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Brazil’s next chapter will be a player experience arms race


Brazil’s first year of regulation proved the opportunity is real, but the next phase will be won on experience, retention and product depth, says Games Valley CEO, Ariel Reem.


executed retention strategies.


Retention, however, is not a simple answer either. Investing in retention is expensive by nature, and it becomes even more complex when dealing with small-stake players, where finding the right incentive is often disproportionate to the value the player contributes.


Ariel Reem is CEO of data-driven content aggregator Games Valley.


year into Brazil’s regulated iGaming era, it’s already clear that the market is far from typical. In fact, I’d argue that Brazil is accelerating towards maturity at a far faster pace than we usually see. The headline numbers explain why. Brazil’s regulator recently published its first full-year data showing BRL 37bn (about $7bn) in GGR across 2025. That’s a staggering figure that immediately puts Brazil among the most important regulated markets in the world. But those same figures also underline just how competitive Brazil has already become. On the betting side, one major sportsbook provider recently highlighted the challenges it faces in Brazil, with a lower share of casual punters and a higher share of aggressive, margin-sensitive bettors putting pressure on operators.


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I’d argue that casino players are equally sophisticated, albeit in different ways. While many treat Brazil as a ‘new’ market, the reality is that there’s been an accelerating arms race for many years, even before it was pre-regulated.


It is no secret that customer acquisition


costs are already extremely high, so retention has become far more important earlier in the market’s development than we’ve perhaps seen anywhere else that has been regulated over the last decade.


Another important dynamic in Brazil is the structure of the player base itself. A large proportion of casino players are relatively low-stake, which means the market fundamentally works on volume rather than high individual player value. Combined with high taxation and intense competition, margins are under constant pressure. There’s little room for inefficient acquisition or poorly


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BEYOND BONUSING We cannot rely solely on bonuses or promotions. It has to start with the product itself, with games that are intuitive, engaging, and capable of generating frequent, repeat sessions without heavy external incentives.


What we are already seeing in Brazil is that simply offering a ‘top’ global game is no longer enough. Operators need locally relevant content, the ability to scale quickly and strong promotional support coming both from game vendors and from the aggregation layer.


Distinct preferences are already emerging. Arcade, crash and casual games are performing very strongly. Operators that have taken the time to curate games that


speak to local trends and themes are outperforming more generic offerings. This is what we are observing on the ground today, but the important thing to remember is that this is an extremely fluid market. Player preferences are shifting, expectations are rising. There’s no single answer to delivering a great user experience, other than to follow the data and listen to what players are telling you.


In short, Brazil is rapidly maturing and the easy acquisition era is already tightening, if indeed it ever really existed. The next phase will be defined by retention, product quality and the high-level experience Brazilian players already expect.


This places a premium on speed and adaptability. Operators must be able to see what is performing, understand why, and adjust their offering quickly. If certain mechanics, formats or themes begin to resonate, they should be surfaced immediately. If content loses momentum, it should be rotated out just as fast. Brazil is now centre stage as a regulated market powerhouse. It is our job to ensure users receive an experience befitting its scale.


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