In a private discussion with Eman Pulis, José Francisco Mannsur discussed the future of the iGaming sector in Brazil and the urgent need for regulation in the jurisdiction. Manssur and Pulis also spoke about the potential of the Brazilian gambling sector and the challenges that the Government and Regulators are facing. Pulis described the nature of the meeting as very “insightful and thought-provoking.”
“As we embark on our expansion into Brazil, I firmly believe in having a grand vision while taking measured steps forward. Seeking mentorship and guidance, exchanging experiences with such an influential thought leader as Francisco Manssur was one of the highlights of the SiGMA Summit. Francisco has been pivotal in shaping the industry in the Brazilian jurisdiction. The regulation of the iGaming sector in Brazil will have an impact not only on the LatAm region but on a global scale,” told Eman Pulis to SiGMA News.
“The iGaming sector is ready for Brazil. SiGMA Group has been exploring this territory for the last ten years and I am really thrilled to see that the Government has confirmed the creation of a Gaming and Lotteries Secretariat to regulate sports betting too. I am convinced that the gaming market in Brazil is poised to explode. Continuous learning, evolving our mindset, and embracing new approaches are essential,” added Pulis.
Pulis said this week that the success of SiGMA Americas in collaboration with BiS has been impressive: "Brazil spent years attempting to regulate sports betting but the tide is turning for the gaming sector and the potential in the region is tremendous. I am absolutely enchanted by Brazil and excited by the prospect of what is yet to come. Finding oneself so very much at home in a a country that is so far from my native Malta is a testament to the similarities of our heritage, culture and way of life."
"In Brazil I have discovered that rare feeling of belonging, a home away from home. I look forward to being instrumental in cementing the expansion of the gaming sector in the region with SiGMA’s influence and knowledge as the World’s gambling authority,” commented the Founder and CEO of the SiGMA Group.
The country’s large size and population give it significant influence in regional affairs, and it actively participates in initiatives promoting South American integration. Political stability, along with ongoing investments in infrastructure, supports economic growth and connectivity. Brazil’s rich cultural heritage and diversity contribute to its social and cultural influence. While facing challenges, Brazil’s progress positions the country as a prominent player in South America.
Pulis added that M&A activity in the gaming sector is expected to continue to grow and local businesses are bound to continue to partner with strong participants in the global arena to offer superior products to customers.
In a significant and eagerly anticipated development, the Parliamentary Commission investigating match-fixing in Brazil hosted a get-together for government officials to discuss the regulation and taxation structure of sports betting. Advisor to the Minister of Finance, Francisco Manssur confirmed that a bill would be presented in the coming days, accompanied by the establishment of the National Secretariat for Gaming and Lotteries.
Manssur highlighted the staggering economic losses resulting from the absence of regulation. With daily revenue losses estimated at around US $2.1 million and a cumulative volume of up to US$ 1.7 billion in the past four years, the need for regulation in the industry becomes increasingly vital.
“Today, we fail to raise US$ 2.1 million a day due to the lack of regulation, and in the last four years, this volume has been between US$ 1.25 and 1.7 billion,” said José Francisco Mannsur.
During a public hearing held by Parliamentary Committee of Inquiry (CPI), government representatives also discussed the need for regulation and taxation of sports betting in Brazil. Concerns were raised that the country has missed out on collecting an estimated R$ 6 to R$ 8 billion (US$ 1.25 to US$ 1.7 billion) over the past four years due to the lack of regulation.
José Francisco Manssur confirmed that a Provisional Measure and a Bill will be introduced soon. He emphasized the urgency of regulation. The focus initially will be on fixed odds betting, with plans to address legislation for other forms of gambling in the future.
Source: SiGMA News
