Brazil’s Betting Market Heats Up as Licensing Deadline Nears

With less than two weeks remaining until the government’s August 20 initial submission deadline, operators are racing to secure their licenses in time for the market launch. This deadline ensures that applicants in the first wave will receive their licenses by the launch date.

This week, Betsson, Galera.bet, and F12.bet have joined other early movers like Betano and Rei do Pitaco, who submitted their applications in May and July, respectively. 

Swedish operator Betsson made its entry into Brazil in 2019 by acquiring a 75% stake in local sportsbook operator Suaposta. The company has since made significant investments in the region, with Latin America accounting for 23% of Betsson's regulated revenues in Q2.

"I think that we have the possibility of tackling [Brazil] quicker than the big brands," said Betsson’s managing partner for Brazil, Andre Gelfi. 

"We have a good product, we are a very respected brand. I think reputation is a critical aspect of our industry."

Galera.bet, a locally-based brand that has been operating in Brazil since 2022, recently joined the International Betting Integrity Association in August 2023.

Meanwhile, Lisbon-based F12 launched their betting product in Brazil back in 2021, further intensifying the competition in this rapidly growing market.

In other Brazilian igaming news, Galera.bet has partnered with Yggdrasil to expand its Brazilian market reach.