Brazilian Racebook CEO Backs Betsson to Succeed
by Glenn Baird - March 4, 2020
The CEO of Brazilian firm Suaposta, Andre Gelfi, has spoken up about Betsson’s majority share of the racebook, backing the Swedish company’s early move into his country’s emerging online sports betting market.
At the end of 2019 Betsson bought 75% of the Brazilian, as the country begins the move towards expanding online sport betting in 2020.
Gelfi applauded the Stockholm based company for moving in earlier than most of their competitors, stating that the Swedish giants would be well positioned within the market if the Brazilian government can ‘maintain its schedule and legalise sports betting in 2020’.
He went on to say: “We were looking for a partner that could complement us, providing capacity and know-how, and that at the same time shared our company philosophy and bet on the growth of the long-term group in Brazil. It was essential that we were aligned in strategy and vision,”
He then went on to further explain how the tow will complement each other in the emerging market:
“Whilst Betsson has a financial back and has the knowledge of online gaming, technology and product, Suaposta has a license, local track record, local payment methods and access to digital media. It is a winning combination,”
Whilst it is still likely that the changes proposed last year will go ahead in Brazil this year, there has been a delay over fears revolving around regulation.
The exact nature of a licencing model has yet to be determined, but this something that should be agreed within the next few months.
Gelfi then went on to say: “Conceptually, I do not dislike the change towards the concession regime, as it seems more legally safe, but we still do not know the terms of the draft concession contract, which I consider the cornerstone of the regulation.
“It is true that changes in SECAP management and modifications to planned regulation will delay the implementation of subsequent granting permits. However, we are convinced that continuity will be given to the process, and in the meantime, we take the opportunity to refine our proposal.”