Betano the Leader of Brazil’s Gray Market with 23 Percent Share
A new white paper from OpenBet and using data from H2 Gambling Capital (H2GC) has revealed Betano as the current leader in Brazil’s gray betting market with a 23 percent share.
Bet365 follows closely behind with 20 percent market share, with Brazil set to launch its legal wagering market on Jan. 1 2025. H2GC estimates the onshore market could reach $10.1 billion in gross gaming revenue (GGR) by 2029.
H2GC also predicts sports betting will be the leading market in Brazil over iGaming in 2025, anticipating sports betting will be responsible for 55 percent of online GGR in the first full year of the legal market.
Slots, including crash games, are estimated to account for 27 percent of Brazil’s GGR in 2025, while H2GC anticipates live casino and other iGaming will make up 6 percent and 12 percent respectively.
Argentina Confirms Seven Tenders for Buenos Aires Casinos
The Argentinian Provincial Institute of Lotteries and Casinos president Gonzalo Atanasof has confirmed the progress of seven tenders for casinos in Buenos Aires.
While visiting Mar del Plata, Atanasof met with union representatives from the seven casinos, which are located in Sasso, Miramar, Hermitage, Mar de Ajó, Sierra, Tandil and Necochea.
The announcement was made after conversations between Atanasof and Axel Kicillof, the governor of Buenos Aires province, with the former saying: “We confirm the decision of governor Axel Kicillof to start the pending tenders.
“We need investments that provide predictability to the sources of employment. That is why we listen to the suggestions of the unions, we want to generate stability for the workers and demand improvements both in the facilities and in the working conditions.”
Esportes da Sorte Director Asserts Company’s Innocence After Owner’s Arrest
Gabriel Oliveira, legal director of Esportes da Sorte, has stated the betting operator is innocent after its owner Darwin Henrique da Silva Filho was arrested amid a police investigation into the company.
Filho and his wife were arrested last week as part of ‘Operation Integration’. Esportes da Sorte CEO Filho surrendered himself to federal police (PF) after allegations were made against the company of money laundering and illegal betting.
Folha reported the police searched and seized Filho’s house in Recife, while the ministry of justice revealed the investigation has led to 19 arrest warrants being issued, including for Filho’s father.
Oliveira has defended Esportes da Sorte in a video on Brazilian channel TV Globo’s programme Fantástico, saying: “The situation of the last few days, triggered by the PF’s Operation Integration, does the nation a disservice and undermines what should be its purpose, the truth.
“We are ‘guilty’ of transparency. We are ‘guilty’ of having evidence and operating within the law, including all financial operations being carried out through honest institutions and with procedures approved by the Central Bank.”
Codere Attributes Q2 Revenue Slide to Struggling Argentinian Economy
Codere Group has pointed to Argentina’s tumultuous economic climate as a key reason for decreases in both earnings and revenue for Q2.
The Spanish gaming group posted revenues of €309 million ($341.5 million) for the period to June 30 2024, a 10 percent year-on-year decrease, while adjusted EBITDA plummeted by approximately 23 percent to €39 million.
Codere Group attributed its downturn in revenue to the adverse macroeconomic scenario in Argentina and a devaluation of the currency, which cost the company €40 million over Q2, with proceeds from the country dropping 45 percent compared to the same period last year.
Codere Group said: “A recovery is beginning to be noted in the second half of the year. Revenues [are] growing above inflation, suggesting that the second half of the year could mark a positive turning point.”
Brazil Govt. Plans to Come Down Hard on Illegal Betting Payments
Brazil’s ministry of finance is expected to target black market operators through payment blocking, a strategy Pay4Fun director Ari Celia believes will prove successful.
With less than four months to go until the legal market launch date, the Brazilian government has announced it will block payments involving illegal operators made via Pix, a Central Bank of Brazil-controlled instant payment service that is used by the majority of the betting market in the country.
While similar strategies have proved difficult in countries such as Germany and other European nations because of various legal reasons, Celia anticipates the Brazilian government’s plans will be effective at clamping down on offshore operators due to the state’s control over Pix.
“If any commercial bank isn’t aware they have a company or client that is using illegal sites, as soon as they receive a warning from the Central Bank they will shut down their bank account immediately,” Celia told iGB.
“If they don’t, they’ll be subject to fines. There’s no point for any commercial bank in Brazil to allow those accounts to process Pix once they are notified.”
