Outside of Brazil, which market offers the biggest growth opportunity between Peru, Mexico and Colombia?

Colombia is the most mature and stable regulated market. It has a well-established licensing regime and continues to attract steady growth, making it a dependable revenue driver for us at Greentube. We are live with the biggest operators there, and the top three account for a large share of our revenues.

Mexico offers strong long-term potential due to its large population and high online engagement. Greentube is also live here with a significant share of the market. Nevertheless, new opportunities continue to emerge, with additional brands being introduced by both existing and new operators, as well as innovative games being launched. In addition to established titles like Sizzling Hot™ deluxe and Lucky Lady’s Charm™ deluxe, Greentube’s newer series Piggy Prizes™ has also been a major success in Mexico. Operators are already active – often through partnerships with land-based licensees – and growth forecasts indicate ongoing expansion. 

Peru is, and has long been, a stable market for Greentube due to our strong land-based presence through Novomatic and well-established partnerships. The recently implemented regulation has opened new opportunities as the market reshapes itself, and fortunately our strongest Greentube titles continue to resonate well with players. Overall, we still see significant potential in these markets, as our established brand and well-accepted games continue to perform strongly. 

Are there many synergies between these markets when it comes to player preferences and iGaming trends?

Yes, definitely. As mentioned, Greentube’s advantage in these markets is that we have a well-established brand, partly thanks to our strong land-based presence. As a result, traditional titles such as Book of Ra™ deluxe or Dolphin’s Pearl™ deluxe still resonate well across all markets. 

Among younger players, interactive, feature-rich yet still simple games are showing strong growth. However, cultural differences in gaming preferences vary significantly, which makes it important to focus on tailored solutions and innovative, market-focused games. For this reason, we are very much looking forward to launching Lucky Capi in Q2, one of our upcoming Brazil focused titles-rich yet still simple games are showing strong growth.

How much differentiation is there in the localization between these markets?

The biggest differentiation really comes down to regulation. Each market operates under its own unique regulatory framework, and that means we have to adapt both our games and our overall strategy to fit those local requirements. There’s no one-size-fits-all approach. 

At the same time, you can’t rely on regulation alone. It’s just as important to stay ahead of market trends and to be a first mover when it comes to innovative content. Operators and players consistently look for a strong balance: globally successful titles they already know and love, combined with games that feel tailored and localised for their specific market. 
 
Within five years, where do you think Brazil will rank globally as an online casino market? And what about other LatAm countries?

Brazil is on track to become one of the top five online gambling markets globally, driven by its population size, rapid licensing rollout, and the strong engagement we’ve seen so far. Projections suggest that Brazil could account for over half of Latin America’s regulated iGaming revenue by the late 2020s. Nevertheless, for B2B, the regulatory framework is still somewhat uncertain and constantly changing. Suppliers need to proactively prepare for upcoming requirements, which makes planning more difficult. 

Within Greentube, I think it’s safe to say Brazil will become one of the most important markets in the LatAm region – provided regulation doesn’t complicate the situation further. Globally, it will be tough to compete with the very top markets in the coming years, but Brazil definitely has the potential to get there in the long run. It is, and will remain, a key focus market for us in the years ahead. 

The regulations there are well-established and rolled out transparently. There is still growth potential with localized content, new brands entering the market, and increased exposure on existing sites. Mexico is a market with higher growth potential for us. Depending on how regulation develops in the next years, it could also become one of the top markets. Overall, Brazil could rival the leading global markets, while Peru and Colombia will continue holding their positions as significant regional leaders. 

Finally, what advice would you give to operators and suppliers looking to succeed in Latin America that they might not have heard elsewhere?

First of all, focus on innovation and localization when it comes to game development. There are certain game themes and math models that work particularly well in specific markets. Building on those game types and combining them with local themes often turns out to be a strong success driver. Moreover, try to embrace cultural content partnerships. Local sponsorships or influencer collaborations carry far more weight than generic global campaigns – especially in LatAm markets.