Vibing with the culture: winning strategies for the LatAm iGaming market
Carla Dualib, regional business development manager at SOFTSWISS, analyses the factors that define Brazilian iGaming market.
Opinion.- For decades, football has dominated the LatAm sports world, with millions of fans supporting the passion. They have digitised this love into online betting and gambling, but there is more to the story.
Understanding the cultural nuances is crucial to unlocking the true potential of the Brazilian iGaming market. The current samba beat of the local gambling scene is defined by far more factors than just football spirit. Carla Dualib, regional business development manager at SOFTSWISS, explores those factors to navigate the dynamic market successfully.
Playing by regulation rules
Brazil’s recent legalisation of iGaming is a big lip forward, but the regulatory framework is still evolving. For example, the latest amendments suggest prohibiting gambling incentives like bonuses and free bets. Also, operators will not be allowed to accept credit card or cryptocurrency payments from bettors.
To arrange all the requirements, the government created a new gambling regulator – the Prizes and Betting Secretariat (SPA). The body has already announced a four-step regulatory plan.
1. SPA is currently making rules about payments, betting system security, getting permission for businesses, and required certifications.
2. In May, new regulations about money laundering prevention and protecting customer rights will be defined.
3. In June, SPA will put out rules for secure online gaming to ensure security, watch over it, and punish anyone who breaks lottery rules.
4. In July, the rules for making sure gambling is done responsibly will be set
With changing regulations and a phased approach, navigating Brazil’s iGaming market requires staying informed and adaptable.
Witnessing a demographic shift in iGaming
The social landscape of Brazil’s iGaming market is also changing. One of the most surprising trends – for global companies, not Brazilian ones – is the rise of female involvement in sports. This is due in part to a shift in societal norms, with women becoming more comfortable engaging in activities traditionally dominated by men. For example, Brazil boasts a passionate female fan base for football – almost 50%!
Brazil has renowned women football players such as Marta and Formiga, great volleyball and basketball players, and representatives of many other sports! There are also great influencers, like singers Anita, Ludmilla, and Ivete, who have millions of loyal audiences behind their backs.
Women’s involvement has been fuelling the convergence of sports culture and online gaming. Sports and iGaming brands have finally noticed the process of female empowerment. They have been creating campaigns that involve influential women, leading to the rise of sponsorship of female athletes.
Understanding the preferences of this growing demographic will be crucial for operators looking to tailor their offerings.
Embracing Local Culture
Brazilians tend to trust brands associated with familiar faces or local roots. Building partnerships with personalities trusted by the Brazilian public is crucial for business.
Recently SOFTSWISS appointed Brazilian racing legend Rubens Barrichello as its Non-Executive Director in Latin America. This strategic move allows the company to understand the local features better and to make the business approach more relevant to the Brazilian market.
The carnival of opportunities in the Brazilian market is waiting. The question is, are global companies ready to dance? By staying attuned to nuances and adapting their strategies accordingly, providers and operators can successfully swing this exciting market.
See also: Bet Sum Triples: SOFTSWISS Jackpot Aggregator Q1’24 results
