Today’s new online gambling regulation in Brazil could lead to a market worth US$4.9 billion in annual revenue, according to a report by Vixio.

After many years of anticipation, Brazil’s Ministry of Finance today published an ordinance that will allow operators to apply for licences to offer sports betting and online gaming in a country of 200m+ people.

This could make Brazil the largest regulated online gambling jurisdiction globally, surpassing markets like Australia, France and New Jersey.

James Kilsby, and Chief Analyst for Vixio GamblingCompliance, said: “Today’s ordinance confirms that Brazil is set to complete its transition into a fully regulated market for online gambling over the course of the second half of 2024, with initial licences and new legal prohibitions becoming effective right at the start of next year.

“Operators will have to decide quickly whether and how to proceed, however, as only those who apply within 90 days seem assured of receiving their licence, if their applications are successful, before the market is launched. The industry will also be hoping for additional clarity from the regulator within this initial application period, with critical policy questions regarding local investment partners, permissible forms of online gaming and the scope of a prohibition on bonuses among several issues that are yet to be fully resolved.”

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3 Oaks Gaming is beginning to establish itself across regulated European markets, but now it has a focus on gaining a footprint in the rapidly evolving Latin American region.

We spoke to 3 Oaks Gaming’s Account Manager LatAm, Henrique De Simoni, about the distributor’s plans for LatAm and the overall appeal of the region.

3 Oaks has recently signed multiple deals in LatAm. How did those deals come about and are there plans for any more partnerships in those territories?

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It is fantastic to sign a range of deals across LatAm, initially in Colombia and Mexico before sealing a number of agreements in Brazil. Colombia, in particular, is now a mature jurisdiction and entering the market there first ahead of other regulated territories was something that we felt was a sensible move for us.

Luckia and BetPlay are two of Colombia’s foremost operators, with a huge network of suppliers under their remit. To sign deals with those two giants undoubtedly bolsters our reputation within the region.

We also have Bet7K and F12.bet with our portfolio in Brazil and many more operators that are almost ready to go live in the next semester.

Overall, we have connected with multiple casino platform providers, such as Vibra Solutions, Alea, Hub88 and Salsa Technology, extending the reach of our content across the continent and we are excited at what the future holds for us with these partnerships.

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Why were Colombia and Mexico first on 3 Oaks’ list when entering LatAm?

Colombia and Mexico emerged as the top choices for several compelling reasons. Firstly, both countries exhibit substantial market potential, with burgeoning populations eager for new and exciting gaming experiences. Additionally, the regulatory landscapes in Colombia and Mexico have been evolving positively, offering conducive environments for the expansion of the gaming industry. This regulatory stability provides a solid foundation upon which we can build our operations and establish long-term success.

Despite Colombia’s rapid maturity within the gaming sector, our thorough analysis identified continued high potential for growth. By securing certification for our games in Colombia, we’ve positioned ourselves to capitalise on the evolving landscape and seize lucrative business opportunities.

Mexico is now the second market in terms of volume, internet betting traffic and great demographic numbers related to gambling in LatAm. This opportunity of offering casino games for Spanish speaking countries that adores sports is something that challenges us and makes the industry more competitive in terms of generating the best premium slots.

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What other LatAm regions are 3 Oaks targeting over the next 12 months?

With some provinces in Argentina already regulated, such as the capital Buenos Aires, this is a key market for us as we look to expand across the continent. Argentina has shown substantial numbers in the iGaming market and can easily become the third largest country in terms of GGR.

However, we are also looking at other regions in LatAm as we try and finalise further partnerships here so watch this space as our journey continues!

With Brazil on the cusp of regulation, how do you think the space will pan out over the next 12 months and what plans does 3 Oaks have for the region?

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It’s no secret that Brazil has been our number one target and we are thrilled to be live in the jurisdiction through a number of agreements already. Certain analysts predict that the market is expected to be worth over US$3 billion by 2028, which is an astonishing prediction, but also an incredibly exciting one.

We will see an increase of mature companies trying to expand in Brazil and can expect to reach the biggest operators with our approach and outstanding customer experience. We have premium slots, a team that believes in the market and everything to make our brand visible for our Brazilian customers.

These numbers ensure Brazil will be the jewel in Latin America’s crown once it fully regulates, and thanks to the deals we have in place, we feel we are well positioned for future growth when regulation finally kicks in.

FairPlay Sports Media, the global sports media network fuelled by data and powered by fans, has launched in the Brazilian market with a localized version of its renowned odds comparison brand oddschecker.

Following ongoing success in the LATAM region, where the brand ranks as a top three traffic driver for sportsbooks in Mexico, Chile, Colombia, and Peru, Brazilian sports bettors will now be able to access localized, real-time odds grids at oddschecker.com/br, repurposed with market-specific APIs to ensure a seamless odds comparison experience.

The decision to launch in Brazil follows the recent regulation of sports betting, with FairPlay’s business and product strategy best-suited to legal markets where consumers are protected and sportsbooks operate in-line with generally agreed best practices.

FairPlay and its oddschecker brand have invested heavily in the region as of late, and this new launch also sees a number of new hires on the ground in Brazil to best operationalize the brand to become local sports betting experts, as well as delivering more effective operator partnerships.

Stuart Simms, Group CEO at FairPlay Sports Media, said: “The Brazil market has huge potential, arguably similar to the US in its scale, and this is an ideal time to service the sports mad fans of the country with a quality, fully localised odds comparison service that will empower them with the insight and pricing edge to take on their favoured sportsbooks.

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“We are fully behind recent steps to regulate. We want to play by the rules, execute best practices and demonstrate values that we’ve learned from other maturing markets to bring about a better betting ecosystem for all.”

Richard Gale, Chief Revenue Officer at FairPlay Sports Media, said: “The Brazilian market is both challenging and hugely rewarding. With so many local and multi-national operators, our industry leading technology will provide consumers with true comparisons and a fairer betting space. With regulation coming in, now is the time for our brands, global expertise and multi-national media partnerships to properly enter the market.”

Oddschecker’s Brazilian site will offer sports bettors the same, market-leading experience that users receive in other markets, with an added focus on sports relevant to the country, including soccer and U.S. sports.