Carla Dualib is a regional business development manager at SOFTSWISS. She analyzes the factors that define Brazilian iGaming market.
Football has dominated the Latin American sports world for decades, with millions of fans supporting the passion. They have digitized this love into online betting and gambling. However, there is more to the story.
To unlock the true potential of the Brazilian iGaming market, understanding the cultural nuances is important. Far more factors than just football spirit define the current samba beat of the local gambling scene. Dualib explores those factors to navigate the dynamic market successfully.
The recent legalization of iGaming in Brazil is a big leap forward. Nonetheless, the regulatory framework is still evolving. For example, the latest amendments suggest prohibiting gambling incentives such as bonuses and free bets. Aside from this, operators cannot accept credit card or cryptocurrency payments from bettors.
The government created a new gambling regulator – SPA or Prizes and Betting Secretariat to arrange all the requirements. The body announced a four-step regulatory plan.
First, SPA is now making rules about payments, betting system security, getting permission for businesses, and required certifications. Second, the body will define new regulations about money laundering prevention and protecting customer rights in May. Third, SPA will put out rules in June for secure online gaming to ensure security, watch over it, and punish anyone who breaks lottery rules. Fourth, the body will set the rules for ensuring gambling is done responsibly in July.
Navigating the iGaming market of Brazil requires staying informed and adaptable with changing regulations and a phased approach.
The social landscape of iGaming market of Brazil is also changing. For global companies, and not Brazilian ones, one of the most surprising trends is the rise of female involvement in sports. This is due in part to a shift in societal norms. Women are becoming more comfortable engaging in activities traditionally dominated by men.
