Ecuador's online gambling market expands by 26% in 2024

The entertainment sector in Ecuador, which includes sports betting and online gambling, emerged as the fastest-growing industry in 2024, according to a report by Primicias. The sector’s growth was driven by increased ticket sales for stadium events and concerts during the third quarter of 2024. While sports betting sales have been on the rise, not all of these revenues are categorized under entertainment, masking the true scale of the industry’s expansion.

The Central Bank of Ecuador (BCE) reported that the entertainment sector grew by 3.7% between July and September 2024, outperforming other key industries such as fishing and aquaculture, real estate, agriculture, hospitality, and food manufacturing. The remaining 14 sectors analyzed in the report showed negative performance during the same period.

The sector contributed $1 billion to Ecuador’s GDP, representing 1% of the economy. A significant portion of this came from sports-related activities, particularly football.  Industry experts suggest these figures underrepresent the actual market size, as many sports betting companies register under different business categories.

The strongest growth came from online gambling and sports betting, which saw a 26% increase in sales compared to 2023.  The largest companies in Ecuador's sports betting landscape according to SRI's registry are Ecuabet, Betcris, and Sportbet, with Ecuabet leading the market with reported revenues of USD 13.55 million in 2023.