This shift promises not only to invigorate the country’s gaming and sports betting industry, but to bolster its economy and provide a safer, regulated environment for enthusiasts to indulge their passion for gaming and sports betting.
In a bold move set to redefine the landscape of entertainment and revenue generation for the country, Bill 3626/2023 is set to legalise sports betting and other gaming activity in Brazil. With the tax framework signed off at the close of 2023, a presidential decree has now outlined the requirement of a Secretariat of Prizes and Bets responsible of managing the country’s sports betting efforts.
The legalization of sports betting - and the possibility of other gaming activity such as video lottery - has the potential to create a booming industry, generating jobs and stimulating economic growth with a new revenue stream for Government. From bookmakers and software developers to marketers and analysts, a plethora of new roles will emerge to support this developing sector. Sports leagues and teams also stand to benefit from increased engagement and sponsorship opportunities, further bolstering Brazil's sporting ecosystem.
Whilst some are concerned that the legalisation promotes gambling addiction and undermines traditional values, recognising that responsible gambling measures will be integral to the framework of these regulations is key. Strict age verification processes, self-exclusion options, and dedicated support services will be implemented to ensure that gaming and sports betting remains a safe form of entertainment.
The legalisation also comes with many player safety benefits, such as transacting with licensed operators who adhere to strict security standards. This not only protects players and operators from potential scams but ensures that revenues generated from gaming and betting are channelled back into the country's economy.
The outlook for the global gaming and sports betting market in 2024 is positive, and the LatAm market - particularly Brazil – will be a leading force. As such, Quixant are focussed on developing and delivering the products, supply chain solutions, operational aspects, expertise, and support required to enable success for the Brazilian market, and on a global scale.
The team at Quixant seek not only to support customers in Brazil by providing the products they need when they need them, but to establish partnerships that enable strategic decision-making and empower customers to achieve ultimate results.
Developing suitable teams, structures and a portfolio mix tailored to the needs of the Brazil market is essential. Being proactive and able to quickly move to meet the needs of the market are also pivotal to enable customers to be the first to bring product into the marketplace and ensure their success in the market.
The legalization of sports betting in Brazil represents a watershed moment for the country. As the final pieces of legislation fall into place, all eyes are on Brazil as it embarks on an exhilarating journey into the future of gaming.
Explore how Quixant's cutting-edge hardware platforms and embedded Software Suite solutions can propel your success in the Brazilian gaming market. Unleash your development potential with Quixant’s innovative technologies, enabling you to create top-tier sports betting and gaming experiences with unmatched efficiency. Discover the possibilities at Quixant.com.
Patricia Souto Rial
VP Business Development - Spain/LatAm
