ShareThe Brazilian iGaming market has long been described as something of a “sleeping giant”. However, there are clear signs that this potential iGaming behemoth is starting to emerge from its slumber. Back in 2018, the Brazilian government passed fresh legislation to legalize fixed-odds sports betting.
Within days of this announcement, the Brazilian Ministry of Economy was handed a four-year window to develop a regulatory framework that would welcome new and established sportsbooks to the country. Overnight, interest in sports betting began to intensify throughout Brazil.
With more Brazilians searching for ways to safely bet on their favorite sports – primarily soccer – the need for reputable review sites showing the best places to wager online was clear. The apostasesportivas24.com site is one such portal that has rapidly grown into a one-stop-shop for sports betting action in Brazil, outlining the fairest bookmaker bonuses, as well as the best operators for specific markets like Spain’s La Liga or Brazil’s Brasileirão. Its commitment to accurate sports betting information saw it recently shortlisted in the 2022 SBC Awards Latinoamérica.
When you consider that the internet penetration rate of Brazilians has now reached 75% - up from 65% in 2018 – three-quarters of the population now have direct access to online sportsbooks. Combine that with the mobile penetration rate, which sees 96 smartphones owned per 100 people, and it’s easy to see that this country could easily harbor a vibrant sports betting marketplace.
Brazil’s rich sporting heritage makes a sports betting market a no-brainer
It’s also the case that Brazil’s passion for sports makes it all the more surprising that a regulated sports betting industry hasn’t arrived on these shores sooner. Their national soccer team remains the most successful country in FIFA World Cup history, winning no fewer than five Jules Rimet trophies – their most recent coming 20 years ago in the tournament jointly hosted by Japan and South Korea.
There has long been a romantic feel towards Brazilian soccer since the “Golden Era” of Brazilian players from the late 1950s through to the 1970s. The likes of Pelé, Jairzinho, Rivelino, and Garrincha were forces to be reckoned with and, on occasion, simply unplayable. They brought a new kind of flair and energy to the sport that has been carried through the national team to the present day.
Aside from soccer, Brazil is also the most successful country in the volleyball scene. It’s currently the number-one ranked team in the FIVB World Rankings and recently secured a hat-trick of victories in the Olympic Volleyball Tournament, the Volleyball World Cup and the Volleyball World Championship.
Brazil has also been a hotbed of motor racing talent through the years, producing three Formula 1 world champions. Emerson Fittipaldi was a two-time world champion, while Nelson Piquet and the late, great Ayrton Senna were both three-time world champions. The likes of Felipe Massa and Rubens Barrichello have also been regular race winners in F1 in the modern era of the sport. Brazil is home to one of the most iconic F1 Grand Prix races, which has most recently been hosted at the Interlagos circuit in Sao Paulo.
Despite the clear interest in sport and sports betting from locals, the Ministry of Economy is running the clock down on its window of opportunity to launch online and retail sports betting markets via a license-based or concession system. The timeframe given by the Brazilian government expires at the end of this year, which coincides with the 2022 FIFA.com World Cup in Qatar, which will comfortably be the most-watched sporting event in Brazil this year.
Unveiling a licensed sports betting market on the eve of the 2022 FIFA World Cup would be the ideal launchpad for operators in Brazil. The Ministry of Economy has had plenty of time to iron out issues such as the cost of license fees and tax rates. It’s no doubt frustrating for would-be operators, who anticipated a regulatory framework being fast-tracked by the Economic Ministry. With iGaming on the agenda in the Brazilian Senate in Q1 2023, sports betting needs to hurry if it’s to steal a march on its casino counterparts.
