For years Brazil has seen neighbouring LatAm countries embrace the lucrative world of gaming and sports betting and as one of the world’s largest economies, it has always had the potential to become a major player in the international market. In this analysis, Patricia Souto Rial, VP of Business Development for Spain and LATAM at Quixant, analyzes how now, with legislation approved, Brazil is poised to take center stage in the thriving Latin American gaming and sports betting industry.
This shift promises not only to invigorate the country’s gaming and sports betting industry but also to bolster its economy and provide a safer, regulated environment for enthusiasts to indulge their passion for gaming and sports betting.
In a bold move set to redefine the landscape of entertainment and revenue generation for the country, Bill 3626/2023 is set to legalize sports betting and other gaming activity in Brazil. With the tax framework signed off at the close of 2023, a presidential decree has now outlined the requirement of a Secretariat of Prizes and Bets responsible of managing the country’s sports betting efforts.
The legalization of sports betting – and the possibility of other gaming activities such as video lottery – has the potential to create a booming industry, generating jobs and stimulating economic growth with a new revenue stream for the Government. From bookmakers and software developers to marketers and analysts, a plethora of new roles will emerge to support this developing sector. Sports leagues and teams also stand to benefit from increased engagement and sponsorship opportunities, further bolstering Brazil’s sporting ecosystem.
Whilst some are concerned that the legalization promotes gambling addiction and undermines traditional values, recognizing that responsible gambling measures will be integral to the framework of these regulations is key. Strict age verification processes, self-exclusion options, and dedicated support services will be implemented to ensure that gaming and sports betting remain a safe form of entertainment. The legalization also comes with many player safety benefits, such as transacting with licensed operators who adhere to strict security standards. This not only protects players and operators from potential scams but ensures that revenues generated from gaming and betting are channeled back into the country’s economy.
The outlook for the global gaming and sports betting market in 2024 is positive, and the LatAm market – particularly Brazil – will be a leading force. As such, Quixant is focused on developing and delivering the products, supply chain solutions, operational aspects, expertise, and support required to enable success for the Brazilian market, and on a global scale.
The team at Quixant seeks not only to support customers in Brazil by providing the products they need when they need them but also to establish partnerships that enable strategic decision-making and empower customers to achieve ultimate results. Developing suitable teams, structures and a portfolio mix tailored to the needs of the Brazilian market is essential. Being proactive and able to quickly move to meet the needs of the market are also pivotal to enabling customers to be the first to bring products into the marketplace and ensure their success in the market.
The legalization of sports betting in Brazil represents a watershed moment for the country. As the final pieces of legislation fall into place, all eyes are on Brazil as it embarks on an exhilarating journey into the future of gaming.
Explore how Quixant’s cutting-edge hardware platforms and embedded Software Suite solutions can propel your success in the Brazilian gaming market. Unleash your development potential with Quixant’s innovative technologies, enabling you to create top-tier sports betting and gaming experiences with unmatched efficiency. Discover the possibilities at Quixant.com.
Original article: https://www.yogonet.com/international/news/2024/04/08/71617-analysis-brazil-bets-big-on-legalizing-sports-betting-while-quixant-prepares-to-drive-its-growth
