Brazil’s decision to prohibit fixed-odds betting and online games could redirect gambling industry investment toward other Latin American markets, with Colombia and Peru emerging as potential beneficiaries.
Brazil introduced Provisional Measure 1.394 on September 25, banning the operation, offering, intermediation and advertising of fixed-odds betting nationwide. The measure covers sports betting and online games and provides for the eventual termination of existing authorisations.
Juan Camilo Carrasco, managing partner at Sora Lawyers, told NEXT.io that companies could redirect investment toward jurisdictions offering greater regulatory predictability if Brazil maintains the ban.
Colombia Remains an Established Market
Colombia is among the markets that could attract additional investment. The country became the first in Latin America to regulate online betting in 2016 and has developed an established regulatory framework.
Carrasco said Colombia has continued to develop its framework by adding new verticals and making regulatory improvements. He also pointed to the market’s relative stability as a potential advantage for companies reassessing their regional investment plans.
Peru Attracts Investor Interest
Peru’s regulated online gambling market, which began operating under its current framework in 2024, also remains on investors’ radar.
Carrasco described Peru as an attractive market, citing its regulatory certainty and broader economic conditions. The market could provide another destination for companies that had planned significant expansion in Brazil.
For suppliers and operators, the potential shift highlights the importance of regulatory stability when allocating capital across Latin America.
Brazil Creates Wider Regional Uncertainty
Industry executives said Brazil’s decision could influence regulatory discussions in other Latin American markets.
Michele Stefanelli, head of account management at Play’n GO, said policymakers across the region are likely to study Brazil’s experience, particularly its approach to regulation, consumer protection and enforcement against illegal operators. He said future investment depends not only on market opportunity but also on confidence in the regulatory framework.
Juan Ignacio Juanena, chief operating officer at AzarLatino, similarly said other countries could reconsider rules covering advertising, responsible gambling, consumer protection and financial controls.
Brazil’s ban remains subject to a wider political and legal process, while the government has established a transition period for operators and consumers. The Ministry of Finance said betting websites and apps must become unavailable from October 6, while existing operators face the eventual termination of their authorisations.
For the wider Latin American market, the situation could encourage companies to reassess expansion plans and place greater emphasis on predictable regulation when evaluating new investment opportunities.
