This Week's Top iGaming News, March 24
Our latest round-up in the world of iGaming news. Get updated on all the hottest iGaming news that’s not to be missed right here each week.
As part of a new initiative to regulate Brazil's gambling industry, the Brazilian Institute of Responsible Gaming (IBJR) was set up in order to create a safe regulatory environment for players and improve integration within the Brazilian economy. Since Brazil legalised sports betting in 2018, Brazil has been working hard to establish itself as a safe and rewarding market for potential players and businesses. Following on from the inception of Associação Brasileira de Defesa da Integridade do Esporte (Abradie) sports integrity body this month, the establishment of the IBJR can only be a good thing for everyone in the world of iGaming and the potential growth of the Brazilian market.
Business is booming in Brazil for iGaming, it has been revealed. Representatives from the segment shared data with the Brazilian Ministry of Finance this March that showed sports betting in the country now moves around BRL 100 billion per year. Wesley Cardia, CEO of ANJL (National Association of Games and Lotteries), said, “Companies will feel safe to work. The regulation will bring order to the market, it will say who is able to work in Brazil. This is what we want.” Not only is this great news for the Brazilian economy by boosting businesses and creating more jobs, but it is also great news for companies looking to expand their iGaming business into Brazil.
Esports is continuing to grow at a steady rate across the world, it has been found. Recent figures released from 2022 show there has been a steady increase in licences, audience numbers and profits year on year. Popular across the Americas and Asia, the market is now increasing in Africa, Europe and beyond. In 2022 alone, the audience was given as 523 million players worldwide and is predicted to rise to more than 640 million players within the next two years. As the pace picks up, we predict that WeAreFantasy is going to be very busy – bring it on!
Record-breaking gambling revenue was recorded in the fourth quarter of 2022 for Portugal in the casino and sports betting sectors, the latest numbers show. A high of €195.3 million was 39.7% higher than the same quarter of the previous year and 23.4% higher than the third quarter of 2022. The main source of revenue came from casino, which made €109.8 million in total revenue with consumers spending €2.98 billion in online casino – a new record. The biggest earners were slots, blackjack and roulette. Sports betting made €85.5 million in revenue with money spent on sports betting reaching €458.7 million. Will the first quarter of 2023 continue this incline? Only time will tell.
The Associação Brasileira de Defesa da Integrida do Esporte (Abradie), the National Futsal League (LNF), and the National Basketball League (LNB) have announced their partnership to uphold the integrity of Brazilian sport and Brazilian sports betting. The LNF and LNB bring together two of the leading sports industries from the South American country to work with Abradie. It’s an important step in legitimising sports betting in Brazil and should help to improve the online sports betting market as more businesses will see the partnership as proof of the robust and thorough stance Brazil is taking in the sports betting world. The LNB and LNF join the founding members of ABRADIE – Rei Do Pitaco, Bichara e Motta, Maia Yoshiyasu Advogados (FYMSA) Genius Sports, and Entain on this promising initiative.
Keep checking back each week for the latest updates in the iGaming world. We aim to bring you all the latest and greatest news stories, in brief, every week.