Each team played the other four teams once, for a total of four games played by each team and 10 overall in the preliminary round. The two-way tie for third place was resolved by head-to-head results, with Chile taking the bronze medal. There was also a two-way tie for first place, which necessitated a final game.
Argentina and Uruguay played a final matchup after each finishing 3-1 in the preliminary round. Uruguay had won the preliminary meeting between the two, but Argentina proved victorious in the rematch to take the gold medal.