CEO Special: Alex Fonseca – Betting on credibility
From misunderstood industry to measured leadership, Superbet Brazil CEO Alex Fonseca tells Gaming America how he is trying to redefine gaming in Brazil.
In a market as volatile, loud and chaotic as Brazil’s newly regulated betting scene, having a calm operator at the helm of one of its biggest companies almost feels like a contradiction. But if you speak to Alex Fonseca, CEO of Superbet Brazil, contradiction is exactly where the opportunity lies. While others chase speed and push branding, he bets on clarity and meaning. It’s a subtle but radical shift in a landscape known more for its firestorms than for its frameworks.
Unlike many others who might have landed in the upper levels of the industry, Fonseca didn’t grow up dreaming of odds and margins. His entry into gaming was shaped not by nostalgia or personal attachment, but by an intellectual and professional curiosity about complexity. That distance gave him an edge and an ability to see the sector as part of a much broader system, both economic and cultural, and more than just as an isolated vertical.
Vision and disruption: Inside Fonseca’s Brazil play
When Fonseca stepped into the Brazilian gambling industry, he came prepared, not just with market awareness, but mostly with a strong foundational understanding of what makes complex sectors evolve. His background in economics and business made him fluent in the dynamics that separate temporary success from lasting impact. “I was fascinated by sectors where competition is intense and where innovation and technology create constant disruption,” he tells Gaming America, reflecting on a career that began far from betting.
A trained economist with a business background, Fonseca had spent years observing how industries evolve, how consumers behave and, above all, how markets crack under pressure. “Becoming a gambling CEO was never the ‘plan,’ but what always drove me was the idea of leading in a complex industry where there are no easy answers, only constant adaptation.”
That appetite for uncertainty eventually led him to Superbet, now one of Brazil’s fastest-growing operators, and to the middle of the national betting boom that arrived with the subtlety of a parade and all the structure of a house of cards. While many companies were scrambling to grab market share, Fonseca was focused on building something that could withstand the scrutiny, the competition and the inevitable regulatory turbulence that always seems to be changing the destination.
Good old Brazilian passion
Brazil’s market is rarely described as dull. In Fonseca’s own words, it’s “dynamic, passionate, competitive.” The country’s scale, digital connectivity and cultural love for sport make it a uniquely fertile ground for betting brands… but not to forget it’s also a brutally demanding one. Regulation is everchanging, enforcement is inconsistent and the constantly growing number of new brands means consumers are bombarded with offers that often blur into one another.
“Dynamic because the market is constantly evolving with new regulations, taxes and debates. Passionate because Brazilians have an emotional connection to sport that is unique in the world. And competitive because with over 200 operators active, standing out requires more than just marketing, it requires authenticity, responsibility and scale.”
In this chaos, Superbet didn’t just stand out, it catapulted. “In one year we have grown from a new brand to the number three brand in the Brazilian market and this is huge!”
Still, of course, this was not just about numbers. Fonseca credits the “financial strength, innovation, amazing professionals and deep local engagement” as key drivers. But he also insists the game isn’t just market share; more than that, it’s market credibility.
Despite the surge in licensed operators, Brazil’s scene remains far from clean as a significant portion of the market is still dominated by unregulated platforms that operate without oversight, avoid taxation and, of course, put consumers at risk.
“The real competition in Brazil is the illegal market, which still holds a significant share. For legal operators like Superbet, the mission is bigger than competing with each other, it’s about establishing credibility, winning player trust and shaping the long-term sustainability of the industry.”
Building a brand that shows up
In a country where football is religion and sponsorships are practically scripture, Superbet didn’t have time to tiptoe. The operator had to make sure its presence was not only seen but felt, consideringhow many brands would invest in sponsoring football. Under Fonseca’s oversight, it pursued long-term deals that signaled commitment, not convenience, choosing partners like São Paulo FC, Fluminense FC, Série B of the Brazilian Championship, while also being part of the newly launched Kings League Brazil. “Superbet has shown true commitment to Brazilian sport, investing in projects that go beyond logos to create meaningful fan experiences.”
Superbet’s rise in Brazil hasn’t just been about investment or visibility, it has had far more to do with emotional resonance. For Fonseca, forging real cultural connection means understanding what the sport represents and honoring that meaning in every touchpoint. These aren’t just strategic alignments, they’re important identity markers for the population. “Brazilians are among the most passionate sports fans in the world and football is not just a game here, it is culture, identity and emotion. At Superbet, we understand that connecting with fans requires more than sponsorship visibility, it demands authenticity and respect for this passion.”
This cultural intelligence isn’t just a branding tactic as Superbet’s involvement in Brazilian sports is deeply intentional. Fonseca believes the only way to stand out in such a passionate market is to truly belong to it. That means crafting partnerships that go beyond visibility and into shared purpose, in a blend of culture and creativity; showing up in the right jersey with the right energy. “Our partnerships are built on storytelling, creativity and shared values. We don’t just sponsor football, we celebrate it alongside the fans, making Superbet a true part of Brazil’s sporting culture.”
Leadership in the pressure cooker
Fonseca doesn’t describe himself as the type of CEO who hides behind titles or processes. His leadership style prioritizes clarity, alignment and resilience. He operates with both foresight and tactical presence, fully aware that in a sector like betting, theory alone isn’t enough. It’s about getting involved, making trade-offs and showing up even when the answers aren’t obvious. “I see myself as a CEO who balances vision with execution. My job is to define where we’re going, to make difficult calls when needed and to hold the company accountable to its values.”
But leadership, as he sees it, isn’t about possessing the loudest voice. In an industry known for big moves and even bigger egos, Fonseca takes a different approach, one rooted in cohesion. For him, his role isn’t to have all the answers, but to create alignment across an evolving ecosystem. “Leadership is less about being the expert and more about being the integrator. You must align very different stakeholders, employees, regulators, partners and the public, around a common narrative.”
That philosophy applies internally too. “My team knows they can count on me, contact me and even discuss ideas with me at any time. I know my role is to lead the company and our long-term vision, but I’m also a leader that remains close to the areas on a daily basis.”
Externally, though, his role is even more delicate. Brazil’s industry is young and controversial. Public sentiment swings easily, media scrutiny is intense, politicians are divided and, in that kind of environment, leadership becomes as much about tone as strategy.
When the tiger growled
Fonseca arrived during one of the Brazilian industry’s most controversial moments: the rise of Jogo do Tigrinho, the nickname Brazilians gave to Fortune Tiger. The slot game quickly gained notoriety not for its gameplay, but for how it was marketed, largely through influencers with massive followings who skirted legal grey areas to promote it. Audiences were misled about guaranteed victories with get-rich-quick videos. “The Fortune Tiger case revealed the dangers of an unregulated market. It blurred the lines for consumers, created mistrust and gave ammunition to critics who argue that gambling is inherently unsafe.” So much so that a national enquiry was held into influencer marketing within Brazilian gaming: the CPI das Bets.
The enquiry didn’t hold back, nor does Fonseca dismiss it. “The CPI showed the urgency of more transparency in the industry and the need to combat the illegal market. Influencer marketing in Brazil is extremely powerful but it must be done responsibly.” Superbet’s approach was to draw the line. “We make sure every partnership, whether with clubs, influencers or media, reflects our values: responsibility, authenticity and respect for the player. I believe it’s the responsibility of operators to lead by example.”
Fonseca sees the amount of influencers who are tied to companies that promote the Tiger not as a scandal, but a signal. “We must see it as a wake-up call. Legal operators have to clearly differentiate themselves, showing players that compliance and safety are non-negotiable.” It’s a point many operators are only now realizing, especially as Brazil’s political class continues its uneasy relationship with the gaming sector. And that’s where Fonseca sees his role not just as a business leader but as a kind of ambassador – for what the industry could and should become.
Sustainable doesn’t mean slow
As the dust is yet to settle on Brazil’s regulatory landscape, it’s clear Fonseca isn’t looking for shortcuts or fireworks. There’s no appetite for gimmicks or hyper-growth that burns out in a year, as he believes “growing at any cost is easy but growing in a sustainable way that will keep us at the top, that’s the[Text Wrapping Break]real challenge.”
And he means it. For all the success Superbet has enjoyed since its entry into Brazil’s regulated scene, Fonseca isn’t chasing short-term spikes: his metric for success goes beyond the leaderboard. “To me, it’s not only about gaining market share, but how to build a sustainable company that will be among the top companies in five, 10, 15 years.”
His sights are set on more than just visibility: he wants trust, reputation and cultural relevance for the company, the kind of legacy that outlives whatever current hot trend the industry is chasing, because it creates memories and deep connection. “Are we building a company that will still be respected and thriving in 10 or 20 years? Are we contributing positively to Brazilian sport and society? If the answer is yes, market share will naturally follow. If in a decade, the Brazilian gaming market is seen as trustworthy, well regulated and beneficial to society – and if Superbet played a central role in that transformation – that will be my proudest legacy.”
Climbing with context
It’s a vision that mirrors how companies built their rises. While most operators rely on aggressive spend and flash campaigns to break into the public’s radar, Superbet went for context and, besides that, creativity that made sense, not just more noise.Fonseca attributes much of this to his team. “We definitely have the best professionals of the market working every day to build the brand that will one day be the number one in Brazil,” he says. Fonseca knows that in a country as emotionally driven and brand-conscious as Brazil, simply having a license and a logo isn’t enough anymore, especially considering the growing number of competitors. “Our ambition is to be consistently among the leaders but not only in revenue. We want to lead in trust, in reputation and in cultural relevance.”
The company’s partnerships reflect this. It’s not about having the biggest names, it’s about having the right tone. From football sponsorships to Carnival activations and Kings League branding, “We don’t just sponsor football. We celebrate it alongside the fans.”
Eyes on regulation, hands on ethics
Fonseca’s stance on regulation is pragmatic. He doesn’t treat policymakers as obstacles to be outmaneuvered, but as necessary partners in the long game. This is especially crucial in a market like Brazil, where political attitudes toward gambling are ambivalent and can shift rapidly depending on media coverage or public scandals. While many CEOs in emerging markets see regulators as adversaries, Fonseca doesn’t wear that chip on his shoulder. If anything, he sees a potential alignment if both sides can play the long game.
“The CPI showed the urgency of more transparency in the industry and the need to combat the illegal market,” he says. He’s blunt about the consequences of ignoring that urgency: “If we don’t regulate ourselves, regulators will step in with restrictions that may harm the whole market.”
Rather than waiting for rules to be imposed, Superbet tries to anticipate them. That means implementing internal checks that mirror what responsible regulation should look like, long before it becomes legally binding or publicly demanded. This isn’t simply risk management; it’s also a deliberate form of brand positioning rooted in long-term vision.
That’s not theory, it’s a strategy and every decision Superbet makes, from influencer partnerships to press positioning, is filtered through the lens of lasting legitimacy and cultural responsibility, which is a personal belief from Fonseca. “Partnerships should never mislead consumers or encourage irresponsible play.” Let’s face it, for other operators in Brazil, this hasn’t always been the case.
Legacy thinking in a hype market
If there’s one thing Fonseca makes clear, it’s that he’s not here to chase quarterly headlines. As already stated, his focus is on creating an organization that can still be standing and thriving a decade from now, which is a kind of thinking that is rare in industries driven by urgency and speculation. “My personal goal is to help shape and evolve the gaming industry, helping lead it to sustainable growth. The regulated industry is still very young and I’m sure there’s still a lot to change while getting more mature. We will probably experience a natural phase of consolidation where the strongest and most committed operators will remain.”
And yes, as much as this sounds idealistic, it also is necessary when there is so much public doubt about the industry’s credibility, from the public to politicians. Finance Minister Fernando Haddad, for example, has gone on record saying that, if it were up to him, the online gambling betting market would be completely banned.
For Brazil, a country trying to reconcile its love for sport with its caution around gaming, that kind of leadership might be the difference between an industry that burns out and one that becomes embedded in civic and cultural life.
Beyond noise, beyond now
While some competitors chase virality, Fonseca is trying to build something meant to outlast the moment. That means understanding not only what the audience wants, but why they want it; and then delivering on that expectation with clarity and fun, not necessarily spectacle. It’s this focus that led Superbet to align its image with broader narratives, from social responsibility to creative integrity. Fonseca sees betting as part of a cultural fabric that is constantly being redefined. “This industry combines so many elements: sports, entertainment, regulation, consumer psychology and technology. That combination is incredibly challenging but also rewarding. It tests your ability to balance growth with responsibility.”
That balance is evident in Superbet’s branding choices as the company doesn’t lean on controversy to get attention. In a market that already screams, sometimes what stands out is a brand that actually listens. “Consistency and clarity are vital. When the market is turbulent, people look to leadership for stability.”
That’s why Superbet looks to lean on clarity. In a market this saturated, clarity is a competitive advantage. It becomes the anchor that players return to when the headlines fade and the hype dies down.It’s the difference between being part of a moment and being part of a movement.
The ‘why’ behind the win
If you strip everything else away, brand deals, growth stats, headlines, what you’re left with is a CEO who believes the sector can be better. That belief doesn’t come from naive optimism. It comes from exposure, analysis and the desire to lead something that matters.
Fonseca isn’t pretending that gaming is without risk, he’s just insisting that risk can be managed, ethics can be incorporated and trust can be built. In an era where credibility is harder to earn than ever, that commitment might end up being the most valuable asset of all. If you ask Fonseca what drives him, it’s not a fixation on revenue graphs or press releases. It’s an insistence on meaning, which is something he believes has been missing in the narrative around gambling in Brazil for far too long.
“Too often, this sector is associated only with risk or controversy. I want to change that,” he says. Indeed, Brazilians are more and more aware that this will not come with PR campaigns or empty branding, it comes with action, structure and standards that treat consumers as participants, not just targets. In a sector that still faces significant public mistrust, that philosophy might be what helps Superbet stay upright when the next wave of scrutiny hits.
Closing the gap
So what does the future look like for Fonseca and Superbet? It looks intentional, measured, like a refusal to be dragged into the short-term frenzy at the expense of long-term value. Not stagnant. Not slow. But deliberate, strategic and aligned with values that don’t change with the algorithm, but rather try to change the algorithm itself. It’s a style of leadership that might feel understated in a sector known for noise. But it’s also one that Brazil and the wider gaming world could use more of. In a market built on bets, Fonseca isn’t gambling. He is building.
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