Paysafe’s Head of Latin America Esteban Sarubbi argues that local payment solutions have underpinned the growth of Peru’s online betting market, setting the stage for LatAm’s broader expansion
With Peru’s online gaming and sports-betting legislation entering into force in February 2024, the Latin American country of 34.3 million residents recently marked the end of its first year as a regulated market. Over the last 12 months, Peru has solidified its position as a promising market and its growth reflects the broader momentum across Latin America, where regulatory developments, evolving player preferences, and, above all, innovative payment solutions are reshaping the industry.
With Peru’s online sports betting and casino market projected to reach gross gaming revenue (GGR) of US $350m for 2025, its strong start serves as an indicator of the increasing demand for digital wagering in the region. For operators, Peru’s success offers valuable lessons on how localised payment options and seamless transactions can drive engagement and market growth across the region.
Findings from Paysafe’s ‘All the Ways Players Pay 2025’ research report illustrate how payment innovations redefine the online sports-betting experience in Peru and across Latin America. By prioritising local payment methods (LPMs) like online cash, such as PagoEfectivo, a Paysafe experience, and digital wallets, such as Skrill and NETELLER, operators address regional needs and optimise players’ engagement with their brands.
Peru: A rapidly growing market
Since Peru’s gaming regulation entered into force in early 2024, the country has seen online sports-betting continue to gain popularity. A key factor in this growth has been the availability of diverse payment options, including online cash solutions and local payment methods, which have helped address accessibility and trust barriers.
Our research revealed that among Peruvian bettors, 25% choose online cash solutions and 19% list LPMs as their preferred payment options, underscoring the importance of financial inclusion in expanding the player base. Homegrown solutions like PagoEfectivo, which enables players to play online through QR codes via cash or bank transfers at local retailers, have been particularly impactful.
PagoEfectivo serves as an alternative for players without traditional banking access and caters to those who prefer cash-based transactions. In Peru, cash continues to lead cards as the most popular offline payment method, according to Payments & Commerce Market Intelligence data.
The success of these payment innovations is reflected in high player satisfaction levels, with 91% of Peruvian bettors reporting being satisfied with their payment experiences. This emphasises the effectiveness of tailored payment solutions in meeting player expectations.
Player preferences across the region
Other Latin American betting markets share the Andean country’s diverse payment preferences. Across Peru’s northern border in Colombia, 30% of players consider eCash solutions as their preferred payment method, the highest in the region. This reinforces the importance of online cash as a favoured deposit method for users whose access to direct banking may be more limited. Compared to players we surveyed in markets that are less cash-centric like Europe and North America, eCash ranked much higher as a payment preference in Latin America.
Speed of payouts is another major factor shaping player behaviour across the region. 37% of Argentinian bettors and 32% of Ecuadorian players rank fast payouts as a top priority when choosing an online sportsbook, which reflects the broader demand for real-time payment systems as an industry standard.
Those same bettors also have shown that they value the ability to use their preferred payment method to deposit and withdraw, with 35% of players in Argentina and 34% in Colombia emphasising this as a valuable criterion when choosing a sportsbook.
Opportunities and challenges for operators
To succeed in Latin America, operators need to adapt to each market’s unique demands while focusing on payment innovation. Localisation remains a key strategy, whether through digital wallets, eCash, or other LPMs. These solutions provide convenience and establish trust, particularly in markets where traditional banking access is often more limited. Around a quarter of Latin Americans remain unbanked, according to the World Bank.
Privacy continues to be a decisive factor, with 84% of Peruvian bettors, 83% of Ecuadoreans, and 81% of Mexican players citing secure and private transactions as critical to their sportsbook experience. Implementing secure payment methods and transparent data policies can help operators build long-term player confidence.
Speed is equally crucial, with 64% of Colombians, 59% of Argentinians and 44% of Peruvians expecting instant payouts. As real-time payment solutions become widespread, operators that fail to meet these expectations risk losing players to competitors who prioritise speed and efficiency.
The road ahead for Latin American markets
Peru’s first year as a regulated market has demonstrated how strategic payment innovations can drive success. As the region’s iGaming sector continues its evolution, the insights gained from Peru’s experience will be invaluable for operators looking to establish themselves in one of the world’s most dynamic betting markets.
As Latin America’s sports betting industry continues to mature, its potential for growth remains immense. Brazil’s regulated market went live on 1 January , marking a major milestone for the region and setting the stage for further expansion. At the same time, markets like Argentina, Colombia, and Ecuador continue to see strong demand for eCash and digital wallets, highlighting the need for payment solutions tailored to local player preferences. However, success will depend on operators’ ability to navigate the unique challenges of each market, from addressing privacy concerns to implementing real-time payment solutions.
Esteban Sarubbi is Head of Paysafe’s Latin American business. He has 20 years of experience in the financial industry and deep knowledge of payment services and alternative payment methods (APMs) in Latin America, with a strong emphasis on the region’s evolving iGaming and online sports-betting market.
