DraftKings, MGM Target Brazil’s Booming Online Gambling Market

Sports betting titans weigh entry thanks to new regulations
10th-largest gaming market projected to triple in five years

Luciano Castán of Cruzeiro wearing Betfair sponsored kit.
Photographer: Gledston Tavares/Eurasia Sport Images/Getty Images

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By Guilherme Bento

April 3, 2024 at 9:00 AM UTC

This article is for subscribers only.

Sports betting heavyweights like DraftKings Inc. and MGM Resorts International are exploring entry into Brazil’s new regulated online gambling market, as Latin America’s largest economy emerges as one of the world’s fastest-growing gaming frontiers.

Brazil is leading a regional gambling boom that has followed numerous legalizations. Since it first began loosening online gambling laws in 2018, the country of roughly 200 million people has blossomed into one of the planet’s top-10 betting markets, with gross gaming revenues that rival totals from Spain and the Netherlands.