The sports betting market is becoming more and more lucrative as an increasing number of countries around the world legalize online gambling. According to one report, the global sports betting market accounted for USD 83.65 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 10.3% from 2023 to 2030, as more countries begin to legalize sports betting.
Perhaps the biggest opportunity for sportsbooks in terms of new countries coming online for regulated sports gambling in Brazil. With the 7th highest population of any nation – and a sports-crazy populace – Brazil represents a massive opportunity.
Sports betting is already popular in Brazil; about 50 percent of citizens say they have bet on a sports match in the past year, according to igamingbrazil.com.
Still, despite those impressive numbers, Brazil remains perhaps the western world’s most untapped sports betting market. That’s because most sports betting in the country is done in the so-called “grey market.” Bookmaking has been banned in Brazil since 1946, but many Brazilians place bets with entities using international servers in a non-regulated “grey area” However, sports betting is poised to be regulated in the country, which will bring in millions of more bettors in the market.
The Minister of Finance of Brazil Fernando Haddad has shared that the Presidency is interested in moving forward with the regulation of “electronic gaming”, including sports betting. This is expected to happen by the end of 2023.
This provides a massive opportunity for international book akers to enter into a market – the 6th most populous country in the world – with millions of ready-made customers with an appetite for sports betting. But gambling firms can’t just expect to just simply set up shop and win – they need to work with a partner that has an intimate knowledge of the Brazilian market.
How to Win the Brazil Sports Betting Market
There are several unique aspects to serving the sports gambling market in Brazil. Firstly,companies must prove that their platforms are safe and that Brazilian consumer’s data will be safe with them. As new entrants in the market, foreign-based sportsbooks must establish trust that their platforms are safe and secure.
At the same time, once any new industry arrives in a market, there will always be criminal elements not far behind. Once a wave of new, regulated sports betting entities comes into brazil, there will be waves of fraudsters committing bonus abuse, targeting good users with account takeover attacks, laundering money and much more. Bookmakers coming to Brazil must ensure they can protect their platforms from this fraud.
Caf: Your Partner in Brazil
To compete effectively in the lucrative Brazilian gambling space, companies need a partner that has intimate knowledge of the market.
As a Brazil-born company, Caf can help you navigate the specific statutes and regulations in Brazil and keep your platform safe and free from fraud. We can enable you to quickly and accurately verify all customer while adhering to all regulations, ultimately driving revenues and business growth
With customizable rules for risk assessment, you can automatically approve or reject users, while simple, user-friendly workflows help deliver optimized user onboarding experiences for greater customer satisfaction and increased conversions.
The use of latest technologies combined with continuously improved AI algorithms and ML models makes it easier to validate identities, manage new and old users, enhance risk-decisioning and ensure compliance with changing regulations quickly, at a lower cost.
Click here to download our in-depth ebook about winning the Brazilian sports betting market. Or click here talk to an expert today, and learn more about how Caf can help your business thrive in the Brazilian sports betting industry.