This milestone allows Paysafe to enter Brazil's newly regulated online sports betting and gambling market, marking a significant expansion into Latin America's largest economy. The licence also enables Paysafe to provide payment solutions to Brazilian merchants across various sectors, including ecommerce, travel, and entertainment.
The PI licence strengthens Paysafe’s position in the Latin American iGaming market, adding Brazil to its roster of regulated jurisdictions, which includes Argentina, Colombia, Mexico, Panama, Paraguay, Puerto Rico, and Peru. The latter launched its regulated iGaming market in early 2024. Paysafe’s presence in over 90 regulated global iGaming markets underscores its commitment to supporting the industry with specialised payment solutions.
Brazil, with its population of 212 million and a projected sports-betting turnover of USD 34 billion by 2028, is poised to become the largest iGaming market in Latin America. Paysafe aims to leverage this growth by extending its partnerships with international operators and offering a diverse range of payment methods tailored to Brazilian preferences. This includes digital wallets Skrill and NETELLER, as well as alternative payment methods (APMs) via its SafetyPay gateway, which integrates with the Central Bank’s Pix instant payment system.
In addition to iGaming, the PI licence allows Paysafe to support Brazilian ecommerce merchants and digital content creators with a comprehensive suite of APMs. This expansion positions Paysafe as a key player in Brazil's payment ecosystem, facilitating simple transactions for businesses and consumers alike.
Latin America has emerged as a hotbed for digital payments and online gaming, driven by increased internet penetration, smartphone adoption, and regulatory reforms across the region. In 2023, the Latin American online gaming market was valued at over USD 8.7 billion, with Brazil generating approximately 2.57 billion, underscoring its pivotal role. The adoption of instant payment systems like Pix has further fueled this growth, with Brazil recording over 3.3 trillion Pix transactions in 2023 alone, highlighting a consumer shift towards faster, more secure, and accessible payment methods. As Latin America’s largest economy, Brazil offers unmatched scalability for payment platforms and iGaming operators alike.
Brazil’s projected sports-betting turnover of USD 34 billion by 2028 dwarfs other key markets in the region. Mexico, for instance, is expected to generate USD 1.86 billion in sports-betting revenue by 2029, while Colombia, one of the early adopters of regulated iGaming, forecasts around USD 1.51 billion. This disparity stems from Brazil's significant population of 212 million combined with its burgeoning middle class and a rapidly maturing digital ecosystem. The country’s market potential is amplified by the increasing accessibility of affordable internet services and smartphones, making it a prime target for iGaming expansion.
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