Brazil is the latest country to embrace the popularity of online sports betting and casinos.
On Wednesday, Brazil began allowing licensed operators to accept online casino and fixed-odds sports wagers ending an arduous launch process in South America’s largest country.
The official launch of sports betting and iGaming in Brazil comes after President Lula Inacio Da Silva signed Bill PL3626/23 into law in January 2024 creating the regulatory framework for wagering. The bill was signed following several rounds of amendments and the refusal of former President Jair Bolsonaro to bring online sports betting to Brazil.
Brazil quickly emerges as a competitive market
Brazil is offering regulated sports betting and iGaming with oversight from the Prizes and Betting Secretariat (SPA), an agency backed by the Ministry of Finance.
Ahead of Wednesday’s launch, the SPA issued 67 wagering authorizations to gambling companies, of which 15 were definitive and 52 provisional. The companies, which each paid a roughly $4.8 million subsidy, include Betano, Betsson, Sportingbet and Superbet.
Brands with a U.S. presence have also launched operations including MGM Resort’s LeoVegas subsidiary, which will operate under Boa Lion S.A in Brazil. FanDuel owner Flutter Entertainment is also taking advantage of the new opportunity in Brazil by bringing its Betfair brand to the country. British operator bet365 is also solidifying its presence in the Americas through its launch in Brazil.
The SPA received more than 100 requests from companies for authorization in Brazil.
Brazil projects to generate approximately $338 million in revenue from authorizations. As of Jan. 2, over 1,100 online sports betting and casino websites legally operate in Brazil.
Brazilian marketing in US market
Earlier this year, BIG Brazil prepared for the launch of its Caesars Sportsbook-branded sportsbook and online casino platform website, caesarsports.com.br, in Rio de Janeiro with promotional activities during G2E week in Las Vegas.
As part of the activities, Caesars placed a Brazilian flag in the hands of its Julius Caesar statue outside of Caesars Palace. BIG Brazil and Caesars fostered a relationship by operating the World Series of Poker in Brazil, the world’s largest poker tournament.
