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Brazil Market Report
Updated 25 July, 2023
Brazil is the largest country in Latin America, with a GDP of $1.8 trillion. It is also one of the most promising and attractive markets for iGaming, with a huge potential customer base, a strong passion for sports and entertainment, and a favorable regulatory environment.
Brazil is the largest country in Latin America, with a GDP of $1.8 trillion. It is also one of the most promising and attractive markets for iGaming, with a huge potential customer base, a strong passion for sports and entertainment, and a favorable regulatory environment.
Currently, most forms of gambling are prohibited in Brazil, with the exception of horse racing and lotteries. However, this is expected to change soon, as the country has been working to legalize and regulate sports betting and online casino games since 2018.
According to some estimates from KPMG, one of the leading professional services firms in the world, the iGaming market in Brazil could be worth $2.6 billion by 2026, with a compound annual growth rate (CAGR) of 5.1%.
The main drivers of this growth are increasing internet penetration, which stands at 75% (up 10% since 2018), increasing smartphone usage, which has 96 mobile subscriptions per 100 people, and increasing urbanization, which has 87.2% of the population living in metropolitan areas. These factors indicate that there is a large and growing demand for online gaming products and services in Brazil.
The main drivers of this growth are increasing internet penetration, which stands at 75% (up 10% since 2018), increasing smartphone usage, which has 96 mobile subscriptions per 100 people, and increasing urbanization, which has 87.2% of the population living in metropolitan areas. These factors indicate that there is a large and growing demand for online gaming products and services in Brazil.
The most popular iGaming products in Brazil are sports betting, online casino games and bingo. Football (or soccer) is by far the most popular sport among Brazilian bettors, followed by basketball, volleyball, tennis and MMA. Online casino games include slots, table games, live dealer games and video bingo. Bingo is a traditional game in Brazil that has a large following, especially among the older generations.
The latest news from Brazil
On July 22, 2023, the Brazilian Senate passed legislation that would legalize online casino gambling in the country as part of a broader gambling reform package.
The legislation would allow licensed operators to offer slots, roulette, blackjack, baccarat, poker and other games of chance online. It would also create a new regulatory body for online gambling, called the National Online Gambling Authority (ANJO).
The bill now awaits President Luiz Inácio Lula da Silva's signature to become law.
The latest news from Brazil
On July 22, 2023, the Brazilian Senate passed legislation that would legalize online casino gambling in the country as part of a broader gambling reform package.
The legislation would allow licensed operators to offer slots, roulette, blackjack, baccarat, poker and other games of chance online. It would also create a new regulatory body for online gambling, called the National Online Gambling Authority (ANJO).
The bill now awaits President Luiz Inácio Lula da Silva's signature to become law.
Is it worthwhile to start a gambling business in Brazil?
Based on our analysis of the market overview and recent news, we believe that opening a gambling business in Brazil is worth considering for our clients.
Of course, there are challenges and risks associated with launching a gaming business:
Therefore, we recommend our clients to conduct a thorough market research and feasibility study before entering the Brazilian market. We also recommend partnering with a reliable and experienced software development company, such as ours, that can help design and develop customized solutions that meet our clients' business needs and expectations.
Based on our analysis of the market overview and recent news, we believe that opening a gambling business in Brazil is worth considering for our clients.
- This country has a huge potential customer base that is eager for new and exciting products and experiences in this industry;
- Brazil has a favorable regulatory environment that is moving towards the legalization and regulation of sports betting and online casino gaming;
- This country has a strong passion for sports and entertainment that can be leveraged to create engaging content and campaigns in the industry;
- Brazil has a growing digital infrastructure that facilitates access to platforms and services in this industry.
Of course, there are challenges and risks associated with launching a gaming business:
- There is a complex and dynamic political and economic environment that may affect the stability and profitability of the industry;
- There is a high level of competition from both local and international operators and suppliers in the industry;
- Brazil has a high level of compliance, cybersecurity and privacy requirements that must be met by operators and providers in this industry.
Therefore, we recommend our clients to conduct a thorough market research and feasibility study before entering the Brazilian market. We also recommend partnering with a reliable and experienced software development company, such as ours, that can help design and develop customized solutions that meet our clients' business needs and expectations.
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