Felipe Costa Nadalini: What are the opportunities and challenges in Brazil’s regulated market?

Felipe Costa Nadalini, Senior Account Executive at Optimove, has spoken to Gaming America, about the state of gaming in Brazil following the regulation of the market earlier this year. 

Through an ordinance passed by Brazil’s Ministry of Sports, fixed-odds betting was regulated on January 1 and included an official domain (.bet.br) to distinguish legal sites from those illegal ones.

Nadalini has also expressed his anticipation for the coming months in the Brazilian iGaming market. As regulations are still being stabilized, new operators are entering the country and being authorized to operate under the newly introduced law, a development that presents opportunities for suppliers, but also signals a period of adjustment for players.

Brazil is experiencing rapid growth and must adapt just as quickly to the demands of responsible gaming, and the chance to dive deeper into emerging technology like real-time personalization and gamification, which could change the way players interact with iGaming platforms.

After witnessing the launch of Brazil’s regulated market at the start of 2025, what developments have you taken notice of most as the early stages continue to materialize? 

The early stages of Brazil’s regulated iGaming market have shown a sharp decline in key performance metrics, particularly in January 2025, as expected in newly regulated environments. However, the market stabilized in February and March. 

While conversion and retention rates initially dropped, this trend is now reversing. In January, we saw a lot of less serious players drop off, which led to an increase in the retention rate as more committed, serious players remained active. This indicates that the market is becoming more stable and, ultimately, better. The drop in less engaged players is a positive sign, as it has resulted in a stronger, more loyal player base. We expect this stabilization to continue and become a foundation for sustainable growth in the country. 

What type of growth can be forecasted for this market, whether it be from the perspective of an operator, distributor or supplier? 

As Brazil’s iGaming market stabilizes, we anticipate steady growth in the coming months. The initial drop in key engagement metrics is now being followed by a recovery in retention and stronger player engagement. Operators who have weathered this early transition are now left with a core group of more committed players, which is a healthier and more reliable base to work with.  

“The early stages of Brazil’s regulated iGaming market have shown a sharp decline in key performance metrics, particularly in January 2025, as expected in newly regulated environments. However, the market stabilized in February and March.” 

From the supplier side, this stabilization presents an opportunity to help operators fine-tune their strategies. With fewer but more loyal players, operators can focus on building long-term relationships and leveraging data-driven insights to personalize and optimize their marketing strategies. Overall, this more stable market offers a more predictable and sustainable environment for growth. 

With the LatAm gaming industry evolving at an exponential pace, which type of opportunities could present itself for a company such as yours?  

For Optimove, the rapid growth of the Latin American iGaming industry comes with multiple opportunities, particularly helping operators in Brazil and other countries in the region navigate the complexities of the new regulations. Our marketing platform, which provides real-time data, AI-driven insights, and gamification tools, is designed to help operators build long-term loyalty and engagement.  

Also, as the market stabilizes, we see an increasing demand for solutions that can scale, personalize player interactions and ensure compliance with regulatory frameworks. Optimove’s experience in Brazil positions us to further support operators as they adapt to these changes while optimizing their marketing efforts. 

Heading into the mid-point of this year, what should the gaming industry be on the lookout for when it pertains to Brazil or LatAm as a whole? 

Heading into mid-2025, the iGaming industry in Brazil and in Latin America should be focused on how operators are adapting to regulatory changes and the demands of responsible gaming. Operators will increasingly rely on AI-orchestrated platforms to optimize player journeys, personalize experiences, and stay compliant.  

As the market continues to stabilize and grow, operators should prioritize data-driven decision-making to ensure long-term player retention. They should also keep an eye on how emerging technologies, like real-time personalization and gamification, will reshape player engagement strategies in a regulated environment. 

Gaming America

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