Paraguay’s gambling sector delivered its strongest performance on record in 2025, generating PYG 215.9 billion (US$32.6 million) in revenue following the liberalisation of the market earlier in the year. The figures were confirmed this week by the country’s gambling regulator, marking a clear shift in the trajectory of the industry.
The annual total represents a 22.9% increase year on year, up from PYG 175.8 billion in 2024. Monthly revenue dipped below PYG 16 billion only once, in January, before building steadily through the year. September proved the strongest month, with revenue approaching PYG 20 billion. That monthly pattern is being cited frequently, although it may still be too early to draw firm conclusions.
Liberalisation reshapes the market
The step-change in performance followed the passage of Law No 7348/2025, signed on 7 May, which altered Paraguay’s gambling framework. The legislation dismantled the long-standing monopoly model and introduced a regulatory structure that allows private operators to enter the market. Previously, gambling activities were limited to public tenders under a restrictive framework, so the contrast is obvious.
The new law opened the door to broader participation, signalling a shift toward competition and private investment. This opening of the market has been described as overdue by some observers, although others remain cautious about the speed of change.
Within sports betting, Paraguay remains partially liberalised. Aposta.la is currently the only authorised operator, with its licence set to expire in 2028. Local reporting suggests a tender for the remaining sports betting licences could be launched later this year, potentially accelerating competition in one of the market’s most valuable verticals. That said, timelines around tenders in Paraguay have shifted before.
Regulator gains tax and enforcement muscle
As part of the reform package, the National Gaming Commission (Conajzar) was placed under the oversight of the National Directorate of Tax Revenue (DNIT). The move was designed to strengthen regulatory authority and improve tax collection across the sector. On paper, at least, it gives the regulator more leverage.
At the time the law was introduced, Conajzar president Carlos Liseras said state contributions from gambling could eventually double compared with 2024 levels. While tax intake has not yet reached that mark, the sharp year-on-year increase is likely to be viewed as early validation of the reform strategy. Whether that pace can be sustained is another question.
Liseras has previously argued that Paraguay’s combination of low tax burden and improved legal certainty positions it as one of the most attractive gambling markets in the region. He also confirmed that Conajzar is maintaining close engagement with both existing operators and prospective entrants, supported by cooperation agreements with other domestic agencies and international regulators. This cooperative angle is mentioned often, perhaps for good reason.
What it means for the market
For Paraguay, the 2025 results provide evidence that liberalisation is translating into growth. The near-23% revenue increase strengthens the government’s case that opening the market can expand the tax base without sacrificing regulatory control. It is a strong headline number, even if some underlying details remain unclear.
For operators, the figures underline Paraguay’s emerging appeal as a Latin American growth market. Low relative taxation, rising tourism, and a newly competitive licensing environment could attract both regional and international brands, particularly if additional sports betting licences are issued. That potential has been flagged repeatedly.
For regulators, the challenge now shifts from reform to execution. Sustaining growth will depend on effective licensing, enforcement, and tax collection, especially as private participation increases. How quickly Conajzar can scale oversight under DNIT will be critical, although expectations may need to be tempered in the short term.