Argentina: A Comprehensive Overview of the Gambling Market

Argentina’s gambling industry stands as one of Latin America’s largest, featuring a diverse landscape of casinos, lotteries, horse racing, and a rapidly expanding online sector.

Market Size and Growth

• Projected Revenue: The total gambling revenue in Argentina is projected to reach approximately US$6.4 billion in 2025. This market is expected to grow to about US$6.60 billion by 2029, showing a Compound Annual Growth Rate (CAGR) of 4.49% from 2025-2029.
• Online Segment: The online gambling market alone is poised to reach US$1.57 billion in 2025 and US$1.72 billion in 2026, with an annual growth rate exceeding 9%.
• Active Players: There were approximately 4.3 million online bettors in Argentina in 2024, with projections reaching 4.6 million in 2025 and 4.8 million in 2026. Overall, about 8 million active gamblers participate in the market, representing a market penetration of 25% of adults.
• Gray Market: Despite significant growth, an estimated 80% of bets are placed on unregulated platforms, highlighting substantial gray market activity due to fragmented regulation.

Market Segmentation by Gambling Type

Argentina’s gambling market is segmented across various popular formats:

Casinos & Slot Halls

• Numerous brick-and-mortar casinos, particularly in Buenos Aires and tourist destinations, contribute significantly to gaming revenue.
• These venues offer a mix of slot machines and traditional table games, attracting both local residents and international visitors.

Sports Betting

• This is the dominant online gambling segment, fueled by Argentina’s fervent passion for fútbol (soccer).
• Many Argentines actively bet on local and international soccer leagues and tournaments, with basketball and tennis also popular betting sports.
• Historically, most online sports wagering occurred via offshore sites due to the absence of a national regulatory framework.

Lotteries & Horse Racing

• National and provincial lotteries, such as Lotería de la Provincia, are deeply ingrained and widely played.
• Horse racing holds significant cultural importance, with iconic racetracks like Hipódromo de Palermo drawing large crowds and betting being a long-standing tradition.

Online Casino Gaming

• This segment, encompassing slots, poker, roulette, and blackjack, is experiencing rapid growth alongside sports betting.
• Provinces that have legalized iGaming, like Buenos Aires, report steady increases in online casino play.
• Players in unregulated areas frequently access offshore casino sites.

Key Market Drivers

Several factors are propelling the growth of Argentina’s gambling market:

• Digital Adoption:
  • High internet penetration, reaching 90.1% of the population in January 2025, enables millions to bet online via mobile apps and websites.
  • The widespread availability of smartphones (Argentina’s average daily smartphone usage is around 5 hours and 33 minutes, making it one of the highest globally) and improving internet infrastructure have made iGaming broadly accessible.
• Sports-Centric Culture: The immense national enthusiasm for soccer, especially during major events like the World Cup, consistently drives demand for sports betting services.
• Government Revenue Opportunity: Provincial governments increasingly view gambling as a valuable revenue stream. Jurisdictions such as the City and Province of Buenos Aires have moved to regulate online betting to capture tax income and channel player demand into legal avenues.
• Technological Innovation: Argentina’s adoption of new tech trends, including mobile payment solutions, blockchain for transparency, and even emerging VR/AR in iGaming, is transforming the gambling experience and attracting new customers.

Regulatory Landscape

Gambling regulation in Argentina is complex and fragmented:

• Provincial Control: Gambling is legal at the provincial level and generally prohibited nationally unless specifically authorized by a competent provincial authority. Each of Argentina’s 23 provinces and Buenos Aires City regulate gambling independently, resulting in a non-uniform patchwork of rules.
• Licensing: Land-based casinos, lotteries, and betting shops operate under provincial licenses. There is no unified federal licensing for online gambling; provinces issue individual online betting licenses, which has led to uneven market development and allowed offshore sites to thrive.
  • For example, Buenos Aires launched an online licensing regime in 2021, attracting major international operators. Córdoba also has a regulatory system that grants licenses to private operators.
  • Some provinces, like Mendoza and Corrientes, maintain a prohibitionist stance on online gambling.
• Pending Federal Legislation: In late 2024, Argentina’s federal Chamber of Deputies passed a bill aimed at banning online gambling advertisements and sponsorships nationwide and establishing a consistent national framework for online gambling oversight. This pending legislation includes:
  • Strict advertising bans.
  • Mandatory player ID verification, including biometric checks upon access and withdrawal.
  • Prohibition of betting promotions and “welcome bonuses.”
  • Restrictions on payment methods to bank debit cards and electronic wallets with daily limits.
  • Establishment of a National Self-Exclusion Registry.
• Taxation: Taxation varies by jurisdiction. Generally, casino and betting operators pay provincial gaming taxes and contribute to social programs. For instance, Buenos Aires Province imposes approximately a 15% GGR (Gross Gaming Revenue) tax on online bets.

Cultural Influence

Gambling holds a deeply ingrained and mainstream presence in Argentine culture:

• Traditional Pastimes: Activities like a day at the racetrack or casino have been popular for decades. Horse racing, in particular, is a significant cultural tradition.
• Sports Fandom & Betting: The strong enthusiasm for soccer directly translates into widespread betting. Informal wagers among friends and families on soccer matches, especially during major tournaments, are common.
• Lottery Tradition: Lottery games are a cultural fixture, with national and provincial draws (e.g., the Quiniela) played by millions weekly, often as a family tradition.
• Operator Engagement: Sports betting operators frequently engage with this culture through sponsorships of popular football clubs like Boca Juniors and River Plate, though these sponsorships face uncertainty under proposed ad ban reforms.
• Responsible Gambling: While culturally accepted as entertainment, there’s growing awareness of problem gambling, with responsible gambling messages beginning to take root through media and community programs.

Key Players

Argentina’s gambling market is competitive, featuring a mix of domestic and international operators:

• Land-Based: Prominent domestic players include Hipódromo Argentino de Palermo (horse track & slots) and Casino de Buenos Aires. Provincial lottery agencies also operate casinos or slot halls.
• International Presence: Spanish gaming firm Codere has a significant presence in casinos and bingo halls, and now online platforms.
• Online Market: Regulated markets have attracted major international brands like bet365, Betsson, William Hill, and Bwin, which have entered through local licensing partnerships in Buenos Aires. They compete with domestic platforms like Jugadon (Grupo Slots) and provincial lottery-run sportsbooks.
• Unregulated Market: Due to the provincial system, a large share of business is captured by illegal and offshore operators.

Future Outlook

The future of Argentina’s gambling market appears optimistic, contingent on resolving regulatory challenges:

• Strong Growth Trajectory: The total gambling sector is forecasted to reach approximately US$6.5 billion by 2029, with significant growth expected from the online segment.
• Untapped Online Potential: Roughly 14.6 million Argentines engage in online betting, predominantly via unregulated sites, indicating immense untapped revenue potential if these players shift to regulated platforms.
• Legislative Reform: A unified national regulatory framework, if enacted, could be a game-changer, allowing Argentina to fully capitalize on demand by legalizing and taxing current gray-market activity.
• Increased Regulation: More provinces are expected to legalize online gambling, drawing greater foreign investment and technology partnerships.
• Technological Integration: Future trends include enhanced mobile apps, blockchain for transparency, and the continued implementation of cashless and biometric systems (like mandatory biometric ID checks for access and withdrawals) to enhance responsible gaming and curb underage gambling.
• Economic Considerations: While Argentina’s economic factors like inflation and currency controls present some uncertainties (e.g., affecting player spending and profit repatriation), the demand for betting entertainment remains resilient.

In summary, Argentina’s gambling market is poised for steady growth, with online sports betting and iGaming driving revenue. Should regulatory consolidation occur, Argentina has the potential to become a leading iGaming market in Latin America, leveraging its large fan base and technological adoption to generate substantial annual online GGR. The industry’s trajectory will hinge on balancing growth with robust player protection.

$1 billion in annual online GGR within the next few years. The industry’s trajectory will depend on balancing growth with player protection, but the revenue and engagement trends indicate a bright future.