The sports betting market in Brazil has been growing significantly in recent years, attracting more and more fans and generating revenue for the sector. With the approval of a law at the end of 2018, anyone with access to the internet and the possibility of electronic payment in the country has, officially, online sports betting as a possibility to be able to do their “fezinha” (make a small bet).
The betting market is a sector that is constantly growing all over the world, it is not just a national phenomenon. According to market research firm Statista, the global online gambling market is expected to exceed US$1 trillion by 2024, driven mainly by the rise in popularity of sports betting, as well as the growth of the online casino and games of chance.
One of the main reasons for the growth of the sport in Brazil, in addition to legal support, is the popularity of football, the main national sport, and the increase in the public in other sports such as basketball, American football and competitive electronic games - eSports. The massive entry of bookmakers in Brazilian lands also fosters people's interest.
With the purchase of naming rights for major championships and the sponsorship of elite football clubs, the modality gains prestige and trust on the part of the consumer, who feels safer depositing money on the platforms.
In 2022, of the twenty teams that competed in Serie A of the Brazilian Championship, nineteen have some type of sports betting sponsorship, whether long-term or one-off agreements, according to market research Ibope Repucom.
The media and social networks were also a key fuel when it came to popularizing sports betting. With more and more advertising space on social networks and open television, interest increases and so does dedication.
In this way, some people see betting as something serious, to the point that professionals in the segment appear who dedicate many hours of the day to studying the sports betting market.
When we look at future trends, we are likely to see growth in the use of cryptocurrencies as a payment method on online gambling sites. Cryptocurrencies such as Bitcoin are a secure and anonymous way to make payments online and can be used on many sites that accept international players. In addition, it is possible to envision the emergence of new forms of online betting, such as betting on cultural events and the election of politicians.
The arrival and expansion of 5G in Brazil – which promises high-speed connections and low latency – is also considered an important factor that should further boost the modality, improving the entire end-user experience and facilitating real-time betting, which may update its information in a much shorter time frame.
Tasso Lugon
CIO - Director of Technology and Innovation at BANESTES - Banco do Estado do Espírito Santo
