Gambling industry development in Latin America represents a significant growth opportunity, not just for igaming operators but also for the payment companies which support them.
In a Q&A with SBC News, OKTO’s Commercial Director, Galina Bineva, discussed Latin America moves, which are high on the agenda for the global igaming industry after regulatory approval in Brazil last month.
“Latin America represents a significant growth opportunity for us,” she said. “When it comes to Brazil with its legislative approval, we’re well-prepared for the regulated betting environment and we are emphasising player protection and responsible gaming practices.
“We welcome direct supervision of payment services by the Central Bank, aligning with international associations and leaders for a seamless transition. Our primary goals with our payment services are uninterrupted business operations, fostering trust and engaging player interests.”
Brazil is set to become Latin America’s biggest igaming market, and likely one of the biggest globally, after President Inácio Lula da Silva signed off on a Betting Bill which had been bouncing around the halls of Congress for much of 2023.
The President had initially launched the Bill to Congress in July, with the government’s primary goal being to regulate and launch a national betting market in order to raise state tax revenues.
After several months of debate in the Chamber of Deputies and Senate, with amendments in the Senate seeing the Bill return to the Deputies for final approval, the legislation was finally cleared by legislators and signed by Silva at the close of 2023.
Brazil poses an interesting payments scenario for betting operators due to the use of the Pix nationwide payments system, overseen by the country’s Central Bank, a system which OKTO is welcoming of, as Bineva mentioned above.
The Portuguese-speaking nation is of course not the only major gaming market in Latin America, with the Spanish-speaking countries of Peru, Mexico, Argentina and Chile also hosting their own vibrant local sectors.
“To leverage the LatAm opportunity, we tailor offerings to the unique preferences and requirements of the player base,” Bineva remarked.
“Emphasising localization, regional payment methods, operational excellence, and compliance with local regulations, we offer a single integration across multiple LatAm regions, including Brazil, Mexico, Argentina, Chile, Peru among others.
“This includes unlocking local payment methods, ensuring instant pay-ins and payouts. Strengthening partnerships in every region, especially in LatAm, our solutions align with cultural and gaming preferences.”
Tailoring this payments offering is of ‘paramount importance’ for OKTO, the firm’s Commercial Director emphasised, due to a need for the betting payments experience to meet different local community conditions.
In a region as diverse as Latin America, OKTO has recognised the need for ‘integrating regional payment methods, comply with specific regulations and embrace cultural nuances’, and including features such as instant pay-ins and payouts into its offering.
As regional betting continues to evolve, a process which will likely accelerate dramatically when the Brazilian market comes into being, OKTO’s ultimate aim is to be “synonymous with trust and satisfaction in the dynamic and growing Latin American market”.
