Europe’s dominance in online gambling may soon end. According to Vixio Regulatory Intelligence, the Americas, led by booming growth in Brazil, Ontario and U.S. state markets, will equal or eclipse European online gross gaming revenue (GGR) by 2028.
New Vixio data shared ahead of the SBC Summit Americas 2025 shows the regulated online GGR in North and Latin America growing at a compound annual growth rate of 20.3 percent, rising from US$22.3bn (€20.74 billion) in 2023 to US$56.3bn (€52.36 billion) by 2028.
That puts the region on a par with Europe, where tightening regulation has throttled growth. The contrast is clear: while European GGR will rise modestly from just under €30bn in 2022 to €37.3bn in 2026, the Americas will more than double over the same period.
“Before 2018, the market was euro-centric,” said James Kilsby, Vixio’s Chief Analyst. “But the legalisation of sports betting and iGaming in U.S. states, Ontario, and Brazil has radically shifted the centre of gravity.”
All eyes on Brazil, Ontario and the U.S. patchwork
This growth story is underpinned by three key pillars: U.S. state-level iGaming, Ontario’s regulated rollout, and Brazil’s long-awaited market entry.
All eyes drift toward Brazil, a sleeping titan now stirring under the weight of regulation and gold lust. With a federal licensing model emerging and operator interest at an all-time high, Vixio data suggests Brazil is emerging as a regional game-changer.
Kilsby will unpack the opportunities and lessons from Brazil’s journey during the “Brazil 2025: A Surge in Licensing and Lessons So Far” panel at SBC Summit Americas, scheduled for Wednesday, May 14, at 11 a.m. in Conference Room Four.
In the U.S., market expansion continues at a pace, albeit with fragmentation. Each state still operates its own regime, requiring multi-jurisdictional strategies and deep compliance insight, an area where Vixio is looking to increase its footprint.
Tech tools and forecasts for forward-thinking firms
To help operators stay ahead of these shifts, Vixio is showcasing its regulatory and forecasting platforms during the SBC event.
Their Latin America Online Outlook 2025, now available online, dives into regional forecasts, policy evolution, and what operators can expect in the years ahead.
Beyond just numbers, Vixio’s award-winning compliance platform offers real-time monitoring, risk reduction tools, and strategic insight for firms navigating dozens of regulatory landscapes simultaneously.
Their efforts haven’t gone unnoticed: the company has been shortlisted for Compliance Solution of the Year at the 2025 SBC Awards on day two of the event.
Why the EU’s grip is slowing the spin
While the Americas accelerate, Europe’s path is more cautious. Stricter affordability checks, stake limits, and tightening advertising rules in core markets like the UK, Netherlands, and Germany have curbed operator revenues and slowed market expansion.
The latest data visualisations from Vixio show this clearly. Europe remains the largest regulated online gambling market for now, but its growth line is flattening, while the Americas’ curve rises steeply. By 2028, Latin America alone will exceed US$10bn (€9.3 billion) in GGR, after hovering near negligible levels pre-2020, according to projections.
This suggests not just a market boom, but a regulatory rebalancing where Europe’s maturity now demands measured compliance, while the Americas offer raw growth potential paired with new oversight challenges.
Opportunity knocks, but who answers first?
With currency fluctuations, regulatory uncertainty, and cultural variance still in play, the race isn’t over, but it’s neck and neck. As more Latin American markets firm up licensing frameworks and U.S. states expand, operators must act quickly to seize first-mover advantages.
supports operators navigating these changes. With scalable monitoring tech and boots-on-the-ground insights, their intelligence offering aims to de-risk decision-making in fast-moving markets.
“Legalisation is only the first step,” Kilsby notes. “The winners will be those who can stay compliant while scaling, and that means understanding what’s next, not just what’s now.”
