The scandal was discussed during the first expert panel session here at SPORTELAmerica, entitled "Power Vaccum: opportunities for agencies in Latin America".

It explored how companies can benefit from the United States Department of Justice (DoJ) probe into widespread wrongdoing within football.

It was claimed here that the investigation had a "profound impact" which "shattered an insular market".

Jochen Lösch, chief executive of MP & Silva, a sports agency that provides media rights distribution, digital and technology services, admitted there was still "uncertainty" and that there was a "void to fill" as a result of the DoJ investigation.

It has so far led to the indictment of more than 40 officials and entities, including representatives from Latin American companies such as Full Play and Argentinian-based Torneos y Competencias.

Lösch, however, claimed that the Latin American region was "no more corrupt" than any other part of the world.

This comes despite the region's two footballing confederations - the South American Football Confederation and the Confederation of North, Central American and Caribbean Association Football - being at the centre of the corruption scandal.

The continuing criminal investigation in the United States is largely focused on a total of $200 million (£164 million/€188 million) in bribes and kickbacks, mostly related to marketing and media rights for major international tournaments and matches.

It has opened up a gap in a market which was previously monopolised by the likes of sports marketing agency Full Play, whose controlling principals Hugo and Mariano Jinkis were among the first batch of officials indicted for racketeering conspiracy and corruption in May 2015.

"For sure there is a gap in the market," said Lösch.

"There are many companies trying to get these rights and we now have a chance to get access to properties we could not get access to in the past."

Leonardo Cesar, the co-head of sports at Turner Brazil, said the current market provided "very exciting times" for sports rights companies.

"Before it was very hard to navigate deals in Latin America," he added.

"We are very happy to be there with the capacity to invest in things that make sense."

During the panel session, sponsorship and the role of marketing agencies were highlighted as key areas going forward.

Torneos y Competencias, founded in 1982 and whose headquarters are in Buenos Aires, recently agreed to pay a total of $112.8 million (£92.8 million/€106.3 million) to settle charges.

The Argentine-based entity will forfeit $89 million (£73.2 million/€84 million) and will pay a $23.76 million (£19.5 million/€22.4 million) penalty as a result of their one count of wire fraud conspiracy.

The former head of the company, Alejandro Burzaco, pleaded guilty to charges of racketeering conspiracy, wire fraud conspiracy and money laundering conspiracy in 2015.