If we were to assess some of the big topics across the gambling industry, it wouldn’t be long before the opportunities within the Brazilian market came up in discussion.
With a population of approximately 215 million people, this South American market holds great potential for sportsbook operators, and platform providers alike, to extend their global footprint. This is a trend that we have seen with many European sports betting companies, one of which is GR8 Tech.
GR8 Tech outlines some of the company’s plans for Latin America as they shine a spotlight on Brazil in particular.
Brazil is a market that not only has a large population, which is often associated with a love of sports, but the country is also one that has a high number of smartphone users..
GR8 Tech said: “The Latin American (LatAm) igaming market as a whole presents a significant growth opportunity for the industry. With a population of over 600 million, the region has a large and growing middle class with increasing disposable income.
“In addition, the growing adoption of smartphones and the internet, coupled with the increasing popularity of online gaming, has made the LatAm market ripe for growth. Many countries in the region are also beginning to adopt more favourable regulatory frameworks, which is attracting more investment into the sector.
“Brazil, for example, is expected to be the largest market in the region once regulations are put in place, and other countries such as Colombia and Mexico are also making strides in creating a more favourable regulatory environment.
“We at GR8 Tech, like other market players, are at a low start, waiting for market regulation. Our team has great experience and expertise in successfully launching igaming operators into newly regulated markets and getting fast results for them.
“So we are eager to share our solutions with new clients who are just as eager to enter the LatAm market and seek fast and efficient growth. We believe that our expertise in igaming solutions will be valuable in achieving that goal.”
Entering a new market may, however, sound easier than the reality. Sports betting companies must ask themselves a number of questions before identifying where to roll out their brand into a new jurisdiction – what do bettors in this market want? How do I adapt the products we have? Are there particularities within that market that need to be evident within our offering? So on, and so forth.
So when it comes to expanding into Latin America, European-focused companies cannot simply ‘copy and paste’ their existing strategy and hope that it works.
“First, the LatAm market is still largely unregulated, which means that there is a lot of uncertainty and unpredictability regarding the future of the industry. This presents both challenges and opportunities for companies looking to enter the market,” GR8 Tech added.
“Second, the LatAm market is culturally diverse, with different countries and regions having their own unique customs, languages and preferences. This means that companies need to adapt their marketing strategies and product offerings to the local markets they are targeting.
“Third, the LatAm market is less developed than the European market in terms of infrastructure and technology. This presents challenges for companies looking to provide reliable and efficient services to customers in the region.
“Despite these challenges, Latin America presents a significant growth opportunity for igaming companies. As more countries in the region adopt regulation, the market is expected to grow rapidly, with a large number of potential customers and operators entering the industry.”
GR8 Tech explained that as the LatAm region continues to embrace online sports betting, gambling companies must take a close look at their marketing strategy, regulation and – importantly – content localisation in order to be successful with Latin American bettors.
Content localisation, GR8 Tech emphasised, is key given that each country across Latin America requires its own unique approach. Bettors in Chile may have different preferences to those in Brazil, for example.
By taking a more tailored approach to each market, sportsbooks and casinos can establish a stronger connection with bettors.
GR8 Tech said: “Content localisation involves adapting content, such as game titles, descriptions, and marketing materials, to the cultural and linguistic nuances of the target market: using local expressions, idioms, and cultural references to establish a connection with local audiences.
“In the case of Latin America, it is essential to consider the diverse cultures and languages within the region. For example, Brazil has a different language and cultural heritage compared to other countries in the region (Portuguese being the official language sets Brazil apart from other countries in the region that speak Spanish, such as Mexico, Colombia, and Argentina). Therefore, a one-size-fits-all approach to content will not work for LATAM.
“Investing in content localisation shows that the company is committed to providing an authentic and engaging experience for the local players. It can also help to build trust with the audience and differentiate the company from its competitors.”
Localisation stretches much further beyond betting markets and casino products. According to GR8 Tech, taking a unique approach to each individual jurisdiction is also important when it comes to regulations and compliance.
The company concluded: “Moreover, many countries in LatAm have strict regulations and require local content to be available to players. Thus, content localisation is not only important for player engagement but also for compliance purposes.
“Overall, content localisation is critical for the success of igaming companies in the markets worldwide. It helps to create a connection with local players, drive engagement, and ultimately, increase revenue.