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The gambling landscape in Brazil has changed dramatically from a thriving casino culture before 1941 to a complete ban under the Criminal Contraventions Law of 1941.
Over the years, only a state lottery and some forms of non-commercial gambling were permitted.
Now, the push to legalize gambling finally led to the passage of Bill 14,790 in December 2023, and PL 2,234/2022 in July 2024, which seek to legalize physical casinos and bingo houses.
The ongoing legalization process is revealing Brazil’s huge investment potential, especially in the iGaming and casino sectors.
Among the prominent actors who have shown interest is the iconic Hard Rock Hotel Chainknown worldwide for its entertainment and hospitality.
Hard Rock’s focus on Brazil highlights the country’s growing importance as a key market for international gaming operators.
Hard Rock International is closely monitoring the progress of legislation which could legalize physical casinos and bingo halls in Brazil.
With a significant investment of $1.35 billion already in place, Hard Rock is not only watching, but actively positioning itself to take advantage of the potential market.
This investment includes the development of luxury hotels and resorts in strategic tourist destinations in Brazil, such as São Paulo, Fortaleza and Foz do Iguaçu.
Hard Rock currently operates four Café locations in Brazil, and the company’s plans to expand into hotels and potentially casinos are driven by the untapped potential of the Brazilian market.
Legalizing casinos could transform these resorts into one-stop entertainment centers, in line with Hard Rock’s global strategy of integrating gaming into its hotel offering.
The potential legalization of casinos in Brazil presents economic advantages and opens up a substantial market for operators like Hard Rock, attracting more than 200 million residents who already participate in online gaming.
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The Federation of Hotels, Restaurants and Bars of the State of São Paulo (Fhoresp) estimates that the sector can attract investments of over US$ 76 billion, positioning Brazil as the third largest gaming market worldwide, after the United States and Macau.
Brazil’s iGaming market is experiencing rapid growth, with revenues projected to increase by 24.1% by 2024, reaching nearly $2 billion.
By 2028, this figure could rise to $3.63 billion, driven by a compound annual growth rate (CAGR) of 16.51%.
The recently legalized online casinos are expected to contribute significantly, generating $1.11 billion in 2024 alone.
The overall iGaming market in Brazil, including sports betting and lotteries, is likely to become one of the largest in the world.
With an estimated market value of approximately US$8.95 billion (R$50 billion), the growth potential is immense.
The country already ranks third in number of professional male and female players, behind only the United States and China.
This is further supported by Brazil’s deep cultural affinity for gaming and the growing penetration of the Internet in major urban centres.
The preferential purchase period for online betting licenses in Brazil, which ended on August 20, saw 102 companies acquire licenses for approximately US$ 5.37 million (R$ 30 million) each.
These licenses allow for sports betting, online slots and live casino streaming, and each allows up to three companies to be managed, potentially introducing more than 300 companies to the market.
The Ministry of Finance could raise at least US$ 547.59 million (R$ 3.06 billion) with this first phase of licensing, which shows great prospects for development and income generation.
Major operators such as Hard Rock and MGM, which are targeting the Brazilian market, will face stiff competition from local entities such as KTO, an online chain casino Already established in Brazil.
KTO founder Andreas Bardun believes that all competitors should aim for at least a 10% long-term market share, with ambitions for your company to lead the market.
This competition is expected to stimulate an expansion of services and fierce competition for market dominance in Brazil.
The regulatory environment in Brazil is still evolving and international operators will need to navigate a complex legal landscape to obtain licenses and establish their operations.
Despite the challenges, Brazil’s young and tech-savvy population is increasingly embracing online and mobile gaming, offering significant potential for the iGaming industry.
As the legalization process continues to advance, Brazil could become one of the most dynamic gambling markets in the world, making it an attractive destination for global operators.
Brazil, casinos, gambling, hotels and resorts.
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