How to keep pace in the rapidly maturing LatAm affiliate market

Affiliates in Latin America need to grow up fast, Already Media Chief Executive Alina Famenok tells COMPLETE iGAMING.
Latin America might once have been a wild frontier of the igaming affiliate marketing, but that era is fast becoming a thing of the past.
The region is maturing. Regulations are tightening. And for affiliates hoping to carve out a place in this lucrative market, the days of bedroom operations and copy-paste strategies are over.
Here’s what that reality looks like in Latin America right now.
LatAm is not a blank canvas
Many affiliates still treat Latin America like Europe in the early 2000s, a place where traffic is cheap, scale is everything and compliance is something to worry about another day.
But that mindset is a fast track to failure.
Much of the continent has already been regulated, and parts have even introduced rules around affiliation for the first time. Certain provinces in Argentina, for instance, now require affiliates to be disclosed and approved by licensed operators.
Meanwhile, when Brazil’s federal regulation kicked in at the start of this year, there were already rules in place around advertising and influencer conduct.
The reality is that even markets we may still class as “emerging” either have rules in place or something on the way. Adapting to these rules isn’t an option. It’s the only way to succeed.
Speak the language
If you think Spanish is just Spanish, try promoting an online casino in Argentina using copy from Spain.
In Spain (and most of Latin America) slot machines are known as tragamonedas, literally ‘coin swallowers’. In Argentina the word is understood, but carries a more formal connotation. You’d be far better off referring to maquinitas, or ‘little machines’. In certain contexts, and particularly with a younger audience, you might just want to use the English word slots.
The point is that I’m consistently seeing our industry underestimate the cultural and linguistic diversity of Latin America. This isn’t about swapping in the right currency symbol, but rather about building trust through language and context.
No, you’re not early anymore
I still see many in our sector talk about Latin America as this new opportunity. That’s not really in line with reality.
Colombia has been a regulated igaming market for almost a decade now. Yes, Brazil finally introduced its framework recently, but plenty have been preparing since the early 2010s when talks first began to pick up pace.
Global operators and well-funded affiliates aren’t just dipping their toes in. They’re investing heavily in local talent, influencer marketing, and long-term positioning. In Brazil, for example, localised campaigns and sports sponsorships are already table stakes, not innovation.
What this means for affiliates is clear. You’re not competing on first-mover advantage anymore. You’re competing on cultural fluency, localisation, and trust. Yes, there’s space for new entrants, but don’t confuse access with opportunity.
Vanity stats won’t keep you in the game
In emerging markets, it’s easy to get distracted by big FTD numbers and low CPAs. But acquisition costs only tell half the story.
This is especially true in Latin America. What matters more is player value and longevity. If your traffic doesn’t convert to sustainable revenue, then you’re filling a leaky bucket.
We’ve seen this play out time and again. Affiliates rack up impressive top-line numbers, but burn through budgets because they haven’t invested in retention-led content or loyalty-building strategies.
The brands and affiliates that succeed are the ones thinking beyond the click. This is about crafting experiences that keep users engaged after their first deposit.
The hard part is just beginning
Entering a market is one thing. Staying relevant as it matures is another.
This is a pattern that has been repeated around the world. Affiliates who boom in the early days get crushed once regulation tightens and tier-one players enter the fray.
The ones who last are those who invest in local teams, nurture partnerships and build genuine brand equity. If you’re not thinking about these things from day one, you’re probably not going to survive long. But for affiliates willing to grow up, the rewards are only just beginning.
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