Brazil sports wagering beckons operators as big names ease off U.S.

Brazil sports wagering beckons operators as big names ease off U.S.

Article brief provided by Sportico
  • Brendan Coffey, Sportico
April 10, 2024 8:42 PM
  • Brendan Coffey, Sportico

The Brazilian government legalized sports betting at the end of 2023 with the commencement of wagering expected to begin this quarter or next as regulators work through their licensing process. It’s quickly looking like Brazil is taking over from the U.S. as the next destination of the sports betting gold rush.

Story continues below

“I think there’s a lot of opportunity in Brazil. The report is 140 operators are looking to enter Brazil with a $6 million (R$30 million) license fee and a local 20% shareholder requirement,” said Tom Waterhouse on a phone call. He’s the principal of Waterhouse VC, a fund that specializes in sports betting investments that has returned an average 111% a year since starting in 2019.