Brazil, India, and Bulgaria: inplaySoft analyzes emerging markets in the iGaming sector.

In this article, inplaySoft will analyze each of these markets, compare them, and discuss strategies for global operators to succeed in them.

Brazil: A giant in transition

The seventh most populous country in the world, with over 220 million inhabitants, many of whom have a great appetite for sports, betting, and online entertainment, Brazil is considered by many iGaming companies as a country of enormous potential. The regulatory landscape here, however, is constantly changing. Let's understand it.

Regulations in Brazil

In the 1940s, casinos were banned in Brazil. It was only in 2018, with Law No. 13.756, that fixed-odds sports betting was regulated in the country. Five years later, in December 2023, the Brazilian government sanctioned Law 14.790/23. Among the main changes imposed by the law are:

* Private companies may operate both online and in physical establishments: until December 2023, sports betting in Brazil was only allowed in lottery houses and was controlled by the federal government. From January this year, however, any private company can operate sports betting, whether digitally or in a physical space.

* The minimum age for sports betting is 18 years.

* Advertising or any type of publicity directed at minors has been prohibited.

* Bettors must have their identity mandatorily verified and validated;

* Betting houses must implement policies to prevent money laundering schemes and promote responsible gaming.

It is important to note that, in 2023, Provisional Measure (MP) No. 1.182/2023 was also approved, which amends Law 13.756/18. Among other changes. This norm allows for greater oversight over the sports betting sector.

Learn more about the recent changes in Brazilian iGaming legislation!

India: The largest potential market in the world



India is often referred to as "the largest potential market in the world" for iGaming. The reason is that it is the most populous country on the planet, with over 1.4 billion inhabitants, and also has one of the largest bases of internet users. Moreover, the explosion in the use of smartphones and high-speed internet in India has created a perfect environment for the growth of iGaming. Mobile apps dominate the market, allowing operators to reach both large cities and rural areas.

Despite its potential, however, there are several challenges that iGaming companies need to face to succeed in India. Among them, we can mention:

* Games of skill vs. games of chance: in India, there is a clear legal distinction between games of chance and games of skill. Games like rummy, fantasy sports, and online chess are legally accepted and widely popular, while betting in casinos or lotteries faces greater restrictions.

* Fragmented regulation: The regulatory framework in India is complex, with state laws varying widely. Some states, like Sikkim and Nagaland, have more progressive regulations for online gaming, while others still prohibit these activities. This fragmentation requires operators to adapt their strategies to meet different jurisdictions.

Bulgaria: A portal to Eastern Europe

Unlike Brazil and India, Bulgaria has a relatively small population, about 7 million inhabitants. However, its location attracts the attention of iGaming operators. The country can serve as an operational base for those wishing to access Eastern European markets.

Among the advantages of Bulgaria, we can mention:

Clear and attractive regulation: Bulgaria has one of the most favorable regulatory environments for iGaming in Europe. Since 2012, the country has implemented legislation that allows online betting, with competitive licensing fees and transparency in the regulatory process.

Highly qualified workforce: with a highly qualified workforce in technology and IT, Bulgaria is a hub of innovation for iGaming software development. This also reduces costs for companies choosing to establish their operations in the country.

Comparing the markets

Brazil, India, and Bulgaria have different economic and cultural contexts, but all share characteristics that make them attractive to iGaming companies:

* High demand: the growing digitization and interest in gaming are common in the three countries.

* Regulations in transition: both Brazil and India face regulatory challenges that, when resolved, can unlock the full potential of the market. Bulgaria, on the other hand, already has a consolidated structure.

* Technology as a catalyst: mobile connections and technological advancements drive the growth of the sector, especially in India and Brazil.

Strategies

To capitalize on the potential of these emerging markets, iGaming operators must adopt customized strategies, such as, for example:

* Cultural adaptation: offering products that cater to local tastes, such as sports betting in Brazil or games of skill in India.

* Regulatory compliance: ensuring that operations are aligned with local regulations, even if they are complex.

* Investment in education and responsible gaming: educating players about safe and responsible practices, especially in markets where iGaming is new.

* Local partnerships: working with local partners can help operators navigate cultural and legal barriers.

Final considerations

Brazil, India, and Bulgaria are emerging markets in the iGaming sector that offer immense potential for operators. Each country, however, requires a distinct approach. Brazil, for example, is on the verge of a regulatory transformation that could unlock billions in revenue. India, with its large population and passion for games of skill, is a goldmine waiting to be explored. Bulgaria, on the other hand, has clear regulations and a qualified workforce, and is a strategic springboard for Eastern Europe.

With appropriate strategies and attentive eyes to the peculiarities of each country, iGaming companies can thrive in these markets and contribute to the global growth of the industry, while promoting a safe and innovative environment for players.

Source: inplaySoft