Another turn this week in the ongoing suit between Ripple Labs and the U.S. Securities…
Slotegrator enters Brazil as a regulated market is soon to be expected
iGaming software and business solution provider, Slotegrator, is now offering its services in Brazil. This was recently announced in a press release issued by the company.
Until the market’s re-regulation takes effect , the company said it will offer all of its services to foreign operators, including game integration, sportsbook, payment systems and affiliate management, as well as marketing, licensing, web hosting and advisory services. It is expected that the Brazil’s sports betting sector will be regulated before FIFA World Cup 2022.
According to the press release, Slotegrator “keeps an eye on the development of iGaming legalization in Brazil”. But, for the time being, it “offers its services to those who are eager to work or already operate in the market from other countries”.
As online operators are prohibited from being based in Brazil, international operators and sportsbook find no local competition in the Latin American country’s market.
With over 200 million people, Brazil is the sixth most populated country in the world, with an estimated 60% internet penetration. Football is the most popular sport, but there are also other large-sized sports betting markets for basketball and beach volleyball, and punters bet on both domestic and international leagues, according to Slotegrator. Mixed Martial Arts has become increasingly popular too, largely for Jiu-Jitsu’s Brazilian roots. Horse racing is also an up- and coming market..
The Brazilian government passed a law in 2011 that prohibited the use of credit and debit cards for placing bets, whether on or offline. This culminated during the FIFA World Cup in 2014. The government then pushed hard to curb online gambling by outlawing it, or prohibiting Internet Service Providers from hosting gambling sites.
Four years later in December 2018, a bill legalizing fixed-odds sports betting was passed, and the Ministry of Economy was given two years to establish regulations and procedures. While the market has not yet been regulated, the Law 14,183 was enacted in June 2021, as a result of Provisional Measure 1,034.
Brazil’s Ministry of Economy is now working to enforce gambling regulations. Regulations look to be ready by the end of 2021. Following this it is expected that legal operations in the country can start some time in 2022.
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