Growth Shifts to Newly Regulated Markets
The primary source of iGaming revenue growth in 2026 is no longer mature European markets or North America. Instead, newly regulated markets in Latin America, Africa, and parts of Asia are driving the fastest expansion in the global gambling industry.
The global iGaming market, valued at approximately $79 billion in 2024, is projected to reach $98-100 billion by the end of 2026. A significant share of this growth comes from markets that were largely unregulated or operated in gray-market conditions just 2-3 years ago.
Brazil: The Largest New Market
Brazil’s regulated market, launched in January 2025, has quickly become Latin America’s largest iGaming market. With 25 million unique bettors and $6.6 billion in gross gaming revenue during its first year, Brazil represents a massive opportunity for operators with the compliance infrastructure to navigate its evolving regulatory framework.
However, political risks remain. Rising gaming taxes and potential legislative restrictions on advertising and bonus structures could limit profitability for operators who have not built flexible cost structures.
Ghana: African Momentum
Ghana emerged as a standout African iGaming market in 2025 following tax reforms and new compliance measures. The country’s young, mobile-first population and growing internet penetration create favorable conditions for mobile betting platforms. Operators entering the Ghanaian market are finding success with mobile-focused products, localized payment methods, and partnerships with local sports organizations.
Peru: A Regulated Success
Peru has established itself as a promising regulated market following the implementation of Law No. 31557. The regulatory framework provides clear licensing requirements, reasonable tax rates, and player protection standards that closely model successful European frameworks. Early entrants are reporting strong player acquisition rates and healthy unit economics.
Challenges in Emerging Markets
Operators expanding into emerging markets face several common challenges:
- Payment infrastructure fragmentation requiring integration with local payment methods and mobile money platforms
- Regulatory frameworks that evolve rapidly and sometimes unpredictably
- Currency volatility affecting revenue when reported in USD or EUR
- Local competition from operators with deeper community relationships and cultural understanding
Strategic Approach
Successful entry into emerging markets requires patience, local partnerships, and regulatory flexibility. Operators that invest in market-specific compliance infrastructure and build genuine local presence will outperform those that attempt to extend their existing European or North American operating models without adaptation.
