In its latest analytical article, sports betting and iGaming platform supplier Uplatform explains step by step how to develop a successful brand in the Latin American market.
The LATAM iGaming scene is like a savory pie fresh from the oven! You can easily create a highly successful brand with the right recipe and cut yourself a delicious slice. Here is a recipe for baking a lucrative brand.
Baking duration: 2 months
Ingredients:
- Localization.
- Regulations research.
- Mobile-friendly solutions.
- Relevant payment methods.
- Following the trends.
The region has gained significant attention in the iGaming industry, and it’s becoming more appealing as a possibility as more potential participants become accessible. Many nations with thriving iGaming industries include Colombia, Peru, Argentina, Mexico, Uruguay, and Brazil. Brazil, for example, has an outstanding legal track record, and with the likelihood of legalizing sports betting soon, the country has the potential to become the world’s largest market for sports betting. So, what steps are necessary to successfully bake an iGaming brand in Latin America?
Procedure
Step 1: Mix all the localization ingredients to tailor your dish to a selected country in the region.
Latin America has 20 countries and 13 dependencies, making it one of the world’s most diversified regions. Many of these countries have Spanish or Portuguese as their official language. A closer look at the regions where English and Dutch are spoken reveals even more variation. Modify your project to fit these requirements if you plan to launch in these regions.
In addition to language, localization also considers popular sports, leagues, and betting preferences in each region. It’s no secret that football has captured the hearts of Latin American sports enthusiasts. The region is home to some of the world’s most passionate and dedicated football fans. The love for the sport has skyrocketed even more since Argentina brought home the FIFA World Cup trophy. In fact, a staggering two-thirds of all bets placed in the region are on football matches. Latin American fans follow not only the World Cup but also the highly anticipated Champions League, the Italian Serie A, the English Premier League, and Spain’s La Liga. Notably, the last two have remarkably even levels of interest.
It is important to offer big tournaments or leagues as well as local ones for football or other sports. Football is just one of many sports that attract LATAM sports fans, so creating localized content for sports bettors is essential in this region. As a result, Uplatform provides a fully prepared, tailored betting program for LATAM that covers local players’ preferences. Horse racing, motorsport, tennis, and basketball are just a few of the local favorites they cover to cater to the betting preferences of the people in each region. They have more than 200 sports and 1.5 million pre-match and live events worldwide available for betting, including regional delights like the Brazilian Campeonato Pernambucano U20 league and the Chilean Tercera Division.
Also, reviewing betting experiences is necessary. Each nation has its own gambling culture, and even within a nation, regional traditions can vary greatly. For instance, players from Argentina have different betting habits than those from Brazil, and even within Brazil, there are regional differences, and operators typically have a higher frequency of lower bets. Various marketing tools, such as bonuses, cross-selling, and other features, can greatly boost player engagement. To follow multiple events simultaneously, Uplatform offers a unique live zone with the ability to hold multiple live bets. This feature is very popular in LATAM. They also offer Bet Constructor, Bet Builder, and a variety of unique bet types to keep LATAM bettors interested and entertained.
Step 2: Flavor your dough with extensive research to guarantee compliance with regional betting
iGaming legalization, regulation, and taxation have recently risen to the top of the government’s agenda in most parts of South America. You must be aware of all local rules to ensure you act legally. Countries like Argentina and Uruguay are leading the charge to pass necessary gambling regulations that will strengthen the local economy and lessen the negative effects of illegal gambling.
On the other hand, Bolivia and Ecuador continue to abide by regulations created more than a century ago, mostly by religious leaders, which has wreaked havoc on their gaming industries. Other countries, such as Brazil, are successfully bridging the gap and modernizing their laws in the face of traditional opposition by enforcing progressive legislation.
Step 3: Revamp baking with mobile-friendly options
The iGaming sector in Latin America has experienced meteoric expansion thanks to the availability of smartphones in the region. According to Statista, in 2020, 80% of Brazilians owned smartphones, and this number was projected to grow to 88% by 2025. The adoption rates were 70% in Argentina and 70% in Chile. Since most people in these countries cannot afford personal computers or video game consoles, mobile devices are becoming increasingly popular. Even with smartphone adoption, coverage may still differ even within a particular country; for example, rates are higher in the south of Brazil but significantly lower in the north. According to data gathered in 2020, 48% of Argentinean homes have access to the internet via a computer. While the rate in Brazil is only 38.7%, it is 44.8% among Colombians. The LATAM market presents unique challenges with high mobile internet usage and low PC household penetration, making it essential for operators to offer accessible solutions through light web versions, mobile apps, and mobile web. Uplatform provides a comprehensive solution to these challenges with its offerings, including SMS and Telegram betting, to help operators penetrate this market successfully.
Step 4: Add all necessary payment options
The Latin American banking and payments statistics vary greatly depending on the country and region. In Brazil, for example, most adults in the north cannot access financial services such as debit cards, credit cards, or even bank accounts.
Access to the financial markets in Latin America differs from that in the U.S. or Europe. Local institutions, payment networks, and fintech companies are preferred over traditional international institutions, which shows how different the region’s financial landscape is. Although cash transactions are still the dominant payment mode in many Latin American countries, mobile payments, and digital wallets continue to gain traction among players. Despite this, a large portion of the unbanked population still exists. To address this issue, innovative fintech companies, banks, and governments in the region have developed alternative payment methods to provide financial services to those without access to traditional banking. This effort to embrace digital payments has been made to improve the region’s overall financial landscape.
Understanding local bettors’ preferences and offering convenient payment options to them in their own country improves trust and betting experience. With the decline of conventional global banking institutions and the widespread use of payment alternatives, Uplatform is best suited to satisfy the needs of Latin Americans. They offer a wide variety of payment methods, including but not limited to e-wallets, mobile payments, cash, e-currency exchangers, payment systems, cryptocurrency, and eVouchers. They also facilitate payments through various gateways, including Inovapay, Directa24, AstroPay, Pay4fun, Vcreditos, and All4pay.
Also, some LATAM countries require the introduction of agent schemes. Uplatform’s multilevel agent structure, extensive reporting, and statistics give businesses full command of their operations, allowing them to adapt to the unique demands of the LATAM market and thrive across Latin America.
Step 5: Stand out with industry-trend toppings and decorations.
Esports is growing at a rate comparable to traditional sports in many parts of the world. Although LATAM may currently be a small Esports market, the increasing number of teams participating in LATAM Esports games suggests that Esports in Latin America will grow rapidly in the coming years. Dota 2 teams, League of Legends teams, and Counter-Strike: Global Offensive (CS:GO) teams already have a significant presence in the area. With the growth of local teams, steadily rising popularity, and rise in tournaments in the region, LATAM is a market that should not be neglected.
Uplatform is thrilled to be one of the leading providers in the rapidly expanding world of Esports. Their cutting-edge sportsbook allows businesses to capitalize on the exciting growth of the Esports market in Latin America. With the extensive range of options available to Latin American Esports fans, such as CS:GO, League of Legends, Dota 2, Rocket League, and many other exciting games, they provide a world of gaming options. They cover top leagues, random matches, and a wide range of markets, and they are committed to providing the best Esports betting experience possible.
Step 6: Pie’s hot and ready to go
Now that your iGaming brand in LATAM is done and ready to be served. Baking and serving your pie with a seasoned and trustworthy sous chef like Uplatform can ensure sustainable success. With their extensive hands-on experience and in-depth data analysis, they have created a range of effective solutions tailored to meet the unique demands of the LATAM market.
Let the experienced team at Uplatform assist you in navigating this exciting market and reaching your goals. Contact them today for expert guidance and advice.
Original article: https://www.yogonet.com/international/news/2023/02/28/66251-recipe-time-baking-a-successful-igaming-brand-in-latam
