The future of sports betting in Brazil
Focus Gaming News contacted different industry experts to give their opinion about the possible regulation of sports betting in Brazil.
Special report.- Although sports betting was legalized in Brazil in 2018, the regulatory process was put on hold due to changes in government and political differences that have occurred in the country in recent years.
However, after the victory of Luiz Inácio Lula da Silva in the elections that took place in 2022, the issue resurfaced and the chances that the law would finally be regulated grew exponentially to the point that it was never as close to becoming a reality as it had been before. now.
Given this scenario, Focus Gaming News contacted the representatives of some of the most important sports betting houses in the world to get your opinion on this topic.
When asked whether the regulation of sports betting could finally lead the country to approve the Regulatory Framework for games of chance, spokespersons for the firm 1xBET They noted: “The approval of sports betting could change the way the Brazilian legislature views gambling. Everyone knows that in addition to contributing to taxes, games of chance generate local employment and promote tourism, for example”.
“This is an important decision, which could come up again with the approval of sports betting.”
Regarding whether the company already has a strategy in mind to land in the country, they responded: “We follow every step that the Brazilian government is taking. We are analyzing the scenario and the best way to be part of it. Today we can say that we encourage the approval of the regulation and that we are attentive to the next steps”.
Faced with the same question, Ignacio Iglesiasstrategic director of partners in Kambi LatAm/EMEAresponded: “Kambi has established itself as the preferred sports betting provider throughout the Latin American region, present in jurisdictions such as Mexico, multiple provinces of Argentina and feeding Colombian market leaders BetPlay and RushBet, and we are excited about the possibility of bringing our award-winning technology to Brazil”.
“In fact, we have already announced a long-term partnership with Rei do Pitaco (RDP), the nation’s largest daily fantasy sports operator, chaired by Nigel Eccles, co-founder of FanDuel. The partnership offers Kambi a fantastic platform on which to expand into Brazil when regulation allows.”
“RDP has generated millions of downloads for its DFS app, growing to a position of immense popularity and brand recognition throughout Brazil, and is an impressive customer base that will continue to grow once sports betting is finally regulated” .
“Kambi is always evaluating opportunities to enter newly regulated markets, whether through new partnerships or extending existing ones, and with a flexible technology platform that can quickly adapt to meet any local regulatory requirements and consumer preferences. consumers, we are well positioned to capitalize on this opportunity once the regulation in Brazil takes place.”
See also: Brazil could raise about USD 1.16 billion per year through sports betting
Brazil: a key market in the region and in the world
Due to the number of inhabitants it has and its strategic role, Brazil is seen by most companies as a key market in the growth of the industryand this was made known by the representatives of 1xBET and Kambi.
“The betting industry has a very important role within the current financial ecosystem. This is a fact. Regulating these industries means being open to market developments. Brazil is a huge country, with great potential in various sectors, including ours. We see Brazil as another important global market”, they explained from 1xBET.
For his part, Ignacio Iglesias He added: “With a population of over 200 million people, Brazil has the potential to become one of the largest regulated sports betting markets in the world.”
“Regulation in Brazil has been under discussion for many years and it is nice to see that a country with so much potential for sports betting is finally moving in that direction. Brazil is a country known throughout the world for its passionate sports fans, not only in soccer as the growth of RDP demonstrates, but also in other sports such as basketball and tennis.”
“Besides, esports are rapidly growing in popularity in Brazil and Kambi already has a strong product here through its acquisition of leading esports data and odds provider Abios.”
“Brazil has the potential to become one of the largest regulated sports betting markets in the world.”
Ignacio Iglesias, strategic partner director at Kambi LatAm/EMEA.
Regulated markets versus illegal betting
Brazil has had a fairly large illegal gambling market for several years. Does this add additional difficulties when it comes to regulating sports betting?
Iglesias stressed that regulation is key to protecting the integrity of sportas licensed bookmakers can detect irregular betting patterns and potential manipulation and raise these concerns with bodies such as the International Betting Integrity Association (IBIA).
He also stressed that Kambi was the first member to flag potentially suspicious events to the IBIA in more than 80 percent of the time by 2022.
A promising future
Undoubtedly, the expectations regarding the possible announcement of the regulation of sports betting in Brazil are great, but how will Latin America be seen by the rest of the world if this finally happens?
For 1xBET, a large and important country like Brazil has the function of creating trends and the approval of sports betting should show the rest of the continent a new one. “Serving as a model is always important, and we hope that Brazil will be an example of organization in this industry,” added the company spokesperson.
On Kambi’s side, Ignacio Ledesma explained: “Latin America is already a crucial market in the sports betting industry, and with a population of approximately 650 million people, it practically doubles the size of the United States.”
“With the continued expansion of regulated sports betting across the region, Latin America remains an attractive market with great long-term potential for Kambi and the industry in general. The addition of Brazil as a regulated market will only continue this upward trajectory and strengthen Latin America’s position in this regard.”
The cards are already on the table and the possibilities are immense. Now, all that remains is to wait and closely follow what happens in Brazil.