Brazil has the potential to be more dynamic than many mature European markets according to Ted Menmuir. 

Following reports of the country’s gross gaming revenue totalling over R$17bn (€3bn revenue), Menmuir emphasised that Brazil’s significant room for growth makes it more alluring than Western markets. 

“If you look at the Brazil market, it is better to be the number one operator in Brazil than it is in many Western, European markets because it is a dynamic marketplace on the whole.” Menmuir said on the latest episode of the iGaming Daily Podcast. 

“It is a younger marketplace and it’s a market that is growing year on year and not many European markets can say that.”

The statistical report on the activities of the Bets regime highlighted the standout numbers including GGR but the market also totalled 17-and-a-half-million accounts.

However, those don’t paint the full picture of Brazil’s market as a whole.

Seen as a promising start for Brazil, Menmuir said: “I think that’s underlined by what the H1 reports have reflected.

“This is still very much stage one and the positive signs of the foreign and domestic operators is that they’re investing, increasing investment in media, licensed, in localised marketing operations, dedicated compliance.”

Dealing with market issues

The market’s positive start hasn’t come without its challenges, particularly in its move to becoming a fully regulated presence. 

Having moved from an unregulated, to gray market to fully regulated, the process has been lengthy and differing tax rates, regulation, pushback over advertisements and other factors have all played a part.  

SBC Noticias Brasil Business Journalist, Ana Maria Menezes said: “Brazil is a box full of surprises. Sometimes in a good way, sometimes in a bad way.  

“We were not expecting the tax raise as an example of the GGR, because it was established when the law was passed down.

To caveat the report’s findings, Menmuir stressed the importance of analysing the full market rather than just focusing on the overall revenue and player figures. 

“I’s just not fair just to judge a market on its GGR trend. I think you’ve got to analyse all elements that have kind of been attributed to the market and how the market is developing in a much wider scope.”