LATIN AMERICA


Brazil’s regulation reset: A new era for Latin American iGaming


Latin America has long been viewed as one of iGaming’s most promising growth regions, but in 2025, that promise began to crystallise into regulated reality. Nowhere has this shift been more signifi cant than in Brazil, where the launch of the country’s new online betting framework has marked a turning point not only for local stakeholders, but for the entire LATAM ecosystem.


B


razil’s regulated market offi cially went live on 1 January 2025, following months of uncertainty and repeated delays. For operators, suppliers, and regulators alike, the transition became a race against time. Yet the scale of opportunity was undeniable: Brazil’s licensed online betting market generated an estimated BRL37 billion (around $7bn) in gross gaming revenue in its fi rst year of regulation, immediately positioning it among the most economically signifi cant jurisdictions globally (iGamingBusiness).


For aggregation platforms, the year represented both challenge and opportunity, but it also separated those prepared for regulation from those reacting to it.


“Brazil’s regulation has been a real stress test for the industry,” says Jordi Sendra, CEO of Alea. “It quickly separated those who were ready to operate in a regulated environment from those who were still relying on momentum alone. In Brazil, success has come down to preparation and the ability to act as a true partner for operators navigating a complex and fast-moving market.”


FULLY CERTIFIED


At Alea, months of groundwork meant the company was able to enter January 2025 as one of the fi rst aggregators fully certifi ed for the new Brazilian framework, with one of the broadest portfolios of regulated-ready providers available at launch. The experience underscored a defi ning lesson for LATAM’s next chapter: market access is no longer secured through ambition alone, but through operational readiness, compliance infrastructure, and trusted local partnerships. One of the most immediate hurdles was content certifi cation. While regulation creates legitimacy, it


also introduces friction. Not all providers entered the market fully prepared, and many were unable to certify complete portfolios by the January deadline. The result was an early market dominated by a small number of major studios and limited game variety; a concentration that is expected to evolve as certifi cation pipelines mature. In practice, aggregators in Brazil have taken on a far broader role than content distribution alone. Alea’s teams found themselves simultaneously guiding providers through certifi cation requirements, supporting operators navigating regulatory uncertainty, and acting as an essential bridge between global suppliers and local market realities.


However, Brazil’s opportunity cannot be understood through a European lens alone. The country represents a uniquely localised ecosystem, shaped by mobile-fi rst behaviour, infl uencer-driven acquisition, and distinct payment infrastructure. Mobile dominates the market, and payment


TIMELINE OF THE KEY MOMENTS Q4


2024


THE TRANSITION PHASE


Ministry of Finance blocks 2,000+ unlicensed


domains, forcing migration into the legal framework.


JAN. 1, 2025


ZERO HOUR: GO-LIVE


Market officially opens. Alea enters early with largest number of certified


games portfolio.


EARLY 2025


THE CERTIFICATION GAP


Compliance churn slows growth as many global


providers struggle to certify full libraries.


MID 2025


THE FISCAL PIVOT Industry adapts to the 12% GGR tax and 15% player winnings tax, alongside tighter enforcement measures.


method PIX has become central to the online economy – accounting for nearly half of all non-cash transactions nationwide, according to the Central Bank of Brazil.


These conditions create a player profi le that differs signifi cantly from traditional European markets. Brazilian audiences are entering online casinos directly, without the same land-based legacy seen elsewhere, which infl uences content demand and game performance patterns. Early trends suggest a market still developing maturity, but with enormous appetite for expansion as regulated portfolios grow.


For suppliers and operators entering LATAM, localisation is therefore no longer optional. Alea’s approach has been to treat Brazil not as an extension of Europe, but as its own ecosystem. Early investment in local talent, a Brazilian operational entity, and regionally aligned support structures has proven critical, particularly in a market where cultural familiarity and time-zone proximity directly shape commercial success.


REGULATION OUTLOOK


LATE 2025


CONSOLIDATION PHASE Global giants finalize major local


acquisitions and the market generates BRL 37 billion in Gross Gaming Revenue (GGR).


2026 & BEYOND


THE LATAM STANDARD


Brazil becomes the regulatory


blueprint for the next wave of


frameworks across Latin America.


Looking ahead, the outlook for Brazil’s second year of regulation is widely positive. After an expected dip in early 2025 caused by uncertainty and portfolio disruption, performance indicators have stabilised, with many platforms reporting renewed growth. Industry observers also anticipate increasing competition, as more operators apply for licences and European brands begin entering the market with regulatory experience and capital behind them. This infl ux may accelerate professionalisation, but it also raises the competitive bar for those without local knowledge. Success will depend on balancing scalable technology with deep market understanding, from compliance nuance to player behaviour and operational execution. Ultimately, Brazil’s regulation is more than a national milestone: it is becoming the blueprint for Latin America’s regulated future. For Alea, the fi rst year has reinforced the company’s role as a scalable aggregation and compliance partner in one of the world’s most strategically important new markets, and a signal of what is coming next across LATAM.


LATAM is no longer simply the ‘next frontier.’ In 2026 and beyond, it is becoming one of the industry’s defi ning arenas.


28 FEBRUARY 2026 GIO


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38