Report Finds Massive Potential for Online Gambling in Latin America

It comes as no surprise when statistics come out regarding the massive potential for the online gambling industry in Latin America.
A recently published report by Research and Markets indicates the market in Latin America could generate over $150bn a year. People in the region spend around $10bn a year on gaming and gambling, with individuals spending approximately US$250 a year on the entertainment.
Costa Rica has the largest gambling market, according to the Research and Markets report relaxed online gambling policies help generate $14.5bn a year in Costa Rica.
Brazil, meanwhile, has the largest lottery market, putting $4.1bn into the economy every  year, combined with its illegal slots and bingo business, gambling revenues exceeds $7bn.
Argentina's gaming industry generates $4.5bn a year, making it the third largest gaming market. Colombia's revenues are estimated to be $2bn, while Panama generates $1.17bn, Venezuela records $1bn and Chile at least $600m.
The region's tourism industry is closely tied to the gambling action with tourism generating a healthy $200bn, with an expected growth rate of over five percent per year over the next decade.
The report commented on factors that delivered the very positive results, "Despite the recent global crisis, Latin American countries are on a fast track to full economic recovery and it is projected that the region will benefit from a four per cent growth in 2010," the report continued, "The region's recovery is the second world's strongest after Asia, according to the World Bank."
"Most countries in Latin America, with the exception of Venezuela, which in recent years has become a 'socialist' republic, encourage foreign direct investments. Foreign investors usually enjoy equal treatment to domestic residents and in some countries are given added benefits. All of the above factors are crucial for international gaming and gambling investors seeking to enter the Latin America region."