How do you see the current gaming market in Brazil? Which improvement matters most for operators in LATAM: approval rates, latency reduction, or risk control?
The Brazilian market is currently going through a moment of maturation. Regulation brought into the formal economy a sector that already existed but previously neither paid taxes nor offered legal certainty. What we have seen is the formalization of an activity that now effectively contributes to the economy, generating billions in tax revenue and creating a significant number of new jobs.
Naturally, every regulatory process goes through adjustments. The sector is still very young, with just about a year of regulation in place, and the main challenge now is no longer growth at any cost, but rather consolidating the regulated environment with political and legal stability. Today, the greatest risk does not lie in approval rates or latency—although both remain important for conversion. What truly matters for operators is risk control combined with regulatory predictability. Without stability and without an effective fight against the illegal market, any operational gains lose strength. If there is firm enforcement and a successful transition of illegal operators into the regulated ecosystem, the legal market could double in size, expanding both tax revenue and employment.
Brazil is pushing payment standards forward: what lessons can be “exported” to the rest of LATAM, and what remains highly local?
The major lesson from Brazil is that the financial channel is the key to regulation. Blocking domains or applications does not solve the problem if the payment flow remains active. Brazil has demonstrated that when there is integration between regulators and the financial system—especially with a strong instant payments infrastructure—it becomes much easier to monitor, track, and act effectively.
What can be exported to Latin America is this strategic vision: enforcement must rely on financial oversight and on coordinated action between regulators and central banks. What remains more specific to Brazil is the strength of Pix and the institutional framework built around this market. Not every country has an instant payment system with this level of reach and integration. However, the core concept—using the financial system as a public policy instrument—is fully replicable.
At SAGSE, which conversation do you want to lead: payments as a conversion driver, payments as market integrity, or payments as user experience? What are your expansion plans for the region?
At SAGSE, we want to lead the conversation around payments as a pillar of market integrity. Conversion and user experience are important, but the moment the sector is going through requires maturity. The central discussion should focus on regulatory stability, enforcement against illegal operators, and strengthening the formal ecosystem. It makes little sense to place additional pressure on those who are already regulated while part of the market continues to operate outside the legal framework. The sustainable path forward is to expand the regulated base.
Since the event takes place in Argentina, we also see it as an opportunity to discuss how Brazil’s experience in payment systems can inspire other markets in the region. Pix has revolutionized the way Brazilians send and receive money, bringing agility, security, and financial inclusion, and this model is already attracting interest in other Latin American countries.
In this context, our regional expansion strategy is focused on bringing this experience to markets that are advancing in regulation and structuring their payment systems in a more integrated way. We aim to operate in countries with clear rules and solid institutional environments, which allows us to offer a secure and efficient payments experience capable of driving business growth.
The consolidation of the Brazilian model, along with regulatory progress across different areas of the sector, is likely to serve as a reference for the region—opening the door for solutions inspired by Pix and Brazil’s experience to contribute to the development of the payments ecosystem across Latin America.
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