The Brazilian online gaming market has undergone significant evolution in recent decades. From a small online bingo operation, the sector has expanded into a multi-billion dollar market, with sports betting, casino and poker.
One of the main milestones in this evolution was the process of regulating sports betting in Brazil, which remains on the agenda in 2023. The measure should provide a safer and more transparent environment for the sector, attracting new investments and boosting the economy, bringing the possibility of even the legalization of land-based games in Brazil.
There is no doubt that the future of the Brazilian online gaming market is promising. When the regulations come into force, the expectation is that the sector will continue to grow in the coming years.
There are still some challenges to be overcome, such as the regulation of other types of online games, including casinos. However, the tendency is for the market to continue to develop, offering new opportunities for operators, bettors and investors.
As founder and CEO of Pay4Fun, the first Brazilian financial institution authorized and regulated by the Central Bank of Brazil to operate in this sector, I have been following this process closely.
Pay4Fun was born from the need to offer a safe and efficient payment method for the online gaming market. At the time, Brazilian operators were facing difficulties receiving deposits from bettors and paying prizes.
Pay4Fun was created with headquarters in Brazil, with Brazilian partners, with an address published on the website, with "faces" behind the operation. This allowed banks, operators and players to count on us with transparency, governance and, always, taking the customer by the hand.
As an operator in the past, I was harmed by the payment methods that existed at the time. They provided a service of questionable quality at an absurdly high price. Furthermore, many operations were lost or disappeared, leaving players' money trapped without any legal guarantee.
Pay4Fun was created to solve these problems. The company offers a secure, easy-to-use platform with competitive rates and 24/7 support. Our mission is to democratize access to online games in Brazil. We want everyone to be able to play safely and calmly.
The process of regulating betting games in Brazil is still ongoing. The federal government issued Provisional Measure (PM) 1,182/2023, which regulates sports betting in Brazil. The PM was converted into a bill in July 2023 by PL 3626/2023. Bill 442/1991 is also in progress, both in the Senate. There is still no date for the approval of complete regulation of betting games in Brazil. However, the movement is considered irreversible.
Regulation is a global reality. Brazil cannot stay out of this market, which is one of the most profitable in the world. The country is one of the largest markets in the world for this sector, with significant growth potential. According to estimates by Grand View Research, the global online gambling market is expected to reach US$127.7 billion in 2027.
Brazil has enormous potential in this market. The country has a population of more than 203 million people, according to the Brazilian Institute of Geography and Statistics, with a growing middle class and a high level of connectivity.
The regulation of betting games in Brazil can bring a series of positive impacts to the country's economy. The sector can generate jobs, tax revenue and foreign investment. Furthermore, regulation can help combat illegality and compulsive gambling.
Pay4Fun is prepared to continue growing along with the market. The company is investing in technology and innovation to offer the best services to players and operators.
We believe that regulation is an opportunity for the country to create a safe and responsible market. We are committed to contributing to this process and helping to make Brazil an attractive destination for this market.
Leonardo Baptista
CEO & co-founder of Pay4Fun, a payment institution that offers financial solutions for the entertainment sector. The entrepreneur has more than 15 years of experience in the gaming and information technology industry. In 2022, Leonardo joined the list of the ten most inspiring CEOs by CIO Business Review, which selects the most influential executives in the business world.
Source: GMB
