Brazil’s gambling market is experiencing rapid growth, attracting the attention of global giants like DraftKings and MGM Resorts, both of which are considering opening offices in the country. This interest is not surprising, as Brazil currently ranks among the top 10 sports betting markets worldwide, according to Bloomberg.
The legalization of sports betting and online casinos in Brazil began in 2018, when the country’s parliament approved the measures. Over the past five years, many prominent companies, such as Bet365, Entain’s SportingBet LTD, and Betfair, have entered the market. However, many others held back due to the lack of clear regulations. Last year, Brazil’s president addressed this issue by introducing new rules, including a license fee of $5.9 million for a five-year period and a 12% tax on gross gaming revenue (GGR).
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These significant fees have not deterred international businesses. In fact, 130 companies, including major industry leaders, have expressed interest in obtaining a license. MGM, in particular, is exploring the possibility of establishing a joint venture in the country.
The industry is also expected to see further consolidation. According to estimates from analytics firm Datahub, there are currently around 1,000 gambling operators in Brazil, many of which may need to merge to survive under the new regulatory framework. Did you find the news interesting and informative? Want more of the gambling news online and stay updated on the events? Subscribe to our ‘Gambling News’ section and receive notifications about fresh publications. If you found this publication helpful and interesting, we recommend subscribing to our breaking gambling news to receive notifications about the latest updates and stay informed about current events.
