Vixio Regulatory Intelligence, the leading provider of regulatory and business intelligence for the global payments and gambling industries, has published a new report that focuses on the potential of the online gambling sector in Brazil. The report, titled “Brazil Online Outlook,” was released just in time for the ICE 2024 convention in London.
The report delves into the online gambling regulations in Brazil, analyzing strategic processes related to compliance and licensing. Vixio’s report also explores the competitiveness of the iGaming sector in the country, along with possible growth opportunities through lotteries or advertising.
Vixio predicted significant growth for the Brazilian online gambling sector, estimating that it may generate $3.7 billion by its third year of operation and a staggering $4.9 billion by year five. This growth potential is supported by the inclusion of a provision for online gambling in legislation that seeks to legalize sports betting in Brazil, marking a crucial step toward the possible legalization of iGaming activities in the country.
However, Vixio notes that the success of the online gambling market is contingent on several conditions that are yet to be determined. Factors such as the taxation of online gambling, licensing fees, and the potential for bonuses or incentives will play a crucial role in determining the market’s attractiveness. Additionally, the requirement for iGaming operators to partner with local entities could impact the market’s appeal.
Mike Woolfrey, CEO of Vixio, commented on the company’s focus on the Brazilian market over the last 15 years, noting the potential for companies to enter the online gambling market in light of previous challenges with land-based casinos and bingo halls. James Kilsby, Vixio’s chief analyst and co-author of the report, emphasized the importance of online casino legislation in Brazil, stating that it has the potential to position the country as a major market on a global scale, surpassing other regulated online gambling jurisdictions in the near-term.
In conclusion, Vixio’s report highlights the potential for significant growth in Brazil’s online gambling sector, but emphasizes that the market’s regulation will play a pivotal role in its success and attractiveness.