Comparison with neighbouring countries (Honduras)

💡 In comparison, the geographical neighbors of Honduras are used - Guatemala, El Salvador, Nicaragua. For context, Costa Rica is sometimes mentioned as a regional landmark (although it does not directly border, its tourist and gambling ecosystem often serves as a benchmark).

1) Summary of key parameters

Parameter	Honduras	Guatemala	El Salvador	Nicaragua
Offline segment	Small casinos/halls, bingo, lotteries	Casinos/halls in cities and tourist centers	Compact halls, national lottery, bingo	Limited offline, local halls/lotteries
Online for private operators	Gray Zone (no separate license)	"Gray zone "/partial bans, but demand goes abroad	Non-regulated/restricted environment, offshore access	Restrictions/low visibility, demand goes offshore
Regulator/Supervision	Specialized departments offline; discussion of online initiatives	Ministry of the Interior/sector bodies (offline)	State agencies for the game/lotteries, police and financial supervision	Sector supervision offline; no clear online framework
Taxes/fees (total)	Offline licenses, lottery fees; online - out of account	Taxes offline and lotteries, online - "gray"	Offline fees, lottery deductions	Offline fees; lottery rules
Tourism and the "night economy"	Caribbean Coast/Bay Islands, cruises	Antegua, lake and historical routes; evening activity point	Urban clusters, coast, gastro scene	Colonial Cities, Pacific Coast; less developed night scene
Payments	Cards, e-wallets (Skrill/NETELLER), AstroPay, stablecoins	Similar set, sometimes more cash	Cards/e-wallets, active role of crypto/stables in online players	More cash/transfers; e-wallets pointwise
Perspectives 2025-2030	High upside when adopting online rules	The potential for "whitewashing" online is low-medium	Subdued growth; possible reformulation of rules	Conservative scenario, focus on offline/lottery

2) Regulation and legal status

Honduras.

The offline segment (casino/halls/bingo/lottery) operates in an observable frame; the online segment for private operators does not have a separate license, which is why a tangible share of demand flows to international platforms. In 2024-2025 online regulatory initiatives were actively discussed - this creates a window of opportunity for the tax base and consumer protection.

Guatemala.

Similar to Honduras: offline we observe, lotteries are decorated; online - "gray." Positive dynamics are possible, but require political will and an infrastructure of oversight.

El Salvador.

It has compact offline and lottery products. Online remained in the restricted/offshore access zone. The focus of the state is macro finance, fintech and security; gambling reform is not a priority, which is holding back progress.

Nicaragua.

The segment is small and conservative: offline halls and lotteries, online without a clear license. Expectations for reform are moderate.

💡 Conclusion: according to online regulation, all four markets start from a low base; Honduras looks the most "mobilized" to reform (the discussion is active), Guatemala is a potential pursuer, El Salvador/Nicaragua is inertial.

3) Offline scale and travel profile

Honduras - strong points: Caribbean coast, Roatan, Utila, evening program for cruises and divers; in cities - slots/electronic tables + bar scene.

Guatemala - reliance on cultural tourism (Antigua, Mayan facilities), offline game is not a destination driver, but adds night options.

El Salvador - growing gastronomic/surfing tourism; gambling contribution is, but niche.

Nicaragua - colonial architecture and nature; offline games are modest, with limited economic contribution.

💡 Conclusion: Honduras has the best "customer flow" for small/medium halls due to resorts and cruises, which supports the night economy.

4) Online gaming, content and payments

Content. In all four countries, demand for Pragmatic Play, NetEnt, Play 'n GO, EGT Digital, progressives (Microgaming/Alchemy), trending hi-wol (Hacksaw/Relax).

Mechanics. Clusters/cascades, Megaways, Hold & Win, Buy Bonus are universal favorites of the Spanish-speaking audience.

Payments. Cards give a quick start, but deviations are common. In practice, e-wallets (Skrill/NETELLER), AstroPay and stablecoins (USDT/USDC) win as a way to speed up withdrawal and reduce cross-border barriers.

Online rules. Before the appearance of local licenses, everyone has a "leak" of GGR abroad; this reduces the sector's official share of GDP.

5) Taxes, control and responsible play

Honduras and Guatemala - observed offline fees and lottery deductions; online outside a clear base → the budget is not getting enough.

El Salvador and Nicaragua are a comparable picture.

Trend of the region: when launching online licenses, countries more often introduce a tax on GGR, mandatory KYC/AML, self-exclusion tools and advertising restrictions.

6) SWOT portraits (brief)

Honduras

S (strong): coast and islands, cruises; flexible offline format "halls + bar"; active discussion on online regulation.

W (weak): no local online mode; dependence on the tourist season; Payment variances

O (opportunities): online law → GGR "whitewash"; Omnichannel (offline + digit) partnerships with hotels/cruises.

T (risks): political and legal delays; Internet infrastructure for live games; reputational risks without responsible practices.

Guatemala

S: cultural tourism, stable lottery demand.

W: weak contribution of the gambling segment to the destination strategy.

O: point "whitewashing" online, tour packages "evening at the casino."

T: fragmentation, weak "night economy."

Salvador

S: urban and gastro scene, surfing; fintech openness.

W: gambling reform is not a priority; compact offline.

O: niche products (tournaments, sports bars + mini-halls).

T: tight government focus on other sectors, delayed online decisions.

Nicaragua

S: stable local formats (lotteries/halls).

W: small scalability, conservative frame.

O: "city + colonial tourism" as a platform for micro-events.

T: low investment momentum in the gambling sector.

7) What does this mean for the operator/investor

Honduras is the best upside when switching to online licensing: you can build an omnichannel (offline halls + digital missions/tournaments), strengthen the payment matrix (card + e-wallet + stablecoin), make "hotel + casino" packages and cruise schedules.

Guatemala - bet on cultural routes and evenings; accurate offline expansion, point online projects with clarity of rules.

El Salvador - niche formats "bar + sports + mini-halls," fintech experiments; growing gastro tourism.

Nicaragua - gradual development of local clubs, work with lotteries/bingo, moderate expectations from online.

8) KPIs and operational benchmarks (for Honduras as a priority point)

RevPAD/RevPOM by cruise day and season; Dwell Time 90-120 minutes.

Share of e-wallet/stables in outputs, average commission, cashout time.

Onboarding beginners: share of players with limits, completed KYC, demo→depozit conversion.

Omnichannel: intersection of audiences offline/online, participation in missions, tournament activity.

Tourism: share of wallet (F&B + game), hotel packages, tourist NPS.

9) Scenarios to 2030

Optimistic (Honduras)

Adoption of an online framework in 2026-2027, pilot licenses → "whitewashing" of the GGR part, employment growth, hotel + casino tour packages, strengthening cruise links. The share of the sector in the economy is noticeably increasing.

Base (region)

Slow online progress in Guatemala/El Salvador/Nicaragua; offline is supported by tourism and lotteries. Honduras maintains an upside lead.

Conservative (region)

Deferred decisions, "gray" online, moderate offline growth. Tourism "pulls" profits, but the contribution of the gambling sector remains underestimated in official figures.

10) Checklist for editorial/portal (how best to submit material to the reader)

1. Interactive map with hall and resort markers (Roatán/Utila, La Ceiba, Tegucigalpa, San Pedro Sula).

2. Rule comparison table (offline, online, taxes, payments, responsible practices).

3. Calendar of seasons and cruises for tourist areas.

4. Payment guide (card/e-wallet/stables) with examples of typical limits and deadlines.

5. Responsible player cheat sheet (limits, KYC, safe conclusions).

Against the background of its neighbors, Honduras stands out for its tourism potential and willingness to dialogue about online regulation. If the country consolidates the rules and launches licensing, it is able to bypass regional neighbors in terms of the growth rate of the "white" GGR, the quality of the payment infrastructure and the development of the omnichannel. Guatemala and El Salvador have the basis for moderate progress, Nicaragua is a conservative path based on offline. For the reader and investor, the conclusion is simple: Honduras is the market with the largest upside with the right policy 2025-2030, where tourism, payments and responsible play can develop into a sustainable, transparent ecosystem.