Imagine a giant market awakening from its sleep and ready to transform the landscape of an entire iGaming industry. The Latin giant, Brazil, is making waves in the global iGaming arena. It presents a treasure trove of opportunities for operators and iGaming businesses.
According to Statista, the iGaming market in Brazil will reach a remarkable €1.80 billion in revenue this year. This is with a user penetration rate of 0.9 per cent. The future looks even brighter, with an annual growth rate or CAGR 2024-2028, projected at 16.63 per cent. By 2028, this potentially swells the market volume to an impressive €3.3 billion.
This positive outlook did not arise from nowhere. With the adoption of Federal Law No. 14.790, the year 2023 marked a turning point. This legalized gambling, including betting and online casinos, throughout the country. Recently, authorities issued licenses for these activities only at the state level in places like Rio de Janeiro, Paraíba, and Paraná.
Paving the way for a unified, nationwide iGaming framework, this new law breaks down those barriers. Discover the Latin giant awakening from its slumber, poised to revolutionize the entire iGaming industry with Uplatform.
This groundbreaking law now legalizes fixed-odds betting. It provides a structured and transparent framework for betting activities. This includes fantasy sports where competitions take place in virtual environments based on real-life performances. Nonetheless, the regulation of Esports remains unclear. This leaves many questions unanswered.
One key issue is the list of approved sports and sports organizations by the Ministry of Sports that can be included in bets on real sporting events or Interministerial Ordinance No. 28/2024. This list has yet to be compiled or officially published.
Moreover, there is still no regulation on the use of images, names, and other intellectual property of Brazilian athletes and sports organizations for the law. These developments have added a layer of excitement and urgency for operators looking to enter this vibrant market.
