Brazil’s fixed-odds betting market, which has been regulated for nearly a year, could be the major boost that the economy needs, according to several gambling bodies.
A recent survey titled ‘Overview of the Fixed Odds Betting Market’, which was carried out by the LCA Consultores Econômica and Cruz Consulting, was requested by both the Brazilian Institute of Responsible Gaming (IBJR) and the National Association of Games and Lotteries (ANJL).
According to the Federal Revenue Service, the findings state that a total of R$7.5 billion ($1.4 billion) in equity has been invested.
This could lead to an investment of R$28 billion ($5 billion) due to the multiplier effect, which could help with demand in other productive areas of the Brazilian economy.
“The regulated betting market represents a new cycle of opportunities for Brazil, with investments, formal jobs and social contribution,” said André Gelfi, director and co-founder of IBJR.
“It is a newly regulated, technological and high value-added sector, which moves an entire production chain linked to sports, marketing and entertainment.”
Brazil is now one of the hottest betting markets on the planet
The Brazilian betting industry is now worth over $4 billion annually, marking a significant pivot from what used to be dominated by black market operators and untaxed cash flows.
Brazil is now the world’s fifth-largest betting market, utilizing digital innovation to ensure the industry can now bolster the economy of the country.
After the South American nation legalized and regulated online betting – replacing them with a legitimate, taxed system – the industry boomed.
In 2015, $300 million was generated within the industry. Now, ten years later, this figure has risen significantly to $4.2 billion thanks to a total of 78 licensed platforms providing the boom.
Furthermore, the regulation of the betting market also generated a wealth of jobs in the country. New roles include: market researcher, systems developer and risk analyst, among others.
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