Viewpoints: LatAm’s next step

Stephen Crystal, Founder & CEO, SCCG Management

From transforming Tribal and riverboat gaming to owning iconic Las Vegas casinos and founding the leading global advisory firm in the gambling industry, Stephen Crystal has been at the forefront of gaming innovation for over three decades. As the founder of SCCG Management, he has led $3bn in project finance, M&A and gaming technology advancements. Crystal also developed US operations for the UK’s largest privatel -held bookmaker, securing major deals with teams like the Bengals and Golden Knights, and establishing sports betting for Tribal casinos. An expert in emerging markets, Crystal has traveled to over 100 countries, supporting over 120 client-partners.

Mauricio Lima, Senior Business Development Manager, Oddin.gg

Mauricio Lima has over two decades of experience across diverse sectors, with an outstanding career in top esports and game publishing companies. His years of service were marked by significant achievements such as leading Esports Competitive Operations at Riot Games Brasil and directing a team of 70 professionals as Esports Associate Director at Ubisoft LatAm, where he also launched the Esports Business Development department and established foundational operational processes. Lima has contributed to top-tier esports ecosystems, which made him an ideal fit for Oddin.gg.

Paulina Hovar, Sales Manager, BGaming

Paulina Hovar has nearly five years of experience in the iGaming industry. For the past three years, she has been working at BGaming as a Sales Manager with a strong focus on the Latin American market. Hovar is responsible for driving the brand’s expansion across the region and building long-term partnerships to support BGaming’s growth in LatAm.

Abhinay Bhagavatula, CPO, Pilot Games

Abhinay Bhagavatula is the CPO at Pilot Games and has over 15 years of experience in the gaming industry. He has led high-impact teams and initiatives that have opened and grown gaming markets across the globe. At Pilot Games, he leads passionate teams creating innovative, player-first experiences that merge cutting-edge technology with world-class game design.

Tom Light, CEO, First – Best in Sports

Tom Light is CEO of First, an industry-leading solutions provider that is setting new standards in sports betting technology. Light’s professional experience has seen him work with leading B2B providers such as SBTech; with this knowledge he has enabled First to develop the most comprehensive selection of betting markets and trading options in the industry.

Andre Gelfi, Managing Partner, Betsson Group Brazil

Andre Gelfi has garnered a strong international track record in the gaming and betting industry, while remaining passionate about building businesses, leading teams and navigating the intersection of innovation, regulation and market growth.

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

Stephen Crystal: Since Brazil’s big kickoff in January, I’ve been struck by how quickly things are taking shape. The shift from unregulated to regulated play has been smoother than expected on the structural side, even as some policies and tax details remain unfinished – early growing pains, not dealbreakers. I’m also excited to see a unified focus on responsible gaming and clear advertising standards – not just as a regulatory box-tick but as smart business. And the buzz here is drowning out any caution, with new platforms rushing in and validating Brazil’s long-term potential.

Paulina Hovar: One of the biggest changes we’ve noticed is the drop in the number of operators, which makes sense because of the new regulations. For BGaming, the process hasn’t been fast either, since we had to get our games certified in Brazil. It’s pretty normal for a market that’s still growing, companies are adjusting. But what’s stood out is how much more trust there is now, both from players and partners, because the market is becoming more transparent and legit.

Mauricio Lima: What’s most noticeable is the shift in expectations. Regulation has raised the bar across the board, and we’re finding that local operators are no longer just asking only for a product – they’re asking for reliable partners, specialists in esports who can support their growth with fit-for-purpose solutions tailored to a new generation of bettors. Esports betting is a huge part of that conversation now. What we’re seeing in Brazil – and indeed globally – is the transition from “esports as a niche” to “esports as a growth engine.” Operators, including our existing clients such as Betano or Stake, now want content that performs around the clock and appeals to younger audiences. Engagement is the name of the game and that means fast, flexible, mobile-first solutions.

Abhinay Bhagavatula: The official launch of Brazil’s regulated gambling and betting market in early 2025 marks a major milestone in the country’s journey toward a robust, legal gaming landscape. While it’s still early days, several noteworthy trends are already emerging through our close collaboration with key partners and Pilot is excited to be an early leader in this market. As these developments continue to take shape, Brazil is clearly positioning itself as a fertile ground for growth. Game providers worldwide are watching closely – and many are preparing to bring exciting, innovative offerings to this dynamic and rapidly evolving market.

Tom Light: Brazil’s regulatory and commercial landscape is evolving quickly, and First is actively engaging with partners to expand their sports betting portfolios.

Andre Gelfi: We’ve seen significant demand for licenses and growing interest from both operators and investors. As of now, over 65 operators and more than 140 brands are active in Brazil, with substantial capital still being deployed. The creative direction of marketing campaigns is evolving quickly, and we’re seeing the emergence of new channels adapted to the regulated environment. From an operational standpoint, SPA’s onboarding rules introduced some initial friction, but the offshore-to-onshore migration appears largely resolved. The regulator has also sent strong signals of its intent to enforce the rules, which is a positive step toward formalizing the market.

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

Stephen Crystal: Forecasts indicate the market’s onshore gross gaming revenue could nearly double from roughly $5.6bn in 2025 to around $10bn by 2029. For operators, that means tens of millions of new players to serve. For distributors and suppliers, it’s a race to provide enough localized content, payment systems and innovative tech. The momentum suggests a rising tide for all stakeholders – everyone from sportsbook operators to game studios stands to see significant upside as Brazil cements itself as a centerpiece of the global iGaming map.

Paulina Hovar: Brazil has long been seen as a market with great potential. For operators, it’s a chance to build strong relationships with players by following the rules and offering high-quality content, which can help make a brand popular and attract more people. Casinos can also grow by adding certified games and exclusive solutions from providers like BGaming. It’s all about building trust and offering players something they can rely on.

Mauricio Lima: Growth in Brazil is likely to come from a combination of product differentiation and operational readiness. In the short term, we expect to see steady growth as newly licensed operators go live and begin fine-tuning their offerings. But the real opportunity lies in long-term retention and differentiation. Esports gives operators a way to speak to a demographic that’s grown up on competitive gaming and one that expects more from a betting experience. The biggest growth in Brazil, though, will come to those who don’t treat esports as an afterthought. The audience is here, the demand is clear, and with us, the tools exist to serve it properly.

Abhinay Bhagavatula: The surge in demand has everyone talking – and for good reason. Pilot Games is at the forefront, strategically aligning itself with the evolving regulatory landscape and tapping into new markets. The pace of growth will be closely tied licensing frameworks, the strength of distribution partnerships and the accessibility of products. As operators gear up to launch, the demand for both turnkey and modular gaming systems & platforms is rising sharply. Content availability is becoming a critical differentiator, and providers that are already certified, compliant, and well-versed in regulations and payment systems will hold a distinct edge.

Tom Light: The LatAm online gambling market is projected to grow from $2.5bn in 2024 to $12.3bn by 2028, with Brazil accounting for over half of this revenue. This expansion offers substantial growth opportunities for operators, distributors and suppliers. Operators can benefit from a rapidly expanding customer base that is well-known for being passionate about sports. In addition, distributors have the chance to broaden their reach and suppliers can meet the increasing demand for gaming content and technology solutions.

Andre Gelfi: The main challenge remains market channelization. There’s still a large share of activity outside the regulated perimeter, meaning plenty of untapped potential. While official figures haven’t yet been published, with Q1 closed, we expect the first data to emerge soon. After a natural adjustment period, which is expected in this first year of regulation due to the compliance and operational requirements imposed by the framework, we foresee a new phase of market growth. This recovery will likely be driven by marketing investments, which have already begun to shape consumer awareness and engagement under the new rules.

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?

Paulina Hovar: I think we’ll see higher expectations when it comes to product quality, certification and transparency. The competition is going to get stronger, with both global and local players getting more active. That will push companies to find new ways to connect with their audience and stand out in the market.

Stephen Crystal: The industry should watch how Brazil solidifies its rules and cracks down on unregulated operators. Expect clarity on lingering issues like taxation and advertising as regulators catch up to the market’s momentum. We may even see the first major actions against grey-market platforms, showing Brazil’s commitment to channel play into the legal market. Beyond Brazil, Peru’s new online gambling framework is rolling out, and countries like Chile are pushing forward with their own regulations – inspired by Brazil’s example. Also anticipate more competition and big partnerships as everyone positions for a share of Latin America’s boom.

Mauricio Lima: Expect more operators to start asking harder questions about differentiation and engagement. The LatAm market is competitive and regulation is setting a new standard – so sportsbooks will need to think beyond just the basics. We believe esports betting will continue to grow rapidly in the region, especially with products designed to meet local expectations. Operators are looking for partners that bring expertise, not just features. That’s why our partners in LatAm are leaning into tools like BetBuilder and fast betting formats – because they’re seeing the direct impact on bettor retention and satisfaction. Beyond that, it’s worth keeping an eye on how the entertainment side of esports continues to evolve, not just in LatAm, but globally. The newest generation of bettors increasingly expects immersive, real-time engagement. And at Oddin.gg, we’re investing in exactly that – and you’ll hear more from us soon about how we’re enhancing the live experience to bring esports bettors even closer to the action. 

Tom Light: By staying up-to-date with evolving regulations in Brazil and other South American countries, industry stakeholders can play constructive roles in developing high quality working environments that enable the sector to grow. Further priorities include market entry strategies, consumer protection measures and technical innovations, especially advancements in gaming technology that enhance UX and operational efficiencies.

Abhinay Bhagavatula: As we move into the heart of 2025, Latin America’s gaming industry – led by Brazil – is at a pivotal inflection point. The region is experiencing a dynamic convergence of regulatory transformation, explosive consumer growth and rapidly intensifying competition. The next few months will be critical in shaping the industry’s trajectory for years to come. 2025 is a proving ground. For Brazil – and Latin America as a whole – this is the year that will define the decade ahead. The operators, platforms and regulators that can demonstrate scalable, responsible, and compliant growth over the coming months will set the tone for the future of gaming in the region.

Andre Gelfi: Market consolidation is a mid to long-term expectation. In the short term, we’re still in the setup phase, but as the industry becomes more institutionalized and revenue flows formalize, we expect to see interest from adjacent industries. This will likely translate into new partnerships and strategic alliances, further embedding the betting sector into LatAm and Brazil’s formal economy. Another key area is sports integrity. It’s worth noting that the regulator is also new to this space, and both the industry and public authorities are still adapting to the new framework. There is growing awareness of the importance of protecting competitions, and we expect this agenda to advance in the second half of the year.

With LatAm evolving at an exponential pace, which opportunities could present themselves for a company such as yours?

Stephen Crystal: For a company like ours that specializes in bridging global gaming expertise with local markets, Brazil’s boom invites transformative partnerships. We’re connecting international game studios and tech providers with Brazilian operators, introducing advanced data analytics and helping local stakeholders implement proven models from mature markets to ensure sustainable growth. In essence, we can serve as an innovation conduit – tailoring global best practices to Brazil’s culture and scale. This fast-evolving market rewards those able to bring experience, networks and agility to the table, and we’re poised to do exactly that.

Paulina Hovar: For BGaming, it’s a great chance to create and promote more local content, and strengthen our presence in the region. We can connect with new partners and also run promos with the clients we already work with in the market. There’s a lot of room to grow and be more visible across LatAm.

Mauricio Lima: One of the biggest opportunities is to offer something different, not just to have esports on the platform, but to deliver a dedicated, high-performing product that genuinely engages local bettors. That’s what operators across LatAm – including existing partners Betsson and Coolbet – are telling us. They want something that can stand alongside their traditional offering, not hide beneath it. They also want tailored solutions, real-time support and a roadmap that evolves with them. That’s where we come in. We’re not trying to be everything to everyone. We’re experts in esports, and we build end-to-end esports betting solutions that reflect exactly what the esports audience wants: 24/7 content and interactive features that make betting feel part of the experience. We also have an active presence in the region, with dedicated coverage of Brazil and Spanish-speaking LatAm. It’s this “boots-on-the-ground” local insight that helps us align our offering to real market needs, not just assumptions.

Abhinay Bhagavatula: With a proven track record of launching in new markets and driving innovation through its cutting-edge products, Pilot Games sees Latin America as a natural next step in its growth journey. As the LatAm gaming industry continues to evolve, Pilot Games is uniquely positioned to serve as a bridge between world-class gaming technology and the region’s distinct player preferences. Leveraging its expertise and robust tech foundation, the company is poised to bring tailored solutions that resonate with local audiences.

Tom Light: The exponential growth of Latin America’s gaming industry presents several opportunities including market expansion in areas such as Brazil, Peru and Chile, product diversification, strategic partnerships and responsible growth.

Andre Gelfi: Brazil is now fully integrated into the fast-growing, regulated LatAm landscape – and it’s the region’s largest market by far. This will remain the primary focus for operators and B2B providers in the coming years. Importantly, as more countries across Latin America regulate their markets, we anticipate the emergence of regional synergies that will generate competitive advantages through scale. Operators with a strong presence in multiple jurisdictions are particularly well-positioned to benefit from this dynamic, optimising operations, marketing strategies and technology infrastructure across markets. In terms of M&A, we expect more concrete movement to begin later this year or in 2026, as the market starts to mature and players look to consolidate or expand regionally.

Kirk Geller

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