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Post Date: 04/03/2024 09:05h
The last update was on April 3, 2024 at 09:05h.
Last year, Brazil established regulatory guidelines for its online wagering market — a move that’s expected to lure some of the industry’s biggest players to Latin America’s largest economies.
Rumors suggest that US betting giants DraftKings, MGM Resorts International and Hard Rock International have been examining ways to enter the largest country in the area.
The list of nearly 135 pre-registrants for Brazilian online wagering permits reads like a who’s who of the gaming industry and includes US-based firms such as Bally’s (NYSE: BALY), DraftKings, and MGM as well as entities tied to European sportsbook giants Entain and Flutter Entertainment (NYSE FLUT) and others.
Brazil’s allure for domestic iGaming operators and sportsbooks is understandable. Legalization at the state level in the US has slowed down. Many believe that California and Texas will not allow mobile sports gambling for many years. Brazil, on the other hand, has a legal framework and more than 209,000,000 people making it the 6th largest country in the World.
Brazil’s Rush Street Interactive Could be More Popular
Now, Rumored takeover targetsRush Street Interactive, (NYSE RSI),could attract more interest from prospective suitors when Brazil liberalizes their online gambling market.
It’s simple. Brazilian regulators are widely thought to give preference to homegrown firms and companies with a presence in Latin America. Rush Street Interactive has operations in Colombia, Mexico and the United States.
The operator has been mentioned as possibly entering Argentina or Peru. If RSI is successful in obtaining a Brazilian licence, this could make RSI an attractive target to another US operator who sees opportunities in Latin America.
Last Month Bloomberg RSI reportedly met with multiple potential buyers, DraftKings included, but it hasn’t publicly confirmed these talks.
Brazil is the Next Great Sports Betting Frontier
Alone, Brazil’s status The region is a magnet for gambling companies because of its large population and largest economy. However, there are other factors at play.
Brazilians who are looking for table games may be interested in iGaming, as there is no casino of the type found in Las Vegas.
Brazil has a reputation for being one of the soccer-craziest countries on the planet. The country has 5 World Cup titles and is one of only a few countries to have participated in each edition. It also holds many other records such as games played, match wins and goals scored.
Sao Paulo, in South America’s largest city in 2024 will be the first to host a game of the NFL. Residents of the tenth largest economy in the world are also fans of NBA.
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