StarsPay serves four of the main sectors in online transactions: iGaming, Games, Exchange, and eCommerce. However, it was in iGaming that the company emerged, offering payment processing, among other services, to operators in an industry that is rapidly growing. Especially in Latin America, online betting shows tremendous potential for the coming years.
The main example is Brazil. The regulated sports betting market will take effect on January 1, 2025, but the sector is already showing signs of what’s to come. By August 20, the deadline for those wishing to operate from the first day of regulation, 113 companies applied for licenses in SIGAP (Betting Management System), created by the Secretariat of Prizes and Betting of the Ministry of Finance (SPA/MF).
Do you work in iGaming? Contact the StarsPay sales team and discover all the benefits we offer.
Considering that each license allows the operation of up to three betting sites, hundreds of brands will compete for their share in what promises to be a highly competitive market. The numbers are impressive. From 2021 to April 2024, a Datahub platform survey revealed a 734.6% growth in the number of registered companies in the sector in Brazil. It is estimated that over R$ 100 billion will be transacted annually in the online betting market in the country.
From January to April 2024, data from the Central Bank of Brazil revealed that Brazilians deposited US$ 3.7 billion on betting sites, an increase of 32.14% compared to the previous year. Additionally, the situation could expand further if Bill (PL) 2.234/2022, which authorizes the operation of casinos, bingo halls, and “jogo do bicho” (a type of lottery), is approved. According to the Federation of Hotels, Restaurants, and Bars of the State of São Paulo (Fhoresp), Brazil could become the third-largest gaming market in the world.
Across Latin America, the situation is even more promising. As other countries also advance with local regulations, the trend is toward market maturity and significant figures. A survey by the website SimilarWeb revealed that in 2022, Brazilians were the top visitors to sports betting sites, accounting for almost 22.5% of the total visits. Peru ranked eighth globally, while Chile was 14th, both showing significant growth compared to the previous year.
According to research by the platform ResearchAndMarkets, the Latin American betting market is projected to grow annually by 18.4% from 2022 to 2028. Among the factors driving this growth are the population’s passion for sports, the increasing penetration of the internet, and the growing use of mobile devices for betting, among other factors.
In a market that promises intense competition among operators, having a simple, efficient, and fast deposit and withdrawal process can be the key to user satisfaction. Through StarsPay, operators can offer the leading payment methods available in Brazil. Additionally, if they hold licenses in other Latin American countries, they can reach even more users with a single integration, allowing users to deposit in their local currencies while operators receive payments the same way.
Today, for example, StarsPay has already expanded to Mexico, Colombia, Chile, and Peru. Thus, we bring iGaming solutions to various Latin American markets that, combined, present a huge opportunity. A payment processor that meets each country’s specific needs, cross-border payments with speed and excellent cost-effectiveness, as well as KYC services, essential for ensuring the best compliance and Anti-Money Laundering (AML) practices, and also meeting the requirements of each country. These are just a few examples of the conveniences StarsPay provides to its clients.
Get in touch with the StarsPay sales team at [email protected] and learn how we can make a difference for your business.
