Published by Sherlock Communications, “A Big Bet: The Latin American Betting Market in Full Growth” studies the six major economies in the region and includes a survey of more than 3,000 residents conducted in partnership with Toluna. In Brazil, 800 people were heard to compose the study.
In the introduction, the company comments that the COVID-19 pandemic has caused the Latin American gambling industry to undergo widespread changes as companies in the sector migrate to the internet, and casinos have been forced to close their doors. With the study, Sherlock talks about the prospects and betting practices of the region's population and sheds new light on the present and future growth of an industry already estimated at around US$ 5 billion in Latin America, which represents 10% of the global market. Online betting is forecast to reach US$ 115 billion in 2026 worldwide.
According to Patrick O’Neill, a partner at the company, the study “is probably one of the first e-books of its kind on the betting market across Latin America. It comes at a time when the industry is undergoing major changes and many of the world's largest online gaming companies are entering or expanding their investments in the market. We all know that the hospitality sector has been hurt by the coronavirus and the approval of legalization and regulation can be a big boost for the sector.”
While one in four respondents said they never placed a bet, about 39% have already done so "sometimes". In Brazil 18% said they used to bet more than once a week and 79% indicated they had placed at least once.
The report makes it clear that each country must be analyzed within its own context: Brazilians, for example, play more than any other nationality, but about 20% of them - twice as much as Chile and four times as much as Mexico - believe that gambling should be illegal in their country.
"Our report shows the need - and indeed the desire - for clear and concise regulations," says Patrick. "Countries where bets are not regulated are less attractive to international companies, as well as more dangerous for consumers."
In the case of casinos, Brazil is the only country among those surveyed where physical establishments are not allowed, although approval and legislation are pending. The interviewed Brazilians believe that, if approved, the sector can help the economy to grow (30%), attract more tourists and money (43%) and generate jobs (40%). For 40% of respondents in Brazil, the establishment of casinos would be a good regional attraction and would make the place more fun. However, there are also concerns: about 30% of all respondents in the region believe that a casino can increase addiction to gambling and even drinking. In Brazil, 23% of respondents also believe that this can lead to an increase in money laundering.
Although he pointed to an estimate of a US$ 5 billion regional market, Patrick says he does not have consistent data on what the activity represents in the country, but he highlights that he believes that “the Brazilian betting market can be worth billions for the country's economy, and it can give a real boost to the tourism industry. However, without legalization and regulation, other countries in the region are likely to be in a much better position to benefit from the future growth of the betting sector."
On how to win customers for betting sites, the survey found that in Brazil one of the best strategies is to hire ambassadors for the brand. A professional football player is indicated by 41% of the interviewees as the most suitable personality, which demonstrates the strong impact that sports betting has on the number one sport in Brazil.
Download the research:
Spanish version: https://www.sherlockcomms.com/es/informe-apuestas-latam/
English version: https://www.sherlockcomms.com/betting-gambling-report/
About Sherlock Communications:
Sherlock Communications (www.sherlockcomms.com) is a public relations and digital marketing agency that has won several awards in Latin America. Headquartered in São Paulo, the company also has offices in Lima, Bogota, Santiago, Mexico City, Buenos Aires, San José, Panama City and Guatemala City. With a multidisciplinary and fully bilingual team, its mission is to help companies bridge the commercial and cultural gap between Latin American and foreign markets.
The agency won and was highly praised for more than 55 global awards in the past two years, including Best Agency in LATAM and Best Campaign in LATAM for the PRWeek Global Awards. Sherlock Communications was also named by The Holmes Report's Creative Index 2019 as the second most creative agency in the world and the most creative in Latin America.
Source: GMB
