Las Vegas Casinos Bet Big on Brazil
Brazil's online betting market has become the new darling of the betting industry as international gambling giants set their sights on the country.
Las Vegas sign. Some of the big names on the Las Vegas Strip are looking into Brazil gambling investments.
LISTEN TO THIS ARTICLE:With its vast population and growing demand for online gaming, Brazil's soon-to-launch online betting market has become the perfect storm of opportunity, attracting global gaming operators, including some of the big names on the Las Vegas Strip.
MGM Grand and Caesars Palace edge closer to securing operating licenses in the region, while Hard Rock is reportedly also eyeing the market for a possible expansion.
While these companies are driven by profit potential and a desire to understand local market dynamics, they are also exploring opportunities to establish brick-and-mortar casinos in prime locations and strengthen their brand presence nationwide.
Brazil’s Reversed Regulation Attracts Giants
According to executives from these gaming multinationals, Brazil has adopted a unique approach to regulating betting. Unlike most countries, the region legalized online betting before establishing state regulations for physical or in-person betting.
Caesars Palace has a license already from Loterj to offer betting services in Rio and is constructing its Brazillian headquarters in Americana, São Paulo.
MGM Resorts has also invested R$54.25 million ($10 million) in its joint venture with Grupo Globo, BetMGM. According to CEO Bill Hornbuckle, the goal is to bring a taste of Las Vegas to Brazil's betting scene.
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Brazil is set to launch its regulated sports betting market on January 1, 2025, and applications to offer betting services in the region have been on the high side. Last month, Loterj added 15 days to its betting accreditation application deadline to meet the high demand.
As of August, the Brazillian Senate has begun discussions on Bill 2234/22, legislation to modernize the country's land-based gambling regulations. If passed, the bill would regulate the lottery-style game Jogo do Bicho, casinos, and horse racing.
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