Brazil Embraces New Lottery As Market Continues Its Expansion
The Latin American gaming industry has grown exponentially in recent times, with the Brazilian state a key contributor towards its increasing presence within the global market. The forthcoming introduction of +Millonaria, a new lottery product poised for imminent launch, will likely propel Brazil’s gambling sector towards even greater commercial returns.
The lottery vertical, which was originally due to launch on 2nd May but was subjected to several unforeseen delays, will set a minimum jackpot benchmark of R$10m (US$2m). An integrated ‘prize guarantee reserve’ means that, regardless of when the last jackpot was struck, the major winnings pot will always at least carry this minimum cash amount. It’s reported that tickets will be charged at R$6 (US $1.20), which is broadly in line with worldwide lottery averages.
The protracted nature of its launch may be at least partially down to a personnel change at the top of Brazilian lottery gaming. WaldirEustaQuio Marques Junior has announced his exit from his post as Head of the Undersecretariat of Prizes & Draws, and will be soon replaced by Iuri Ribeiro Castro, a senior official within the Ministry of Economy. Despite this changeover, the Brazilian Federation of Lottery Companies, who have collaborated with various inter-state stakeholders, believe +Millonaria will be operational by the end of May.
It could be an extremely busy month for the Samba state’s gambling operators, as a landmark piece of legislation could be approved by President Jair Bolsonaro as early as next week. This would facilitate the eventual regulation of Brazil’s bourgeoning sportsbook sector, which could also serve to generate millions of dollars for the country’s pandemic-ravaged economy.
