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Comparison with other Latin American countries (Argentina, Colombia)
1) Short: Three different regulation models
Brazil - a single federal framework: Law 14. 790/2023 (fixed odds betting and "online gaming "/RNG) + Treasury/SPA/MF orders. In 2024-2025, key orders were issued, including Portaria 615/2024 on payments; by the start of 2025, lists of authorized operators have been published.
Argentina - complete decentralization: regulation and licenses at the provincial/city level (LOTBA - Buenos Aires; IPLyC - Buenos Aires Province, etc.). Open modes in CABA/BA Province, but there is no uniformity in rates/taxes and payment.
Colombia is a national pioneer of LATAM: an online marketplace under the auspices of Coljuegos (since 2016); in 2024-2025, additional fiscal measures were discussed (including temporary 19% VAT on deposits until the end of the year) and clarifications on online taxation.
2) Licensing and supervision
Brazil - authorization from SPA/MF (Ministry of Finance), multi-level bylaws (certification, reporting, payment perimeter). In DVB/DOU at the end of 2024, the first pool of operators admitted for 2025 (definitive and temporary) was published.
Argentina - provincial regulators: LOTBA (CABA) holds a pool of operators (the license window is closed for new applications - entry through M&A), in the province of BA there is a list of 6-7 permitted brands; other provinces - separate rules/tenders.
Colombia - Coljuegos: single license/local presence, Colombian bank account and local player funds management. The regulator regularly reports on the growth of payments of "operational rights" (deductions to healthcare).
3) Taxes and fees (in general terms)
Brazil (online betting/gaming): Operators have a benchmark of 12% GGR (14 each. 790/2023); players - 15% of personal income tax from net winnings (RFB/Ministry of Finance clarifications).
Argentina: federal surcharge on online rates under Decree 293/2022: 5% (2.5% under certain localization conditions); further - provincial taxes on GGR (for example, in BA Province - up to 25% GGR), plus VAT of 21% in a number of cases and other fiscal.
Colombia: a key source for the budget - exploitation rights (concession deductions) in favor of the health care system; in 2025, VAT was supplemented by 19% on deposits (a temporary measure until December) and other fiscal adjustments for online.
4) Payments and financial contour (what is possible/what is popular)
Brazil: Portaria 615/2024 rigidly outlined the "white perimeter": PIX, TED, debit/prepaid; credit cards, crypto, boletos, etc. are prohibited. In parallel, the Central Bank expands the PIX itself - Pix Automático (recurring, from 16. 06. 2025) and Pix Parcelado (installments, announced for September 2025). The absolute dominance of PIX in terms of volume and transactions is confirmed by Central Bank/Media data.
Argentina: the payment picture is fragmented by provinces; the general trend is local cards and electronic wallets, with the weakening of currency restrictions in 2025 (the easing of the currency regime has simplified payments to providers).
Colombia: PSEs (online transfers) and local Nequi/Daviplata wallets are widely used, as well as cash vouchers/cash desks (Efecty) - these are "native" ways for licensed ones. co-sites.
5) Size and dynamics (market signals)
Brazil: the largest LATAM market; by 2025, the regulatory launch is accompanied by a tight payment perimeter and the publication of an operator sheet, which speeds up sewerage and fiscal collection.
Argentina: The market is growing, but the "mosaic" of 24 jurisdictions complicates scaling and leads to differences in tax burden/marketing rules. Analytical reviews directly call the country a "regulatory maze."
Colombia: as the "first" mature online market in the region, it shows a steady increase in Coljuegos transfers (including in Q1 2025), despite discussions around fiscal measures.
6) What is simpler/what is more difficult for the operator
Easier:- Colombia is one national license, a clear list of local payment requirements (bank, PSE/wallets), a proven concession model.
- Brazil - uniform federal rules, an understandable payment "frame" (if you fit into PIX/TED/debit/prepaid) and a growing "white" list of brands.
- Argentina - many regulators/contracts, different GGR rates, closed windows in CABA (entry through transactions), different marketing/infrastructure rules.
7) Table of differences (total)
Regulator:- Brazil - SPA/MF (federal); Argentina - LOTBA/IPLyC et al (provinces); Colombia - Coljuegos (federal).
- BR - ~ 12% GGR operator + 15% players (personal income tax); AR - fed. 5% (2.5% if localized) + provincial GGR rates (up to ~ 25% in BA Province) + 21% VAT possible; CO - exploitation rights + VAT 19% on deposits (temporary).
- BR - PIX/TED/debit/prepaid; AR - local cards/wallets (by province); CO — PSE, Nequi, Daviplata, Efecty.
- BR/CO - centralized; AR - decentralized.
8) Practical conclusions for the brand
1. Start "in LATAM with one license" - Colombia: faster to get the national concession Coljuegos and "screw" local payments (PSE/Nequi/Daviplata).
2. Scale and LTV - Brazil: the largest demand, a single rule of the game, but a strict perimeter of payments (PIX-first) and high certification/reporting standards.
3. Localization depth - Argentina: work by province, take into account different GGR rates and marketing limits; entering CABA - through deals with active licensees.
9) What to track in 2025-2026
Brazil: Expanding the authorized operator registry and implementing Pix Automático/Pix Parcelado in e-commerce/subscriptions around iGaming ecosystems.
Argentina: new provincial tenders/changes in GGR rates, consequences of easing the currency regime for provider settlements.
Colombia: fate of VAT 19% on deposits and final parameters of tax reform for online; dynamics of Coljuegos contributions to health care.
In 2025, Brazil and Colombia are two understandable "centralized" entrances to LATAM (but with different maturity and payment specifics), while Argentina is a large and growing, but mosaic market that requires a provincial strategy. If you need one license and predictability, look towards Coljuegos; if you need scale and high frequency of payments - Brazil with PIX-first; if you're ready for a multi-window game and M&A is Argentina. The exact choice is a balance between launch speed, tax model and willingness to deeply localize the product and payment.
Relevance of information - October 11, 2025 (Europe/Kyiv).