Emerging iGaming Markets to Watch in 2026: Brazil, Peru, India, and Ghana

The global iGaming industry is entering a critical phase as we approach 2026. While mature markets continue to stabilise, emerging regions are reshaping the competitive landscape. For both operators and affiliates, these markets offer both opportunities and challenges, where success depends on agility, compliance, and localised strategies. With that in mind, this article highlights four emerging markets, Brazil, Peru, India, and Ghana, that are shaping industry conversations. Each is at a different stage of regulatory development, but all share one common theme: rapid change that requires a proactive approach.

Brazil: Market Expansion Meets Compliance Challenges

Brazil entered 2025 as Latin America’s largest and most valuable iGaming market, with formal regulation of online sports betting and iGaming taking effect early in the year. The initial licensing wave included 14 fully licensed operators and more than 50 provisional approvals, signaling strong momentum. However, the government’s decision to raise the Gross Gaming Revenue tax from 12% to 18% in October 2025 introduced new challenges. While tax reforms boosted federal revenue, estimated at 3.87 billion BRL, a 23% increase from 2024, this also hurt operator margins and heightened concerns about player migration to offshore platforms offering better odds and crypto payment options.

Online casino adoption increased after regulation, but long-term success depends on compliance and retention strategies. Looking toward 2026, Brazil stays a growth leader, though higher costs and regulatory challenges might slow down earlier optimistic predictions.

Peru: A Model for Transparent Regulation

Peru has positioned itself as one of Latin America’s most promising regulated iGaming markets. The country’s Law No. 31557, which oversees online sports betting and gaming, came into effect in February 2024. Supervision is handled by MINCETUR, Peru’s Ministry of Foreign Trade and Tourism.

Since implementation, the market has experienced rapid formalization, with 60 digital platforms authorized, 280 service providers registered, and nine accredited certification laboratories.

Within 30 days of the law taking effect, 145 license applications were submitted by national and international operators, while illegal operations declined by about 40%, reinforcing trust among players and affiliates.

Looking ahead, Peru offers strong growth potential and a stable environment for affiliates seeking regulated partnerships.

India: Regulatory Shifts Reshape the Market

India’s iGaming industry experienced a major disruption in 2025 after the passage of the Promotion and Regulation of Online Gaming Bill, which completely bans real-money games like fantasy sports, poker, and rummy. Starting October 1st, the law bans deposits, stakes in gameplay, and advertising, along with severe penalties of up to three years in prison and fines of 1 crore for violations. Banks and financial institutions are also prohibited from processing payments related to these games.

The impact was immediate. Leading platforms suspended operations, resulting in sponsorship losses and layoffs. In response, operators are shifting focus toward casual gaming, esports, and ad-supported monetisation models. Popular options include puzzle games, hyper-casual apps, and social gaming experiences. Looking ahead, India’s real-money gaming revenue will decrease substantially, but growth in casual gaming and esports presents new opportunities for affiliates and advertisers.

Ghana: Balancing Growth and Compliance

Ghana’s iGaming market gained momentum in 2025 after major tax reforms and new compliance measures. The removal of the 10% withholding tax on player winnings and the 1% Electronic Transfer Levy restored consumer confidence and boosted betting activity, indicating a strong market recovery.

At the same time, the Gaming Commission implemented mandatory biometric verification for licensed operators to prevent underage gambling, fraud, and money laundering. This requirement mandates integration with the national ID system, increasing compliance costs but enhancing trust and transparency. Mobile-first sports betting continues to lead, driven by widespread adoption of mobile money platforms, while lottery digitization and responsible gambling initiatives are gaining momentum.

Ghana presents a stable and well-regulated environment with growth opportunities for affiliates. Success in this market depends on promoting safe, compliant play and collaborating with licensed operators.

Looking Ahead

Emerging iGaming markets in Brazil, Peru, India, and Ghana offer a mix of opportunities and complexity. For operators and affiliates, success in 2026 will rely on understanding local regulations, adjusting acquisition strategies, and prioritising compliance.

Key Takeaways:

• Regulatory changes can quickly alter market dynamics, so staying informed and flexible is essential.
• Compliance is more than a legal obligation; it’s a competitive edge for fostering trust and long-lasting player relationships.
• Mobile-first experiences lead in emerging markets, making localised mobile strategies crucial.
• Taxation and licensing fees impact profitability; operators and affiliates need to optimise marketing spending and retention strategies.
• Responsible gambling frameworks and identity verification are increasingly standard, emphasising seamless onboarding processes.
• Diversification is important: shifts like India’s ban on real-money gaming emphasise the need to explore other sectors such as casual gaming and esports.

Navigating these evolving markets requires expertise and the right tools. Income Access assists operators and affiliates in connecting with these opportunities through its award-winning affiliate platform and digital marketing solutions. From compliance-focused tracking to campaign optimisation, we deliver the insights and technology necessary for success in regulated environments.

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About Income Access

Founded in 2002, Income Access is a leading digital marketing and technology company with an
independent affiliate network. IA specialises in providing affiliate and digital marketing solutions to regulated gaming, lottery, and financial trading companies through its award-winning marketing software and partnership-centric approach.

About Cindy Cheung

Cindy is the Senior Manager of Affiliate Marketing and Media Services at Income Access. She has
been working in the iGaming industry, supporting operators and affiliates since 2015. She is helping iGaming brands thrive by connecting them with trusted affiliates, publishers, and media sources for relevant, quality traffic. Outside of work, you can easily find her exploring different cities and countries, while trying different cuisines and street food. She has a goal to visit every continent in her lifetime.

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