DraftKings, MGM target Brazil’s booming online gambling market

DraftKings, MGM target Brazil’s booming online gambling market

Article brief provided by Bloomberg News
  • Guilherme Bento, Bloomberg News
April 3, 2024 4:43 PM
  • Guilherme Bento, Bloomberg News

Sports betting heavyweights like DraftKings Inc. and MGM Resorts International are exploring entry into Brazil’s new regulated online gambling market, as Latin America’s largest economy emerges as one of the world’s fastest-growing gaming frontiers.

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Brazil is leading a regional gambling boom that has followed numerous legalizations. Since it first began loosening online gambling laws in 2018, the country of roughly 200 million people has blossomed into one of the planet’s top-10 betting markets, with gross gaming revenues that rival totals from Spain and the Netherlands.

Now industry observers see it poised for even more growth, after President Luiz Inacio Lula da Silva last year signed into law a regulatory framework that establishes licensing fees and other requirements for companies that want to offer fixed-odds sports betting and virtual online gaming services inside the country.