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Sports BettingOctober 25, 2022·1 min read
Brazil's iGaming Market Awakens: A Giant Stirs
The Brazilian iGaming market, long dubbed a “sleeping giant,” is finally showing signs of awakening. The Brazilian government passed legislation to legalize fixed-odds sports betting in 2018, giving the Ministry of Economy a four-year window to develop a regulatory framework. This move has sparked intense interest in sports betting throughout the country.
With an internet penetration rate of 75% and a mobile penetration rate of 96 smartphones per 100 people, Brazil is well-positioned to become a vibrant sports betting marketplace. The country's rich sporting heritage, including five FIFA World Cup trophies and a dominant presence in volleyball and Formula 1, further fuels the potential for a thriving iGaming industry.
The Ministry of Economy's window to launch online and retail sports betting markets expires at the end of 2022, coinciding with the 2022 FIFA World Cup. This presents a unique opportunity for operators to enter the market on the eve of one of the most-watched sporting events in Brazil. However, the delay in implementing a regulatory framework has left would-be operators frustrated, as they await the necessary licenses and tax rates.
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