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GUYANA GAMBLING THE iGAMING MARKET IN LATIN AMERICA

  • January 18, 2025

GUYANA GAMBLING THE iGAMING MARKET IN LATIN AMERICA

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TC Gaming White Label editor is introducing a unique iGaming market today—Guyana. Many people might not be familiar with this country or even know of its existence. Yes, Guyana is a very small country, but its economic development is catching up with Saudi Arabia at an impressive pace. While it took Saudi Arabia 50 years to achieve its current per capita income, Guyana has done it in less than 19 years. In South America, Guyana can be considered a financial powerhouse on the rise. Let's discuss the South American gambling market—Guyana—together with all the industry leaders.


Guyana Overview:


On the map of South America, Guyana might not seem particularly striking. However, its vast tropical rainforests, breathtaking Kaieteur Falls, abundant mineral resources, and rapidly expanding oil industry have turned it into a focal point of international attention. With fast-paced economic growth and increasingly open policies, Guyana is becoming an emerging economic powerhouse in South America. Industries such as agriculture, mining, tourism, and gambling all hold tremendous opportunities and potential here.


Additionally, Guyana is a member of several prominent Latin American and Caribbean organizations, such as the Caribbean Community (CARICOM) and the Union of South American Nations (UNASUR), enhancing its regional influence.


Guyana’s Geography


Guyana has a land area of approximately 215,000 square kilometers, making it relatively small among South American countries. Located in the northeastern part of South America, Guyana's geographic proximity to Latin American countries often categorizes it within the "Latin America region." Guyana shares borders with Suriname to the east, Venezuela to the west, and Brazil to the south. Its capital, Georgetown, is the political, economic, and cultural center of the country. Situated along the Atlantic coast, it benefits from a strategic port location, serving as an important transportation hub. The coastal region is the primary area for population concentration and economic activities.

Guyana’s Geography
Guyana’s Geography

What Language is Spoken in Guyana?

The official language of Guyana is English. Guyana is the only country in South America that uses English as its official language. Unlike most countries in Latin America, which use Spanish. Because Guyana was once a British colony and did not become independent until 1966. Because its culture was influenced by British colonization, it is not a traditional Latin culture. But there are other languages, most of which are local languages ​​and dialects used by different ethnic groups. For example

Guyanese Creole: A mixture of English, African, Dutch and Indian cultural elements, it is the daily language of most Guyanese. Hindustani (Bhojpuri): There are some Indian residents in Guyana, so Indian languages ​​are more common in the Indian community. Indigenous languages: Still used by some indigenous groups.

Guyanese Creole: A mixture of English, African, Dutch and Indian cultural elements, it is the daily language of most Guyanese. Hindustani (Bhojpuri): There are some Indian residents in Guyana, so Indian languages ​​are more common in the Indian community Aboriginal languages: Still spoken among some Aboriginal groups

Guyana's Religious and Cultural Diversity

Guyana is a religiously diverse nation with many celebrations and holidays reflecting this diversity. Festivals such as Easter and Christmas (Christian), Diwali and Holi (Hindu), Eid al-Fitr and Eid al-Adha (Muslim) are widely observed.
Christianity (about 63%) mainly includes two major denominations: Protestantism: including Baptists, Anglicans, Pentecostals, etc., is the main Christian denomination.
Roman Catholicism: There are fewer believers, mainly concentrated in coastal areas.
Hinduism (about 25%): Mainly believed by Indian residents, its festivals such as Diwali are very popular in Guyana.
Islam (about 7%): believers are mainly descendants of early Indian immigrants, most of whom believe in Sunni Islam. Other religions: including traditional African religions, Baha'i, and a small number of non-believers.

How is Guyana's Economy?

Guyana's economy has been booming, driven by two key sectors: oil and gold. While agriculture, forestry, and tourism remain significant, these two industries have been transformative. The country has seen a remarkable increase in GDP per capita, jumping from just $1,085 in 2015 to $20,602 in 2023. Notably, between 2020 and 2023, GDP per capita skyrocketed from $6,863 to $20,602, more than tripling in just three years. This rapid economic growth is rare globally and one of the reasons TC-Gaming White Label has turned its attention to the Guyanese gambling market.
Guyana's GDP per capita
Guyana's GDP per capita
Oil has become the centerpiece of Guyana's economy. Since the discovery of substantial offshore oil and gas resources in 2015, the industry has experienced explosive growth. Particularly in the field of oil exports, the economic development has been described as “rocketing.” Investments from international oil giants like ExxonMobil have rapidly positioned Guyana as an emerging global player in oil production, officially becoming an oil-exporting country in 2020. The surge in oil revenues has not only driven the country's GDP to grow at double-digit rates but also made Guyana one of the fastest-growing economies in the world.

Guyana’s Population and Internet Landscape

Population in Guyana

Guyana is one of South America’s least populated countries, with a total population of approximately 816,800 as of 2024. Due to geographical constraints, Guyana has a low population density. Most residents are concentrated in the capital city, Georgetown, and coastal areas, while the inland regions are sparsely populated due to dense forests and complex terrain.
  • 0–4 years: 9.6%
  • 5–12 years: 15.1%
  • 13–17 years: 9.1%
  • 18–24 years: 12.4%
  • 25–34 years: 16.7%
  • 35–44 years: 11.6%
  • 45–54 years: 10.7%
  • 55–64 years: 8.3%
  • 65 years and older: 6.6%

Internet Landscape in Guyana

Guyana's internet development is impressive! As of January 2024, the country had 696,900 internet users, accounting for 85.3% of the total population. There were 686,900 cellular mobile connections, equivalent to 84.1% of the population. Essentially, almost everyone has a mobile phone, with some individuals owning more than one! From January 2023 to January 2024, Guyana saw an increase of 5,042 internet users, reflecting steady growth at a rate of 0.7%.

Facebook:Facebook remains the most popular platform, with 493,100 users and an ad reach rate of 60.4%.<
Instagram follows closely behind with 165,400 users and an ad reach rate of 20.3%.
Facebook Messenger has 364,500 users, covering 52.3% of internet users.
LinkedIn is also holding its ground with 140,000 members, covering 17.1% of the total population.
X (formerly Twitter) has relatively fewer users, with 43,900 users, covering 5.4% of the total population.

The Current State of Gambling in Guyana

As an emerging economic star in South America, Guyana also shows significant potential in the gambling industry. While Guyana's gambling market is not yet comparable in scale to major Latin American countries like Brazil and Colombia, its growing economy and accelerating internet penetration make it a market worth watching.

 

Legality and Regulation of Gambling

Gambling is legal in Guyana, but the market remains in its early stages of development. Current laws allow for the establishment of casinos and sports betting businesses, but the regulatory framework is relatively loose and lacks the maturity seen in other countries. However, lottery games are widespread and dominate Guyana's gambling scene.

Land-Based Casinos
Most of Guyana’s physical casinos are located in the capital, Georgetown, and some coastal cities. These primarily cater to local high-end consumers and a small number of international tourists.

iGaming (Including Online Sports Betting)
As internet penetration in Guyana increases, iGaming is gaining attention, particularly among younger generations. Sports betting is one of the fastest-growing sectors in Guyana's gambling market. Football matches, in particular, attract a significant number of bettors. With the rise of live broadcasts of international sports events and iGaming platforms, sports betting has become a new highlight in Guyana’s gambling industry.

Factors Driving the Growth of Guyana's Gambling Industry


As of 2024, Guyana’s internet penetration rate has reached 85.3%, providing a foundational environment for the online gambling market. At the same time, the widespread use of social media also nourishes the growth of the gambling industry. Guyana’s economy has experienced rapid growth due to oil exports, resulting in a significant increase in per capita income and enhanced consumer spending power, bringing considerable consumption potential to the gambling market. Gambling, as a form of entertainment, has gradually become integrated into the daily lives of Guyanese people over time. Additionally, Guyana’s religious culture is open, and land-based gambling establishments are present, further embedding the gambling industry into local life.

Popular E-Wallets in Guyana

International E-Wallets
As Guyana’s local electronic payment systems are still maturing, most users prefer internationally recognized e-wallets:
  • PayPal: Widely used in Guyana, particularly among freelancers and for cross-border payments.
  • Skrill: Supports multi-currency transactions and is popular for iGaming platforms and cross-border payments.
  • Neteller: Similar to Skrill, often used for gambling payments and provides virtual card services.
  • Wise (formerly TransferWise): Specializes in cross-border remittances and international payments with low fees and multi-currency support.

Cryptocurrency Wallets

Guyana’s cryptocurrency market is growing, and some residents have started using cryptocurrencies for payments and investments:

  • Coinbase Wallet: Offers cryptocurrency trading and storage, supporting major coins like Bitcoin and Ethereum.
  • Binance Wallet: A professional cryptocurrency platform with a wider selection of coins.
  • Trust Wallet: Supports various digital assets.
Local Bank-Based Electronic Payment Services
  • Republic Bank's Online Banking: Provides basic account management and online payment options.
  • GTT Mobile Money (MMG+): A mobile payment service from Guyana’s telecom provider, enabling local payments, transfers, bill payments, and mobile top-ups.
Other Common Payment Methods
  • Visa/Mastercard: Can be linked to e-wallets or used directly for payments.
  • Western Union Digital: A widely used payment method in Guyana.

Summary

Guyana, with its increasingly widespread internet coverage, high percentage of active social media users, and steadily improving per capita income, provides a solid foundation for the expansion of gambling platforms. At the same time, the gambling culture in Guyana is gradually penetrating everyday life, with strong demand growth for both offline and online gambling. Although the gambling market is still in its early stages, it has significant development potential. As a result, the gambling industry in Guyana is in a growth phase full of opportunities. However, with potential comes some uncertain factors, such as:

Legal and Regulatory Gaps
Although gambling is legal, Guyana lacks a specialized regulatory authority for gambling, and market supervision is relatively weak. This can lead to chaotic competition in the gambling market.
Payment channel restrictions
Guyana has limited payment options for gambling, and many players rely on international payment tools and cryptocurrencies.

TC-Gaming White Label, as a leading provider of white-label iGaming services, helps gambling platforms seize market opportunities. TC-Gaming focuses on providing gambling clients with a one-stop white-label service, offering everything from technical support to operational advice, data analysis to marketing promotion. TC-Gaming ensures the smooth operation of your gambling platform. Although the online gambling regulations in Guyana are not yet fully developed, this could present a good opportunity for future expansion. Whether in Guyana’s emerging gambling market or other international gambling markets, TC-Gaming helps gambling clients stand out in the competition. Choosing TC-Gaming means choosing a winning partner in the future gambling market.
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