2024-10-30 18:55:00
How is the sports betting market in Brazil? Reasons for the sector’s success
The betting market in Brazil is experiencing significant growth, reflecting global trends in the gaming industry. With more and more Brazilians participating in online sports betting, the sector has been standing out in the country, both in revenue and attendance. If you are also among those interested in sports betting and are looking for a traditional platform, then bet on bet365 is one of the main options.
In the last five years, the total number of Brazilians who participated in betting reached 52 million. Of these, 48% (around 25 million) are new players who started betting in the first seven months of 2024. This data comes from a survey carried out by Instituto Locomotiva, between the 3rd and 7th of August this year.
The forecast for 2024 is that the Brazilian sports betting market on electronic platforms, called bets, will surpass the mark of 30 million active users. Projections indicate that the volume of bets should increase by more than 30% next year, consolidating the Brazil as one of the largest sports betting markets in Latin America.
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Reasons for the sector’s success
One of the main factors behind the betting boom has been the constant expansion of online and mobile betting, which allows users to bet anywhere with ease.
Especially the use of mobile apps has grown considerably, with more people using their smartphones to bet on sports and casino games. Additionally, bookmaker comparison sites, which list and compare all welcome bonuses, have gained popularity by helping users find the best promotions available.
Regulation
It is also not possible to ignore the push for a new regulatory framework, which could make the Brazilian online sports betting market more protected and transparent.
In addition to establishing a series of rules for service providers, some measures should promote responsible gaming, combat fraud and improve sustainability. In this way, the country will catch up with others that have also led these changes, such as Colombia, Chile and Argentina.
For now, the law that regulates betting, sanctioned on December 30, 2023, imposes the payment of taxes when carrying out the activity. Recently, the Ministry of Finance updated the list of bookmakers allowed to operate in Brazil until December 2024.
It was also announced that the Government will adopt new measures and monitor, more harshly, rules that are already in force, such as monitoring bets by CPF, limiting payment methods and regulating company advertising.
The role of marketing
As the Federal Government seeks to regulate the online sports betting sector, it also has to deal with a market that has already expanded significantly. In recent years, operators have made massive investments in football, sponsoring almost all clubs in the main divisions and creating a strong association between betting and sport.
Bookmaker advertisements also dominated stadiums, social networks and TV with constant displays, in addition to expanding to other sports, using celebrities and athletes in campaigns, which contributed to the increasing normalization of betting in society.
In this way, the platforms increased visibility and gained reputation, thus opening themselves up to larger audiences.
The future of betting in Brazil
As online sports betting platforms continue to improve and regulations evolve to support responsible gaming, the Brazilian market is poised for further growth. With more than 25 million adults participating in betting activities by 2024 and the growing popularity of mobile apps, the coming years could see even more innovation and expansion.
For operators, this means more opportunities to attract new customers while retaining existing ones. However, the industry must also prioritize responsible gaming to ensure long-term sustainability and protect its growing user base.
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