May 15, 2024
Renzo Escalante on iGaming's Growth and Educational Initiatives in Latam
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March 15, 2024
March 15, 2024
WA.Technology brings you its latest weekly iGaming newsletter to your door. Pick where to start with this week’s five thought-provoking glimpses into global iGaming and feed your brain with interesting online gaming knowledge. So, kick back, grab a coffee, and enjoy.
As the Brazilian Prize and Betting Secretariat (SPA) approaches its second month, the critical position of Secretary still needs to be fulfilled, sparking discussions and anticipation within the industry. Initially set in motion by the Ministry of Finance to regulate and organise the sports betting and online casino market, the SPA plays a crucial role in shaping Brazil's future.
For now, the secretariat continues its operations under the provisional leadership of Deputy Secretary Simone Aparecida Vicentini. The position is pivotal for the SPA in implementing regulations towards a more secure market. Proposals and updates, such as the licence application ordinance and the definition of online gaming modalities, promise progress, and the sector waits in anticipation of the official Gazette announcement of the new secretary.
More news from Brazil now as in a significant legislative move, Brazilian Deputies Luiz Philippe de Orleans e Bragança and Kim Kataguiri have introduced an amendment to Bill 81/24 that seeks to alleviate the tax burden on gamblers by exempting income up to two minimum salaries from the Personal Income Tax (IRPF). This initiative, positioned for urgent consideration and possible direct plenary discussion, aims to address the taxation discrepancies bettors face, especially those engaged in fixed-odds betting and online gaming.
The amendment proposes a refined taxation mechanism where only net winnings exceeding a specific threshold would be taxable, factoring in losses to calculate the annual taxable income. This proposal, if passed, stands to correct the previously vetoed tax provisions, ensuring a fairer tax treatment for gamblers that acknowledges the unique characteristics of iGaming.
South Africa leads the continent's iGaming revenue, closely followed by Nigeria, Ghana, Kenya, and Ethiopia. Now, Mozambique is also carving a niche in the sector. In Mozambique, integrating online sports betting is reshaping how fans engage with sports, offering a new layer of excitement to game nights and sporting events as the digital evolution extends to increasing iGaming access.
The rise of virtual sports, eSports, and online sports betting are growing communal events due to the blend of digital connectivity. Mozambique's emerging trend in iGaming reflects a continent-wide shift towards more interactive and accessible sports engagement, demonstrating a promising future for Africa's iGaming potential.
Macau has demonstrated a healthy recovery trajectory, with gross gaming revenue (GGR) for February reporting an impressive 79.1% increase year-on-year, reaching MOP18.49 billion. Despite this surge, a slight month-on-month decrease of 4.4% signifies the challenges of matching the high expectations set during the Chinese New Year holiday. The cumulative GGR for the initial two months of 2024 stands at MOP37.82 billion, marking a 72.7% uplift from last year.
Into March, the GGR momentum continues with a notable daily run-rate, although the first ten days saw a slight 3% dip compared to February's daily figures. Analysts from JP Morgan attribute this to a seasonal trend yet highlight the mass GGR segment's performance, which has reached 110% of its pre-COVID-19 levels, indicating a significant recovery. This upward trend, coupled with the government's positive outlook on Macau's GDP growth and a substantial increase in gaming tax revenue, paints a promising picture for the region.
Set for lift-off in the Hilton Buenos Aires on March 20-21, SAGSE Latam 2024 will soon celebrate its 32nd edition. The event promises an intensive agenda, from engaging workshops and roundtables in the morning to an expansive expo in the afternoon, showcasing the latest in land-based and online gaming sectors.
Key highlights include discussions on digital transformation, updated regulatory insights across Latin America, and strategies to counteract illegal gambling. Esteemed global speakers will provide invaluable perspectives, making this a resourceful gathering. With its exclusive format, SAGSE Latam provides quality networking opportunities to build partnerships and explore the industry's latest trends.
The WA.Technology team will be attending SAGSE Latam 2024, we look forward to seeing you there.
Join us again next time for more iGaming news from WA.Technology. If you want to know more about launching your own iGaming business or expanding your current brand, contact us at [email protected].
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