WA.Technology’s Weekly iGaming News

May 17, 2024

Welcome to this week's edition of WA.Technology’s iGaming Newsletter. As always, we bring you a handpicked selection of the most significant and exciting updates from the world of iGaming. Whether you're an industry professional or a passionate gamer, dive into the latest trends with WA.Technology and make the most of your weekend. 

Surge in Online Sports Betting in Brazil Predicted

As reported in Games Magazine Brazil, Brazil's online sports betting market is projected to expand by 50% annually until 2028, as shown by research from Redirection. This growth is spurred by recent regulatory frameworks that enhance legal certainty for operators. This growth is anticipated to position Brazil as a major player in global iGaming, with significant increases in user engagement noted since the enactment of supportive legislation. 

A recent Mobile Time and Opinion Box survey highlighted that 17% of Brazilians have engaged in sports betting through apps in the past year, with a notable prevalence among men and younger demographics. This expanding market is drawing substantial domestic participation. The developments suggest a secure future for Brazil's betting industry, with potential benefits extending across social spectrums.

Brazil Approves Bill to Fund Rural Credit with Lottery Resources

The Brazilian Senate's Agriculture and Agrarian Reform Committee (CRA) has passed a bill (PL 1,658/2023) that dedicates 1% of federal lottery revenues to the National Land Credit Program (PNCF), also known as Terra Brasil. This initiative aims to enhance small farmers' access to land through credit for purchasing rural properties, promoting sustainability and equitable growth in Brazil's agricultural sector. 

The bill, set to proceed to the Chamber of Deputies, highlights the country's commitment to supporting small farmers despite increasing agricultural modernisation and land concentration. This move is crucial in enhancing Brazil's rural economy and ensuring sustainable development practices.

Fabio Macorin Appointed as the Undersecretary of Monitoring and Inspection

Fabio Macorin was appointed as the Undersecretary of Monitoring and Inspection at the Secretariat of Prizes and Bets, a division of the Ministry of Finance. With 16 years as a Federal Police agent and a background in law and criminal sciences, Macorin brings extensive experience as a professor at the National Police Academy, focusing on teaching subjects such as cybercrime, electronic banking fraud investigation, and intelligence. 

In his new role, Macorin will supervise compliance and oversight activities related to authorised gaming operations, emphasising anti-corruption and anti-money laundering efforts. This news follows Simone Vicentini's recent departure as Deputy Secretary at the Secretariat of Prizes and Bets.

New York's Online Sports Betting Approaches $2 Billion in April

According to the New York State Gaming Commission, in April, New York's online sports betting market nearly reached the $2 billion, totalling $1.9 billion in wagers. The total represents a significant increase of over $300 million compared to the same month last year, showcasing one of the highest handles since the state legalised mobile sports wagering. 

Gross gaming revenue for April also increased, reaching $183.8 million, with net income from platform providers hitting nearly $90 million. Over the past year, the state has accumulated more than $19 billion in sports wagers, contributing substantially to educational funding, with $93.7 million allocated in April alone. The growth highlights New York's firmly established market presence two years after legalising online sports betting following the overturn of the Professional and Amateur Sports Protection Act of 1992 (PASPA)).

CasinoBeats Summit 2024 

Join WA.Technology and other leading industry figures at the CasinoBeats Summit 2024 from May 21-23 at the InterContinental Hotel in Malta. The premier event, now in its sixth year, will feature an interactive exhibition showcasing the latest game releases, insightful conferences on game mechanics and future technologies, and rewarding networking opportunities. 

Attendees will gain access to SBC Connect Plus, a powerful AI-driven matchmaking tool that enhances the experience of connecting with peers and exploring business opportunities. Don't miss the chance to engage with the crème de la crème of the gaming industry in a dynamic setting designed to foster collaboration and growth.

WA.Technology Weekly

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 hello@watechnology.com.