“Approving this legislation is not a fantasy, it will generate 5,000 jobs and R$7 million” – The future of Brazilian gambling industry

On Day 1 at the SiGMA Americas and BIS Summit, happening now in Brazil, regional industry experts gathered for a panel discussion on iGaming and regulation in the country.

The future of the industry in Brazil

Featuring industry luminaries Wesley Cardia, José Francisco Manssur, Marcus Vinicius Vieira de Almeida, Raphael Ayub, and Mersinho Lucena, the panel offered an unparalleled insight into the regional market, making it a must-attend event for investors, entrepreneurs, and anyone seeking to explore the exciting opportunities in this burgeoning market.

During the panel, the speakers delved into the potential of the Brazilian iGaming market and the importance of effective regulation. They emphasised the need for a comprehensive legal framework that provides clarity, promotes fair competition, and protects both operators and consumers.

Raphael Ayub, an industry veteran, highlighted the economic benefits of legalising and regulating the iGaming industry in Brazil. He stated, “The approval of this legislation is not just a fantasy for the gaming industry. It will generate significant employment opportunities and boost the economy. Estimates suggest that around five thousand direct jobs will be created in Brazil, and the market, currently worth approximately seven million reais annually, has the potential to double within two years of regulation.”

Mersinho Lucena, a prominent figure in the sector, echoed the sentiments of Ayub and emphasised the importance of proper regulation for attracting foreign investments. He mentioned, “American industries are interested in exploring our country, but they prefer to invest in countries with well-regulated markets. It’s a process that we are progressing with, and I believe that the Senate will conclude the approval as soon as possible.”

The panelists also discussed the significance of online sports betting and its regulation. Vieira de Almeida highlighted the ongoing discussions and efforts towards the regulation of online sports betting. He stated, “I have had conversations with the President of the Chamber, Arthur Lira, and he is also politically aligned with the regulation of online sports betting in our country. There is a possibility that an emergency measure will be implemented through a provisional measure, and a bill will be fast-tracked in the Chamber.”

Furthermore, the speakers addressed the challenges associated with navigating the regulatory landscape in Brazil. They acknowledged the complexity of the process and the importance of understanding local laws and regulations to ensure compliance. Manssur emphasised, “Operators must be aware of the varying regulatory frameworks across different countries. Each market has its own requirements, and a tailored approach is necessary to succeed.”

The audience also had an opportunity to engage with the speakers during a Q&A session. A diverse range of questions were posed, reflecting the attendees’ keen interest in the topic. One notable question raised was about the timeline for regulation and its impact on the industry. Manssur addressed this concern, highlighting the ongoing dialogue between the Congress, the Chamber, and the Executive. He mentioned the importance of finding a balance between expediency and thoroughness in the regulatory process, stating that a negotiated alternative might take a bit longer but ultimately lead to a more efficient and harmonious implementation.

Hop onto the SiGMA Americas bandwagon!

Haven’t secured your tickets for our first-ever summit in Brazil yet? The time to do so is now! You can easily acquire them at any of our convenient registration points or make a quick online purchase.