With new markets opening up, and countries such as Brazil on the cusp of regulating, Latin America is poised to become to become the next global powerhouse for the betting industry. As a company with international presence, Evoplay is eyeing up new opportunities for global expansion, and Latin America is in the company's sights.
CEO Ivan Kravchuk talked with Casino Beats about the possibilities offered by the region for the company, emphasizing the importance that the Brazilian market will represent.
“LatAm’s audience is well-known for being especially enthusiastic about football, so it’s an area we really wanted to excel in. To make that happen, we have researched and analysed it from every angle possible as we know that sports betting is hugely popular there, and we’ve made it our mission to bring the best sports-themed RNG games into the market for players to enjoy,” he comments.
Looking at current market opportunities, Kravchuk details the countries with more potential: “LatAm, as a whole, holds incredibly strong potential – it shows impressive growth dynamics, with online GGR expected to reach US$4.4bn by 2026. Of course, as all of us know – Brazil, Mexico and Colombia are always going to be the jewels in the crown for the next decade given both population / audience size and in Colombia’s case, an excellent regulatory environment.”
Regarding Brazil, Evoplay’s CEO states: “Looking at demographics, the country remains the market leader, and I expect that to continue given it’s almost a continent in its own right.”
With Brazil close to regulating the activity, Kravchuk anticipates how Evoplay will approach that market. “We certainly feel it has excellent potential. No doubt, once it becomes regulated, I’m very confident that it will become one of the largest regulated iGaming markets globally – especially given the rapid wave of digitalisation that is happening now. Looking at the numbers, it’s easy to see why,” he explains.
Regarding what the betting sector can contribute to Brazil, he says that “the country’s estimated GGR in 2022 is US$2.1bn and with regulation hopefully taking place in the coming years, I have no doubt that it will continue to grow.”
When talking about the interest generated by the Brazilian market internationally, Evoplay’s CEO has no doubt: “I am sure the majority of the industry participants will be keeping their eyes on developments. There are some really excellent surveys out there that showcase these dynamics. For example, 63 per cent of Brazilians recently surveyed via an industry research project confirmed that they like playing slots, which is of course the result of such a strong land-based gaming heritage.”
“I have no doubt that this combination of digitalisation and passion for arcade and casino-based gaming will mean that Brazil has every reason to become a true global titan for iGaming,” Kravchuk concluded.
Source: GMB / Casino Beats
