Interviews
LatAm 2022: The future of sports betting
As one of the world’s most dynamic regions for sports betting, LatAm offers a wealth of opportunity for suppliers in 2022. We sat down with Chris Nikolopoulos, CCO at BETBY, Camilo Millon, Head of Sales, LatAm and Spain at Kiron Interactive and Hugo Llanos, Regional Director Americas at Altenar to get the latest on how the continent’s betting markets are being shaped.
Taking a broad view, what’s your take on the current online sports betting environment across the continent? What do you predict we’ll see over the next 12 months in terms of digital evolution?
(CN) Latin America is home to approximately 10% of the world’s population, and it is no secret that plenty of those living there absolutely love sport. The sports betting industry in the region has undergone a lot of transformation during the past 20 years, with a key change being that it has shifted from land based to online.
This is a phenomenon that we expect to continue for the foreseeable future. What is also important to mention is that the region, in particularly Brazil, represents a big part of the Esports community and I am confident that there will be more and more Esports-focused betting websites appearing in the coming months and years.
(CM) Latin America is a somewhat conservative market and has, thus far, seen the focus resting largely on retail, with what online activity there is being quite limited in comparison to other regulated markets globally. Perhaps the main driver for this conservatism is in the average LatAm bettor’s aversion to change – it’s not something they’re keen on. This ties in with the importance levied on reputation when building solid and trustworthy relationships in the market. Add the relatively high cost of mobile data and you’ve got an organic environment for retail to thrive at the cost of its online cousin, which I don’t see gaining much traction in the next 12 months.
Virtual sport on the other hand, as a general vertical, has seen its popularity gain ground and is in a very healthy state. This is particularly so across sports betting when major live tournaments are underway, even as far as during the qualification stages and as such, football remains the dominant virtual sport across LatAm, as you might expect.
(HL) It has certainly been an intriguing period for the online sports betting industry. Back in March 2020, the sporting world froze. Many things have changed since then; it required the entire industry to speed up with everything related to safety and health.
One of the key areas of change is the progression towards an online-mandatory approach for business, driving an increase in the volume of land-based companies operating online. It is likely M&A activity will occur, with a key differentiating factor between competitors hinging on who understands the local business better to provide a superior product for the customers.
In terms of regulation within the LatAm market, Columbia could be an influential component with other countries following suit. These changes can happen quickly, it is therefore vital to be flexible to keep up with the industry growth and requirements.
Looking at the key markets of Argentina, Colombia and Mexico – how much do sports betting trends differ across the continent? What sports and verticals are proving most popular aside from football?
(HL) In the LATAM market it is evident that football (soccer) is the favoured choice for bettors, the secondary pick varies across the market depending on the country. For example, Mexico is very US-Sports oriented, the NBA, MLB, and NFL are also extremely popular. In other regions tennis is a preferred choice amongst bettors – so it’s all about catering to regional preferences.
Of course, It is clear for all to see that LatAm users are very passionate about sports, Colombia for instance is big in terms of betting multiples, including favourites. Furthermore, esports, virtual sports and other verticals such as casino alongside the industry are continuously growing – and it’s certainly an area to watch.
(CN) Football is king in all of the mentioned markets above, and there’s no doubt about that. Mexico offers more diversity to Colombia and Argentina, in the sense that it is closer to American sports, with Baseball and American Football being quite popular in the region. In a comparison between Colombia and Argentina, I would say that Argentina is much more diverse in terms of what sports are popular and what people are willing to bet on, such as horse racing.
(CM) The further north you go in these countries, the more ‘Americanised’ the popular games tend to be, with basketball being popular in Mexico for example. At the opposite end in the south, horse racing, greyhound racing and table tennis remain firm favourites.
Each country in LatAm is unique in terms of its betting patterns and trends. The one similarity across regions however remains the importance that needs to be placed in educating audiences and creating awareness of any new product, sport or vertical that is introduced. Trust in a product is key. Locally we have been putting hard yards into the marketing of virtual sports, helping operators and players understand how they work, and making this process as transparent as possible. This effort has been paying dividends too, with acceptance gaining momentum as audiences start to understand and build trust.
How much interest are we seeing in the big four US sports and European football leagues?
(CN) Leading European Football leagues have started gaining significant traction in LatAm territories during the last years, as they become truly global leagues. The gap between the major leagues and local, national leagues, in terms of volume, is still vast. With regards to US sports – we must recognise that it depends on the subregion. Places in Central America, such as Mexico, tend to show bigger interest in US sports, compared to markets like Brazil for instance.
(CM) La Liga is very popular due to the common language shared and the overall quality of European leagues and formats which amasses large followings, particularly the EPL, Serie A and the international Euro competitions. As previously mentioned, American Football, Basketball and Baseball increase in popularity the further north you travel and there’s a lot of love for tennis too!
(HL) There is a significant appeal the main European football leagues generate within the LatAm market, coupled with the fact that football is the main source of entertainment for bettors, and therefore a key component in generating turnover. More recently this is noticeable surrounding the big four US sports (NFL, NBA, NHL and MLB) which are growing in popularity across the entire LatAm market. While local leagues are important for each specific country, the main European football leagues and four main US sports are common for all.
Looking to Esports, which is arguably one of LatAm’s fastest growing verticals, what’s your view on its surge in popularity? Do the demographics differ to those who bet on Esports?
(CN) For the past 10 years we have all been discussing how Esports as a vertical is increasing in betting volume and will be the next big thing, and while this is undoubtedly true, it hasn’t yet reached the amounts we were expecting. However, with Generation Z becoming more and more active as bettors than any previous generation, we can really expect a huge increase on the Esports vertical. It is important to note that Gen Z is the first generation growing with a tablet and mobile in their hands. This nurtures a digital identity from an early age and a much stronger bond with anything associated with electronics – including Esports. We would argue that Esports has a younger audience compared to traditional sports like Football, Cricket or Basketball, and in the coming years will represent a bigger part of the pie.
(CM) It’s very much a generational divide in terms of popularity – esports appeal more to the younger players/bettors and this popularity grows in relativity to the growth we see in esports as a whole. There’s still huge potential for it to get even bigger, as new generations come of age and establish themselves as the clients of the future. For this reason, suppliers and operators must pay close attention to what’s on the horizon and stay ahead of the game. Virtual sports do appeal to a more diverse age group as they appeal to both younger bettors, who are accustomed to animated products, as well as traditional sports and racing bettors in the older age groups.
(HL) Esports has certified its position as one the most in demand verticals on the market, growth spiked during the pandemic – especially efootball (FIFA). There is still a great deal of room for expansion in this sector, Madden’s popularity could also unlock a whole new market within esports – particularly for northern markets on the continent close to the US. It is clear there is a lot of development yet to take place which will allow bookies and bettors the opportunity to better understand certain aspects such as risk management, but I believe this is a very strong growth space.
In terms of demographics, it’s not necessarily the same users for virtuals. Virtuals are RNG games, while esports are real competitions between real people. Esports users are more used to purchasing things online, more technology-savvy and more loyal towards their games, so they could be a very nice addition to any customer database, and certainly a key alternative revenue stream.
Last but not least, the big prediction that all our readers will want to know about – what odds would you give on Brazil becoming a regulated market by this time next year?
(HL) There has recently been a big push towards obtaining regulation in Brazil, there is a good chance this will happen within the next year. It would be great for the LatAm market and the betting industry as a whole, although we have certainly been waiting a while already! How long that continues remains to be seen, but we are certainly watching with excitement.
(CN) I would like to avoid speculating about this issue myself so I will avoid giving specific odds. What I can say, is that Brazil has taken steps towards a regulated framework over the past few years, and it is only a matter of time until this prevails. I am very interested to see how this will transform the market, so naturally, BETBY we will be keeping a very close eye on the market and its development.
(CM) Brazil becoming regulated in 2022 is not likely due to the sheer amount of bureaucratic red tape. However, change is most definitely afoot and the long-awaited first draft of regulations could be with us as we progress into 2023 but I’d be surprised if came any earlier.
Markets in Latin America take a long time to get their houses in order, some cases taking as long as 10 years. While momentum is gathering pace and we are nearing a resolution, progress will still be cumbersome. It’s a huge transition but one we’re all looking forward to it.
Looking Back: Growth & Achievements
FBMDS is celebrating five years of expansion and innovation. How would you describe the brand’s journey during this time?
Our journey over the past five years has been one of bold moves, strategic growth, and relentless innovation. As part of the FBM® Group, we began as pioneers in Video Bingo, but our vision extended far beyond that. We have focused on delivering profitable products to our clients and engaging gaming experiences to players. By expanding into multiple gaming categories and strengthening our global presence in key markets like Mexico and Brazil, we have redefined what a localized, player-centric gaming experience should be.
What were the key milestones that shaped FBMDS’ success over the past five years?
Several milestones have defined our success. First, our solidification as a market leader in Video Bingo and Lotto Games, setting the gold standard with best-seller products like Multi Mega, Power Pick Lotto, and Champion IV. Our leadership in Video Bingo is reinforced by unique features like the jackpot system, Magic Ball, and attractive paytables, all of which drive engagement and retention.
Second, our presence at international trade shows has played a crucial role in strengthening relationships with key partners and clients while reinforcing our brand positioning, as seen in events like G2E Las Vegas 2024. Lastly, our rapid expansion in the LATAM region, particularly in Mexico and Brazil, has solidified FBMDS as a trusted and respected brand in a highly competitive landscape.
What has been the most significant challenge, and how did FBMDS overcome it?
The online gaming industry is highly competitive, and differentiation is key. Our challenge was to deliver games that not only stood out but also ensured profitability for operators and engaging experiences for players. We tackled this by investing in customization, localization, and innovation—ensuring that every product aligns with the preferences of specific markets. Our ability to adapt game mechanics, themes, and retention strategies has positioned us ahead of the competition, creating unique gaming experiences that drive business success.
Product Evolution & Market Leadership
FBMDS has built a strong reputation in Video Bingo. How has this segment evolved, and what makes FBMDS a leader in this category?
Video Bingo is our DNA, and we have continuously pushed its evolution by refining gameplay mechanics, introducing engaging themes, and incorporating advanced technology to enhance user experience. Our commitment to differentiation sets us apart: our jackpot feature, the Magic Ball, and attractive paytables are tailored to maximize player engagement and operator profitability. Customization is at the heart of our strategy, ensuring our games resonate with local markets and drive long-term success.
Among FBMDS’ product portfolio, do you have a personal favorite? Why?
It’s hard to pick just one, but I’d highlight our Video Bingo games because they represent our legacy and continued leadership in the industry. We believe Video Bingo is an essential asset for any online casino, as it offers a nostalgic yet modern experience, combining interactive features with high retention rates. Our jackpot system enhances player excitement, while innovative game mechanics keep engagement levels high. In addition, our crash games showcase our adaptability and innovation, delivering high-quality visuals and dynamic gameplay. These two categories reflect our strategic pillars: player engagement and profitable gaming solutions for operators.
Future Outlook & Expansion Plans
Looking ahead, what’s the vision for FBMDS’ next five years?
We are just getting started. Our vision is to expand our influence by continuously delivering innovative and engaging gaming experiences that drive profitability for operators. While we maintain our leadership in Video Bingo, we are also focused on strengthening our position in other gaming verticals. We will continue investing in localized, player-driven innovation, ensuring that every product we launch enhances both player experience and operator success.
Brazil is a key market with huge potential. How does FBMDS plan to strengthen its presence in this region?
Brazil is a strategic priority for us. With regulatory developments and increasing demand for online gaming, we see tremendous opportunities to expand. Our approach is centered on offering tailored gaming experiences that resonate with Brazilian players, ensuring our products align with their cultural and gaming preferences. Additionally, we are forging strategic partnerships with operators to facilitate seamless and impactful expansion in the region, ensuring that our games drive engagement and profitability for our partners.
Innovation & What’s Next
Can you share any insights about upcoming products or features that FBMDS is working on?
Absolutely. We are developing a new generation of Video Bingo games featuring advanced jackpot systems, enhanced gameplay mechanics, and even more engaging features tailored to player preferences. Our goal is to create experiences that keep players entertained while maximizing operator revenue. In addition, we are working on new slots and bonus structures designed to drive engagement and profitability, ensuring that FBMDS remains at the forefront of gaming innovation.
What can operators and players expect from FBMDS in the near future?
A: More expansion, more innovation, and an even stronger, more diverse gaming portfolio. Players can expect cutting-edge experiences featuring interactive and rewarding mechanics, while operators will benefit from flexible, high-performance gaming solutions designed to optimize engagement and profitability. We are committed to maintaining our leadership in Video Bingo while continuously evolving to meet market demands.
Final Thoughts
After five years of continuous growth, what message would you like to share with FBMDS’ partners and players?
First and foremost, a heartfelt thank you to our players, partners, and the entire FBMDS team. Your trust and support have been instrumental in our journey. As we move forward, we remain committed to delivering exceptional gaming experiences, driving profitability for our partners, and continuously pushing the boundaries of innovation. The best is yet to come!
If you had to describe FBMDS’ journey in one word, what would it be?
Transformational.
A lot has changed since the US Supreme Court struck down PASPA (The Professional and Amateur Sports Protection Act of 1992) as being unconstitutional, effectively ending Nevada’s near-monopoly on sports betting in the country. With every US state now free to legalize and launch its own sports betting market, in-person, online, and mobile sports betting grew at a neck-breaking pace.
This explosive growth saw the emergence of ‘affiliate companies’ – marketing agencies specializing in performance marketing and promoting licensed sports betting operators. However, as the market entered a new phase and growth slowed, some affiliates have been seeing mixed results in the past year.
We sat down for a chat with Shmulik Segal, Founder and CEO of Media Troopers, an advertising agency specializing in sports betting and iGaming in North America, to hear his views on the gambling marketplace and what the future holds for affiliates. Segal takes a realistic approach and acknowledges the days of insatiable growth are gone, but he still sees great potential in the market.
Looking at the bigger picture, how bad were things for affiliates in the past year?
Segal: “I won’t tell you the past year hasn’t been challenging for marketing agencies like ourselves. Looking at 2024 earning reports of publicly traded marketing agencies in the gambling industry, the results are a mixed bag, Segal says. “While some of the largest players in the space saw their US revenues drop by over a third compared to 2023, the earnings of others just flatlined.”
What causes you to be optimistic then?
“But on the flip side of the coin, there were also companies that saw double-digit growth in earnings,” Segal compares. “So what does that mixed bag of results tell us? Although the days of explosive growth are over, the market is certainly not on a one-way street. I still see tons of opportunities for companies that are adjusting and doing the right things.”
So what are the main challenges the affiliate market is facing?
“I can divide the challenges into two main categories: objective and subjective. Objective categories would be anything that’s ‘man-made’, such as legislation (new states that open up), increased regulation (restrictions on advertising, increased taxation), the evolution of technology (Artificial Intelligence and further mobile personalization), competition (both operators and other marketing channels and companies), and all other factors that are created by governments, companies, and individuals,” he explains.
“The subjective factors are more geographical or permanent. Let’s take sports betting as an example. According to the American Gaming Association’s state tracker, Out of 51 potential jurisdictions across the country (50 states + Washington DC), 38 have legalized sports betting. However, only seven states have legalized iGaming.”
So, how do you treat these challenges differently?
“As an affiliate, you understand the fundamental difference between the two types of challenges: your level of control. While you can mitigate objective challenges, you must adapt to subjective ones.”
How do you stay relevant as an affiliate amidst these challenges?
“The first thing we must always keep in mind is that we make a living out of providing our customers with additional value, i.e. unique knowledge and expertise that the operator doesn’t have and fits perfectly into its marketing mix. We must provide our customers with a competitive, cutting edge.”
“Case in point: we constantly strive to be ahead of the curve in everything we do. Our technology platform constantly adapts and upgrades to include more powerful AI tools for segmentation, targeting, and personalization. A huge part of our media teams’ job is to look for the ‘next big thing’ be it a fresh marketing channel or a new source that will enable us to expand our reach and tap into new markets.
Our commercial teams work closely with existing and potential operators to find new ways to bring value to players, be it new games, news, or promotions. And it goes without saying that our compliance team takes great care of ensuring we adhere to the highest standards of safe advertising and responsible gaming.”
“But no less important,“ he concludes, “is the operations team that ties all the pieces together and executes everything. That’s one of the biggest challenges, given operations can be slow-moving, we constantly need to improve our execution to keep up with the changes the other parts of the team bring.”
What about other types of challenges? The ones you can’t mitigate?
“When it comes to subjective challenges, however, you have much less control, and this is where companies must brace themselves and adapt quickly. Case in point, there are 38 sports betting states, while a portion of the remaining ones, such as Hawai, Utah, Texas, and California, won’t introduce sports betting or iGaming in the foreseeable future.
With fewer states regulating gaming in the foreseeable future, is the market bound to shrink?
“I don’t see it that way. Long gone are the days when a new market opened every few months. What would you do? You can’t ‘magic up’ more states. But you can certainly adapt and brace yourself to improve and grow your share in existing markets, which is exactly what we are focusing on doing,” he explains. “Along with acquiring new players through new and existing markets, we are constantly looking for new channels that will bring our customers (operators) loyalty and higher lifetime value.”
You are talking about increasing share and value, does that mean there are no new opportunities?
“We see huge potential, with opportunities constantly coming to knock on our door. North Carolina and Vermont were the two new markets that launched in 2024, and we are already seeing a lot of growth there. For example, North Carolina, which only went live with sports betting in March 2024, but by the end of the year, already clinched ninth place in the Top 10 sports betting states, reporting revenues of over $583.
This is why we treat every state as a standalone ecosystem with its unique set of challenges, requirements, and potential. The next exciting challenge (and opportunity) we are preparing for is Missouri, which legalized sports betting at the end of 2024 but has yet to launch. We have already been hard at work since the ballot was approved in November, so we can hit the ground running and start sending our MO sportsbook partners newly depositing customers from day one.
What about organic growth in existing markets?
“There’s certainly that also. While every new state that launches sports betting can potentially bring a spike in growth, we are certainly seeing organic growth and improved results across the board year after year. Take as an example the Super Bowl. In 2025, legal US bets on the Super Bowl grew 10% year-on-year. Or March Madness, on which best are expected to grow 13% from last year.
So, is there still organic growth in existing markets? For us, it’s a big, fat yes.”
Are you planning on staying within the iGaming and sports betting markets in the near future?
“That’s a very good question I ask myself every day, Segal smiles and immediately corrects himself. “Actually, scratch that. I ask myself this question many times over the course of a day in the office.”
He elaborates: “iGaming is tangent to other gaming verticals, and sports betting has an overlap with a whole universe of sports and its related verticals. Every website in these verticals needs traffic, and we know how to provide it. So new opportunities knocking on our door. But how do we capitalize on these without losing our focus and commitment to our core business? We keep our ears and eyes open, but never lose focus.”
How has the live dealer landscape progressed over recent years?
Live dealer has become a core vertical in online gaming, now making up about a third of casino revenue. What’s interesting is that it’s driven by a relatively small number of studios. It’s a capital-intensive business with no guarantees, but if you get it right, the player loyalty is worth the investment.
The industry has evolved in key areas:
- Streaming and quality: HD is standard, but now latency, mobile optimization, and stability are the focus
- Game Variety: the core games – Blackjack, Roulette, and Baccarat – still dominate, but regional favorites like Teen Patti and Andar Bahar are gaining ground
- Gamification and engagement: jackpots, tournaments, and cash drops are making live dealer more interactive
- Customization: greenscreen technology has been a game-changer, allowing operators to brand and tailor their tables like never before
- Hybrid formats: live dealer is no longer just about table games; game shows, wheels, and interactive experiences are expanding the category
At its core, live dealer is about creating an immersive and social experience. That’s why innovation in engagement and customization continues to be a major growth driver.
With live casino being relatively new to some markets, such as the US, how do players interact with the vertical? How do player preferences differ across geos?
For players new to live dealer, the reaction is almost always ‘feels like a real casino!’ The human interaction and transparency make a big impact.
In the US, live dealer is being embraced quickly, especially in social and sweepstakes casinos. Players there are used to land-based casinos, so high-quality live games feel familiar. Blackjack is the dominant game by a wide margin.
Other parts of the world have different preferences. In Asia, there’s a strong preference for Teen Patti, Dragon Tiger, and Baccarat. Baccarat is also the top choice in Italy and much of Southeast Asia. In Turkey, Roulette is by far the most popular game, though we also see strong affinity toward Blackjack. In Europe, Blackjack leads, but Roulette is consistently strong, particularly in markets like India.
Across all markets, the common thread is that live dealer isn’t just about the game – it’s about the experience. Players want interaction, immersion, and trust in the gameplay.
What technologies resonate well with players, and conversely, what is lacking engagement?
Reliable streaming is the baseline expectation. It needs to work flawlessly, especially on mobile. From an operator’s perspective, greenscreen technology has been a game-changer. It allows for branded and localized environments without physical set builds, giving operators full control over their branding and user experience.
Gamification and promotional tools, such as cash drops, leaderboards, and jackpots, also drive engagement, particularly in social and sweepstakes gaming.
And what doesn’t work? Laggy or low-quality streams are killers. If the experience isn’t seamless, players leave instantly. And fake ‘live’ games, such as pre-recorded tables and AI dealers, miss the point of live casino. Players want real human interaction.
What is the most unexpected or disruptive trend you’ve seen in live casino development that you didn’t anticipate, and how has it shaped your approach?
One of the biggest surprises has been the rise of live dealer in social casinos and sweepstakes gaming. For a long time, social casinos were all about slots, but now we’re seeing massive demand for live dealer in that space. Players want the real casino atmosphere, even when they’re playing with virtual currency.
We’ve adapted to this by optimizing our live dealer games for sweepstakes casinos – adjusting the UI, adding engagement tools, and better game pacing to better fit the model. This shift has forced a change in the way we think about live gaming – not just as a real-money product, but as an entertainment experience that works across different models.
In which markets is live casino experiencing the most growth, and why?
Our core markets of Europe, CIS, and the Middle East continue to show strong, stable growth, with high retention rates among existing players. We’re also expanding into high-growth regions like Italy and Asia where Baccarat is driving adoption. In Africa and LatAm, growth is fueled by higher gambling activity and better internet access. And in Africa specifically, our adaptive streaming technology optimizes for lower bandwidth, making live dealer more accessible in this huge and emerging market.
And it’s not just about where live dealer is growing, it’s also about how it’s expanding into new verticals like social and hybrid models. For us it’s about being ready, agile, adaptive.
How do you expect the live dealer landscape to develop? Are there any emerging technologies that you believe will become game changers in this space?
AI gets a lot of attention, and while I don’t see it replacing human dealers, I do see it as a powerful tool for personalization.
We can expect to see AI-driven table recommendations which may suggest games based on player behavior data, as well as personalised and dynamic challenges and offers that adapt in real-time.
Beyond AI, greenscreen technology will continue to redefine the industry. It makes localization and branding far more cost-effective by allowing digitally generated studio environments. It unlocks innovation and imagination, and empowers operators to create unique and exclusive gaming experiences.
Live dealer is also starting to merge with other formats, so expect to see more game-show-style mechanics, interactive social elements, and even potential crossover with streaming platforms.
Final Thoughts?
Live dealer is no longer a niche product; it’s a dominant vertical in online gaming. The challenge now is differentiation.
At LuckyStreak, we’re focused on making live dealer more customizable, engaging, and adaptable. Whether it’s through branded tables, gamification, or expanding into new markets, the goal is to give operators more flexibility and players a better experience.
About LuckyStreak
LuckyStreak has been producing and streaming world-class live dealer online games since 2014. Launched and led by veterans of the land-based and online casino industry, they have a deep passion for entertainment, innovation and quality service, providing players with an unforgettable, unique and thrilling gaming experience, and impeccably delivered with an unwavering commitment to the highest levels of production, video streaming and reliability.
LuckyConnect was launched in 2017 and is the proprietary integration API for operators, connecting them to a library of over 4000 live dealer and third-party games from leading providers like Pragmatic Play, Yggdrasil, Ruby Play, PG Soft and Red Rake Gaming via seamless wallet API, and one-stop shop of critical services including invoicing, player management, reporting and billing, support centre and content management, with one fast and easy integration.
LuckyStreak products and services are built on a highly secure robust technical infrastructure: utilizing a microservices architecture developed using a cloud-native approach enabling high availability (99.9% uptime), security and flexibility; whilst our critical API technology is protected by symmetric encryption and secure server-to-server connections. Ensuring an optimal playing experience without compromising our service to our customers.
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