Brazil currently has a sports betting market estimated at between $200 to $300 million which has the potential to reach $1.55 billion if the country moves to legalize and regulate sports betting, said André Gelfi, founding partner of Brazilian horse racing betting site Su Aposta.
In an interview with Brazilian website DCI, Gelfi said the company wants to offer bets on other sports as soon as the Ministry of Finance authorizes the activity.
Gelfi said Brazilian bettors already place bets at offshore sites. who, by prohibition, placed their bets outside the country, explains André Ghelfi.
“And that is this value that can grow five times with the legalization of this activity here,” he said.
Sports betting would not compete with Brazilian lotteries he said.
“Whoever bets on a lottery and hits, that changes the economic level of the bettor. Already to hit the result of a match of soccer or tennis, this is entertainment. The value will be up to the taste of the client,” he said.
Su Aposta will now invest in team, product development and marketing to publicize the new game mode in the country, he said.
Last month Buenos Aires approved online gaming throughout the province. The province hopes to begin soliciting bids for seven online licenses by spring.
