INSIGHT LATIN AMERICA FOCUS: BRAZIL
today and with the clock already ticking on the licence application period. Te conventional wisdom among Brazilian industry advocates and legal experts is how this issue is resolved will have an impact on channelisation.
What do you think online gambling is going to look like in Brazil once it's up and running?
I think you'll see a highly competitive, highly visible market. We don't know how competitive in terms of number of licensees will ultimately step forward or how many licences will be available. But there is strong global demand from all corners of the industry - Brazilian interests, Latin American interests, North America, Europe. So, this is a highly watched market.
What you normally see when regulated markets open is a jockeying for position among all operators, to capture market share. So, I do think that's fundamentally what you will see in Brazil is a highly competitive, highly visible market as it moves to a regulated market. Te only things I would say, on advertising, what we have today are some fairly robust regulations and standards that are generally in line with global practises.
commitments are very high... It's clear Brazil is not going to be a flip the switch market.
Ultimately, there is going to be a competitive and highly visible market. The
unregulated offshore market has boomed so much over the course of the past five or so years that it's already there. There's such extensive advertising and sponsorship and prominence of offshore operators today and for the past three or four years or so that we're not talking an
absolute sea change when you go from unregulated to
regulated for all the reasons we discussed. But it's not like the lights switched on and all of a sudden there is a bombardment of ads.
You cannot just be offshore in December 2024 and then onshore, licensed, regulated in January 2025. Te market does involve a substantial but probably appropriate commitment financially, operationally and in compliance. So that's fundamentally why this is an open question since it is not necessarily an easy decision for all current operators to ultimately apply for a licence, and I do think that a key issue with the channelling rate is around the scope of permissible online casino games.
It's not entirely certain which types of online casino games will be permitted in the regulated market. Online gaming has been authorised in Brazil under the guise of fixed odds betting . . . So there is a whole sort of string of definitions you need to go down.
And government officials are evaluating which types of online casino games fit squarely within the box of fixed odds betting. Does that mean that progressive slot games with progressive jackpots would be allowed? Can crash games be allowed? Crash games are key. Unofficial estimates are that they account for maybe even a majority of the offshore online casino gaming market.
Tat is a key unresolved question as we sit here
But we haven't got limits on volume or timing, right? So, Spain and Italy and various European markets limit the times of day you can advertise. Some, specifically Spain and Italy, they're really, really prohibitive, if not outright prohibitions on advertising. We haven't got that in Brazil.
We have, as I say, strong guardrails, but no real restrictions on volume. So, I think we'll see that be prominent. But there is a ban on upfront bonus offers.
Ultimately, there is going to be a competitive and highly visible market. Te Brazilian unregulated offshore market has boomed so much over the course of the past five or so years that it's already there. Tere's such extensive advertising and sponsorship and prominence of offshore operators in Brazil today and for the past three or four years or so that we're not talking an absolute sea change when you go from unregulated to regulated for all the reasons we discussed. But it's not like the lights switched on and all of a sudden there is a bombardment of ads that people have never seen before.
Tese are many brands that are highly visible, already sponsor soccer teams, already been very prominent today, just they haven't been regulated. I wouldn't overemphasise how much of a shift that will be necessarily because there's been so much investment already in this market.
WIRE / PULSE / INSIGHT / REPORTS P103
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