to talk about several different regions making the headlines in iGaming in 2026 to outline those opportunities and red herrings.
Latin America is iGaming’s growth child
The industry has been excited about LatAm for many years now; it is easy to understand why. Latin America has around 660 million inhabitants, with GDP per capita across the region steadily growing since 2020 to around $11,000. Per 4H Agency, there is around 82% internet penetration across the region, offering the industry significant opportunities for growth.
BetConstruct, as a provider of a range of solutions for operators, has selected Latin America as a significant market of opportunity.
Mnatsakanyan said: “The Latin American market is a big one for us, at least as a platform provider there. But the Latin American market is not just one market; you have to see it as different countries.”
That is true; Latin America has a diverse set of markets, going from Brazil’s behemoth federally regulated market for sportsbooks and online casinos, to Argentina’s provincially regulated system.
There are grey markets and other nationally regulated markets too.
The growth in LatAm is predominantly driven by Brazil, though Colombia, Mexico and Peru are viewed as markets with big potential. Chile’s inbound regulation could also offer big opportunities once finalised.
Mnatsakanyan added his view, noting that while there is clearly potential, those who enter LatAm should do so with caution.
“You have Brazil right now, which is getting more and more regulated, and we can see how there is value. But, the marketing costs, on the other hand, are increasing, so it’s not so easy to get there anymore. You have countries like Argentina, which are regulated partially at the federal level. You have mature regulation like Mexico, but it’s politically unstable.
“It’s worth it to invest in the Latin American market because the population there is growing, and also the business industry itself—the market—is growing there. But you have to keep in mind that there are some challenges you have to accept before entering.”
UAE: a red herring or a B2B haven?
The United Arab Emirates made history last week by issuing its first-ever online sports betting licence to Play971. The nation has become more receptive to gambling in recent years, with construction well underway on Wynn Al Marjan Island – an integrated resort set to open in 2027.
All this activity has got people in the industry excited about the potential of the UAE – one of the world’s richest nations with a GDP per capita sitting around $50,000.
But while the UAE’s General Commercial Gaming Regulatory Authority (GCGRA) opened in 2023, there is little sign that a western liberal regulated market is imminent, with a select number of licences available and most of those being land-based.
Given this context it is no surprise that Mnatsakanyan is slightly hesitant.
“It’s definitely a very difficult market, let’s say.”
That is not to entirely rule out the UAE as an important location for iGaming.
Mnatsakanyan suggested that the UAE could become a B2B hub for iGaming, given its dearth of technology talent, skilled workers and the federal government’s general receptiveness to technology industries.
“I would look at the UAE not from the perspective of another big B2C market, but from a perspective of B2B certification and licensing. It can become the next hub for the industry. We saw it already in crypto, we saw it in fintech; they got a big share of the industry with lots of headquarters there.”
South Africa: a long-term play?
South Africa has emerged as one of Africa’s most impactful markets, despite a complex regulatory framework. With growing GDP per capita and total market GGR of around EUR 3 billion in 2024, South Africa is a market of interest for many.
It is a country where technology has developed rapidly, with mobile and internet access growing nationwide.
Mnatsakanyan noted that while this is a positive step, international operators cannot enter the market with a European or North American mindset.
“I think South Africa is unique from a technological perspective. Mobile devices are different. You don’t have the same broadband technologies we are used to, so you have to tailor your product to fit that. It’s markets like this that we see as interesting as well. Yes, the immediate value is not there, but the volumes and the possibilities are there.”
There are many global opportunities for iGaming, but those who will win in the end are those who can decipher the hype from the substance, and identify not just where the opportunity lies, but how to unlock those opportunities.
