Meanwhile, Aristocrat’s shares dropped 2% yesterday and continued falling today, down by an additional 0.38%.

Background: Copyright Dispute Over Slot Game Designs

Light & Wonder, previously known as Scientific Games Corporation, creates and distributes gaming content, hardware, and systems. 

Australia-based Aristocrat Leisure Limited is also in a similar line of business, and in 2024, it filed a lawsuit against LNW, accusing it of copyright infringement.

Specifically, it accused some elements in the design of Light & Wonder’s Dragon Train game of being copied from its intellectual property. The Federal Court of Australia granted the company pre-suit discovery against LNW.

Aristocrat also filed a five-count complaint in the U.S. District Court of Nevada. In September 2024, Judge Gloria M. Navarro granted its motion for a preliminary injunction on its trade secret claims against Light & Wonder. 

The court enjoined LNW from “any continued or planned sale, leasing, or other commercialization of Dragon Train.” Expectedly, Light & Wonder appealed that preliminary injunction.

In February 2025, the Federal Court of Australia rejected Aristocrat’s request for an interlocutory injunction against Light & Wonder, allowing the latter to continue selling Dragon Train games in the country.

Light & Wonder Voluntarily Withdrew “Jewel of the Dragon”

In April 2025, Light & Wonder announced that it would voluntarily cease commercializing “Jewel of the Dragon” slot machines following a second amendment complaint by Aristocrat.

The company identified that some Aristocrat PAR sheets (which are like blueprints for a slot machine) dated 2015 were made available to specific team members working on the development of Jewel of the Dragon.

“Our internal review processes identified that an early version of this game’s math model potentially presented issues relating to Aristocrat,” said Light & Wonder in its release. 

It extended its review to all games released before mid-2021, adding that it has no reason to believe there is a similar issue with other games.

The company concluded its review last month and stated that it did not identify any other instances of misappropriation. 

Aristocrat wasn’t impressed with the results and said Light & Wonder did not provide the complete lists of projects that Emma Charles, whose work was the core of its lawsuit, worked on.

In March 2025, concerns about additional lawsuits related to other games led to a 20% decline in LNW’s share price over just five days. Still, analysts at Macquarie called the market reaction “overdone,” estimating limited financial exposure and reaffirming confidence in LNW’s target of $1.4 billion in 2025 EBITDA.

Court Victory: Narrowed Scope of Discovery

Light & Wonder received a major legal victory yesterday after the Nevada district court hearing the case found Aristocrat’s discovery request too broad. 

It ruled that Light & Wonder wasn’t obligated to disclose the math models for all the games that Aristocrat was seeking. It asked Aristocrat to be specific about the trade secrets it wanted to protect under the litigation.

Markets viewed the legal victory as a reprieve for LNW, sending the stock up over 10% yesterday. 

Thanks to yesterday’s rally, the stock is now up 9.4% for the year as of yesterday’s close and is outperforming the S&P 500 Index, despite its returns being under half those of the Roundhill Sports Betting & iGaming ETF.

Analyst Reactions: “Incremental Positive,” But Limited Financial Impact

While LNW rallied sharply yesterday, analysts don’t see the court’s decree moving the needle financially for either of the companies. 

While Jefferies Equity Research analyst David Katz said the court decree “is an incremental positive” for LNW, he added, “We view the case generally as background noise in the near term, financially limited.”

Katz believes that Light & Wonder might need to pay a significant sum to Aristocrat, but stressed that it might be meaty enough to change his views of either company.

According to Katz, “The competition between the two companies is intense, given their positioning as the only two large-scale game developers globally and the number of people at Light & Wonder that were formerly at Aristocrat.”

Despite considering the case to have limited financial implications, the analyst maintains a Buy rating for LNW, setting a price target of $116 per share, over 20% higher than the current price. This decision is expected to positively influence investor confidence in Light & Wonder.

Macquarie, which has an Outperform rating on LNW, recently raised its target from $120 to $122, citing strong fundamentals and manageable legal risks.

 The firm’s target price is considerably higher than LNW’s mean target price of $107, which is approximately 13% higher than the current prices.

Outlook: What’s Next for LNW and Aristocrat?

The legal case is far from over. Although none of the companies have publicly commented on the court decree so far, many believe that Aristocrat will appeal the decision.

Still, the court’s ruling gave investors renewed confidence in LWN’s position, particularly since it had no impact on its financial guidance. 

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It comes as L&W, a cross-platform gaming company headquartered in the United States, seeks to continue its aggressive global expansion. 

“We’re incredibly pleased to welcome Bang Bang as a partner,” Stuart Banks, Managing Director of Global Partnerships, said in a release. “They’re a talented team with a proven track record and an exciting and engaging vision.”

“This investment is a great example of how we support studios through the Light & Wonder Spark program — helping them grow, scale, and succeed on a global stage.”

As part of the deal, the terms of which have not been disclosed, Bang Bang will seek to solidify its presence in the U.S.

“We’re incredibly proud to take this next step in our journey with Light & Wonder,” Bang Bang CEO Frank McPolin commented. “Being part of the Light & Wonder Spark program has already opened up fantastic opportunities for us, and this investment is a strong endorsement of the work we’re doing.”

“With Light & Wonder’s support, we’re in a great position to build on that momentum, grow our reach, and deliver even more bold, creative content to players globally.”

Month of Dealmaking for Light & Wonder

This continues a busy April for the company, formerly Scientific Games Corporation, which recently agreed to a partnership with Incentive Games. The agreement, which Incentive Games CEO Josh Gordon called a “landmark moment in (his company’s) history, allows Light & Wonder to distribute game titles to the U.S., Canada, Europe, and South Africa.

It also makes Incentive Games’ free-to-play content accessible to a broader audience through L&W’s content marketplace.

Last month, Light & Wonder reached an $850 million deal to acquire charitable gambling business Grover Gaming. Founded in 2013, Grover Gaming operates across five states (Kentucky, New Hampshire, North Dakota, Ohio, and Virginia). On its website, the company touts itself as “one of the country’s premier providers of electronic pull tabs, video lottery terminals, and historical horse racing with over 10,000 machines in over a thousand locations nationwide.”

Light & Wonder CEO Matt Wilson said the acquisition: “complements our position as the leading cross-platform global games company by adding another compelling regulated adjacency to our profile.”

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Wilna van Wyk

Red Desert Games has announced its new slot content will launch via the Light & Wonder content marketplace. 

The partnership will see Red Desert Games’ product offering distributed exclusively across Canada and the USA to Light & Wonder’s operator network and in other key regulated geographies through the ‘Infinity’ aggregation platform. 

It also aims to solidify Light & Wonder Spark studio’s ‘ongoing commitment to diversifying its content offering.’ 

Edgar Pau, Co-Founder of Red Desert Games, said: “We are extremely excited to be selected by Light & Wonder to join their partnership program. Light & Wonder has an unrivaled footprint and is the perfect fit to distribute our range of innovative and engaging games to its global network.”

Steve Mayes, Senior Director of Partners at Light & Wonder, added, “We are delighted to welcome Red Desert to the Light & Wonder Spark studio partner program. Our program is committed to collaborating with the most forward-thinking and innovative new studios, and Red Desert’s distinctive game concepts, inventive mechanics, and meticulously crafted, visually captivating titles truly embody these values. We are excited to support their global expansion and look forward to a promising and successful journey together.” 

Light & Wonder is Keeping Busy Ahead of Fourth Quarter Results

Last week, Light and Wonder announced the launch of Rainbow Riches Dream Pots, a global jackpot system. The system was initially launched in the United Kingdom and Europe but connects jackpot pots across multiple global operators powered by a shared liquidity system. 

Although the initial rollout is geo-specific, the company hopes to achieve global implementation through 2025. 

The NASDAQ-listed entity is set to report its Q424 results on Tuesday, February 25, and hopes to maintain momentum. 

The company, headquartered in Las Vegas, revealed the third quarter of 2024 was its ninth consecutive quarter of double-digit revenue growth. It reported global gaming revenue reaching $537 million, with machine sales growth of 38% being the most significant percentage increase. 

L&W and competitor Aristocrat remain embroiled in a legal dispute over Dragon Train terminals in North America. The latter won the preliminary case in the District Court of Nevada due to intellectual property infringement. As such, L&W has removed or converted 95% of its Dragon Train machines across the United States portfolio.

The Light & Wonder stock has increased by 213% in the last five years. This financial year, shareholders are up 8.3% and boast an annual total shareholder return of 26% over the previous five years. 

Written By

Wilna van Wyk

Wilna van Wyk is an online casino enthusiast with over a decade of experience working with some of the world’s biggest gambling affiliates, including Thunderstruck Media and OneTwenty Group. She specializes in gambling sites and games and provides expert knowledge on the online casino industry’s essential fundamentals.

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Dream Pots is the company’s new global jackpot service using Light & Wonder’s Infinity platform. As such, Rainbow Riches Dream Pots connects jackpot pots across multiple global operator customers, powered by a shared liquidity system. 

High Hopes That Rainbow Riches Dream Pots To Revolutionize the Jackpot Experience

The company hopes combining its popular Rainbow Riches franchise with a new jackpot system will position Light & Wonder at the forefront of the UK and European jackpot markets. 

Light & Wonder has promised a broader, global roll-out through the rest of 2025. 

Eoghan O’Dwyer, Vice President of Product, iGaming at Light & Wonder, commented, “Rainbow Riches Dream Pots highlights our dedication to enhancing the gaming experience for players. Launching the Dream Pots jackpots system is a major step forward for us, and we’re excited to present this to our operator partners in the UK and Europe.

He continued, “This new service showcases our commitment to providing outstanding products that not only bring joy to players but also create significant value for our partners and excitement for players. We’re eager to share this innovation with players around the world and further establish ourselves as leaders in jackpot gaming.”

Light & Wonder revealed its ninth consecutive quarter of double-digit growth in its last earnings update. The Vegas-headquartered entity saw global gaming revenue increase by 15% year-over-year to $537 million. Machine sales grew 38%, and iGaming was up 6% to $74 million.

Light & Wonder’s Growth and Future Innovations

Revenue rose despite the regulatory-driven removal of its Dragon Train terminals across North America. Competitor Aristocrat won a preliminary case against Light & Wonder in the District Court of Nevada, alleging intellectual property infringement. 

L&W announced that 95% of its Dragon Train machines had been removed or converted to another game from its vast portfolio of franchises. It also teased the release of Dragon Train 2 for consumers across the United States of America. 

Despite SciPlay’s revenue increasing 5%, net income dropped from $80 million to $64 million. This was due to costs for ongoing legal matters and company restructuring. 

The NASDAQ-listed corporation will announce its results for the fourth quarter of 2024 on February 25, 2025. 

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Johnson has been with Light & Wonder since 2017, and has been at the heart of driving the international commercial efforts of the Gaming business.

He transitions from his previous role as Senior Vice President and International Managing Director, as he continues to be at the forefront of Light & Wonder’s igaming evolution.

As part of his new role, Johnson will report directly into Light & Wonder President and CEO Matt Wilson and join the Company’s Executive Leadership Team.

Before joining Light & Wonder, Johnson worked across a range of businesses and industries. He started out in Investment Banking, where he specialised in mergers and acquisitions and cross-border transactions. Simon has held leadership roles in Private Equity, Telecommunications, and Financial Technology businesses in operations that ranged from startups to FTSE100/Fortune 500 multinational companies.

Light & Wonder continues to fuel growth through its third-party content offering having recently secured a strategic partnership with Bragg Gaming Group.

That collaboration meant that Bragg’s collection of in-house and subsidiary studio content will become available on Light & Wonder’s aggregation offering. This will see slot titles from Bragg studios such as Atomic Slot Lab, Indigo Magic, Wild Streak Gaming and Spin Games integrated onto Light & Wonder’s online ecosystem.

Matevž Mazij, CEO at Bragg Gaming Group, praised Light & Wonder, describing the firm as “a world-leading platform and games” adding that the group can see “huge benefits” from the partnership.

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Under the terms of the agreement, Spinomenal has offered a selection of titles to the Kindred-owned operator, increasing the visibility of its in-house content in the UK. 

The slot provider has leveraged its aggregation partnership with Light & Wonder to facilitate the integration, with the titles delivered via the latter’s OpenGaming platform. 

Adam Newnham, Commercial Operations Manager at Kindred Group, stated: “Our mission is to give 32Red players the very best casino experiences on the market and Spinomenal’s games portfolio will be a welcome addition to our offering.”

32Red’s player base will benefit from the collaboration by gaining access to Spinomenal slots such as Athena’s Glory, Poseidon’s Rising, Majestic King and Demi Gods 2.

Lior Shvartz, CEO for Spinomenal, added: “32Red has had long-term success in the UK market and we’re very happy to partner with such a prominent operator. We look forward to 32Red players enjoying our suite of titles.”

The deal adds to a busy period of online casino expansion for Kindred’s 32Red brand, having recently strengthened its lobby by gaining content from Peter & Sons. 

On that recent deal, Adam Newnham, Commercial Operations Manager at Kindred, said: “Peter & Sons is an extremely exciting studio who are not afraid to push the boundaries and experiment with strikingly original, even avant garde ideas. 

“The result is that each game is a work of art, and we can’t wait for our players to experience them at 32Red.”

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The supplier’s game portfolio reach in the UK will be expanded following its integration into the White Hat Gaming network, which is a Light & Wonder aggregation partner. 

Via its PAM gaming platform, White Hat Gaming powers several platforms in the UK online casino market, including PlayZee.com, CaptainSpins.com and Casimba.com.  

“We’re huge fans of Peter & Sons’ work, which is why we’re thrilled to go live with their portfolio on our network,” commented Jamie Lees, Head of Content at White Hat Gaming.

“Their games break the mould and are unmatched when it comes to humour and storytelling. Our platform boasts an amazing range of games from 130 top providers, but none of them are quite like Peter & Sons.”

Peter & Sons titles available on the White Hat Gaming network include Barbarossa, Xibalba, Wild 1, Voodoo Hex, Muddy Waters and Barbarossa Revenge. 

Yann Bautista, Founder and Commercial Director at Peter & Sons, added: “The deal with Light & Wonder was a major milestone for Peter & Sons and going live with White Hat Gaming is the first phase in this exciting new chapter. 

“White Hat Gaming is a major player in the industry in the UK and globally, and we believe this collaboration is a win-win for both our companies.”

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Former Light & Wonder Head of Casino Studio for North America Antonio Amormino said that VP of Operations Dror Damchinsky had urged the former employee to “generate different numbers for the company’s capital asset reports”.

Key to the claims is the alleged “attempt to present a false picture of the company’s financial condition”. 

Amormino pursued complaints internally over the allegations. However, he claimed that these complaints were ignored before his employment with the company was terminated. 

The former Light & Wonder employee has now escalated his complaint – claiming he was fired because of his Occupational Safety and Health Act (OSHA) complaint and that Light & Wonder is in violation of the state Whistleblower’s Act in Michigan.

Light & Wonder has moved to dismiss the case, stating that Amormino failed to plead a claim upon which relief can be granted. The motion also detailed that the complaint to OSHA was not covered under the state whistleblower legislation because OSHA does not meet the legislation’s definition of a public body.

It compounds a period of legal disputes for Light & Wonder, with the firm also being the subject of allegations from Aristocrat that it has failed to comply with certain elements of its case. 

The filing alleged: “Light & Wonder has made little effort to comply with the Order’s requirements to search for documents reflecting Aristocrat’s trade secrets, and to identify every instance in which Light & Wonder has disclosed those trade secrets, outside the context of Dragon Train. To make matters worse, Light & Wonder did not make a reasonable effort to identify which documents and disclosures actually reflect Aristocrat’s trade secrets.” 

Light & Wonder has outlined that key steps have been taken off the back of the case. These include dismissing Emma Charles from the company, who brought over trade secrets from her previous role at Aristocrat. 

Aristocrat argues that it is common practice for game developers to export part or all of the math around a successful title to other titles, therefore it is well within bounds for the group to seek work product beyond just Dragon Train.

Light & Wonder has requested that the court provide an extension in order to comply fully with the preliminary injunction but for different reasons than what Aristocrat is alleging. 

In a recent financial update, the firm revealed that of its approximately 2,200 units of Dragon Train-themed games, 95% have been removed or converted with another game from its portfolio of game franchises. It anticipates that Dragon Train 2 will be released in the near future.

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Tatiana García Barrenechea, Commercial Director for LatAm at Light & Wonder, Thomas Smallwood, Chief Commercial Officer at ESA Gaming, Izabela Słodkowska-Popiel, Head of Account Management for North America and Latin America at Wazdan, Helena do Couto, Regional Legal Officer LatAm at Eeze, Alvaro Camargo, Country Manager Brazil at Xtremepush, and Thiago Calmon, Online Sales Manager at R. Franco Digital, conclude the latest CasinoBeats roundtable by addressing critical factors to consider to achieve success and issuing a vision as to what the market could ultimately look like.

CasinoBeats: What are the key factors operators need to consider when putting together a profitable offering that appeals to players and bettors and how important is localisation?

Tatiana García: Without a casino-floor heritage, Brazil requires a bespoke approach to content, and it will be intriguing to discover early trends that emerge once the regulated market goes live.

We believe certain game types will appeal to a large segment of players in the country, with crash games being one in particular. They offer quick-fire, unpredictable entertainment that is engaging while also simple to understand for those players who are not acquainted with feature-rich slot experiences.

Our analysis also suggests that video bingo games will be a big hit for operators, along with three-reel slots that are accessible and engaging. 

Thomas Smallwood: Selecting the right local partners is crucial. We pride ourselves on offering our game aggregator system as a localised product, not only in terms the game suppliers we offer but also the experience we can add.

Having relevant themes and popular game types, such as our mine games, which have proved very popular in the past in Brazil can make a significant difference. 

Player loyalty will also be essential in a market where tax impacts operators, suppliers, and players alike. Those operators who adopt innovative cross-selling techniques, like our EasySwipe games accessible through our sportsbook widget, can gain an edge by driving conversion from sports to casino without cannibalising existing revenue streams.

Izabela Słodkowska: To develop a profitable offering in Latin American markets, operators must prioritise player demographics and preferences, tailoring content and promotions for each specific region.

Localisation is essential: adapting to diverse regulations, preferred payment methods, and responsible gaming standards helps foster trust among players. A strong, region-specific approach not only enhances credibility but also boosts long-term growth potential across Latin America.

Helena do Couto: Beyond gathering data from current player behaviour, it’s essential for operators to present themselves to potential players in ways that captivate, connect and build trust.

When comparing Brazil to Europe, its territory covers an area roughly 80% the size of the entire continent. So, although Brazil is just one country, it is crucial for operators to explore the cultural diversity of each region. This approach helps players feel recognised and connected to the operator. 

The Brazilian tendency to bargain for discounts and love of giveaways translates into a market preference for bonus offers. Connection can also be enhanced by integrating the operator’s brand into elements already familiar to players.

Trust will be built on a license to operate in Brazil, clear games rule, and efficient customer service, given the country’s strong consumer protection system. And of course, a portfolio featuring the most popular games among Brazilians, with a dash of new releases.

Alvaro Camargo: This is a good question. While entering the market with a set of services and products that have been successful in other markets is a reasonable strategy, it is also vital to remember that you are dealing with a very specific audience.

You need to understand your customer and the ways that things are run in Brazil. There are local habits and cultural differences that have a big impact on the way customers relate to brands and operators. 

It is also important to understand that Brazilians are impulsive, emotional customers. Well-structured support teams and service levels are required to allow players to make quick deposits, interact and offer real time incentives in a dynamic way, constantly keeping them engaged.

Brazil is also a very visual culture, too. By packaging services attractively, this will help to keep players within an ecosystem.

Thiago Calmon: To succeed in the competitive gaming and betting industry, operators must prioritise a seamless user experience. This involves optimising both website and app interfaces to ensure intuitive navigation and accessibility for all players.

Coupled with this is the importance of offering flexible payment options tailored to local preferences. By accommodating various payment methods that resonate with regional habits, operators can enhance user convenience and build greater trust among their clients.

Localisation within content is also essential; understanding local interests, such as favoured sports and cultural nuances, enables operators to engage effectively with their target audience. Additionally, emphasising responsible gaming practices is crucial in establishing a trustworthy brand.

By promoting a safe and responsible gambling environment, operators not only foster player loyalty but also contribute to the integrity and sustainability of the industry as a whole.

CB: Finally, amid reports that Brazil won’t be quite as lucrative for operators as was first predicted, what is your ideal vision for the future of the regulated market in the country?

TS: My ideal vision for Brazil’s regulated igaming market is one that strikes a sustainable balance for all stakeholders—operators, suppliers, players, and the regulator. For regulators, this shouldn’t just be about blocking unauthorised sites; they also need to create an environment where regulated operators can flourish.

Such an approach would benefit players, maintain industry integrity, and ensure long-term growth. A balanced ecosystem, where regulation doesn’t stifle opportunity, would make Brazil a leading example in LatAm and beyond.

It can also lead to Brazil becoming a hub for companies looking to establish a corporate presence to target the wider LatAm region and to lessen the impact of withholding tax.

IS: The ideal future for Brazil’s regulated market would strive for a balance between fair profitability and sustainable growth.

This includes streamlined licensing processes, moderate tax rates, and flexible payment solutions. Such an environment would encourage investment, enhance market competitiveness, and serve as a benchmark for regulatory practices in Latin America, fostering trust and promoting growth across the region.

HdC: It depends on what was previously forecast as profitable. There is, of course, a difference between the period prior to the regulation and the one that will begin on January 1, 2025, but Brazil will continue to be a major force in the betting sector.

As for my ideal vision, I imagine an industry recognised by everyone for what it is: a form of entertainment. People will understand that regulation – not prohibition – is the best path.

Regulations will be consolidated, discussions about interpreting the rules will be minimised to almost zero, data published by institutions and the media will be accurate, and we’ll be able to focus all our energy on improving the product and player experience.

AC: We have a unique tax structure, so that presents a challenge to companies entering the market. The government has proposed a lot of questions that will affect profitability, but there has to be an understanding that it’s all about scalability.

In the pre-regulated market you had small, profitable operations that did not spend much on marketing and instead went down the route of affiliation. With the new structure in place, the margins that were in play no longer are and that means businesses will need to go big. Otherwise, it will be very difficult to become profitable. 

This is where customer engagement also becomes invaluable, interacting with existing players in the right way. If operators gain highly relevant data about their customers and leverage that effectively, connecting with them effectively at the right times, this can help to extract so much value compared to chasing new players.

TC: In the gambling industry, it’s crucial to understand that although initial profits may not meet expectations, a well-regulated market can bring significant long-term benefits. Establishing a transparent environment protects players and encourages fair competition among operators.

Clear regulations enhance trust, promoting responsible gambling practices and instilling confidence in stakeholders. This transparency attracts investment, as stability and integrity are appealing to investors.

For Brazil, creating a reliable market not only benefits local operators but also enhances its global competitiveness. Supporting innovation through strong regulations will ensure the industry meets consumer expectations while respecting ethical standards, contributing to long-term sustainability and growth in Brazil’s gambling landscape.

TG: Brazil is the biggest country in Latin America and with a population of 250 million people, the potential for our industry to flourish is substantial. It is really important that within the regulated market, players are presented with the widest possible range of content that appeals to every segment.

This will help channelisation efforts, enabling Brazilian operators to deliver entertainment that is fun, wide-ranging and above all, safe and secure. I am optimistic this will be the case once regulations kick into effect early next year.

It’s a very exciting time and we look forward to continuing to work with operators, alongside our commercial and games teams, to ensure that this is a very successful market for Light & Wonder.  

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In the first of a two-part special, CasinoBeats spoke to Alvaro Camargo, Country Manager Brazil at Xtremepush, Thiago Calmon, Online Sales Manager at R. Franco Digital, Tatiana García Barrenechea, Commercial Director for LatAm at Light & Wonder, Thomas Smallwood, Chief Commercial Officer at ESA Gaming, Izabela Słodkowska-Popiel, Head of Account Management for North America and Latin America at Wazdan, and Helena do Couto, Regional Legal Officer LatAm at Eeze, about the current standing within the country, as well as how critical it is for the continent as a whole that Brazil becomes a raging success.

CasinoBeats: How optimistic are you about the current state of play in the regulated gambling industry in Brazil?

Alvaro Camargo: We are very excited, because we have seen the regulators have understood what is at stake. Many companies were concerned about whether the regulations being put in place would be attractive, but there has been a significant movement in terms of applications for Brazilian licenses.

There are also many foreign suppliers and operators looking to make a big play in the market, bringing with them major investment and top-level industry expertise. All of this contributes to the raising of the quality within the market, in terms of services, the professional teams involved and ultimately, the customer experience.

Thiago Calmon: I hold an optimistic view on the Brazilian market’s future. There is significant potential for growth, driven by rising interest from both local and international operators. With the regulatory framework launching early next year, a foundation is beginning to form, which is a positive step towards market maturation.

However, it is important to acknowledge that specific challenges must be addressed to facilitate the market’s full development. These hurdles will need strategic navigation to unlock the full advantages of this burgeoning landscape.

Tatiana García: The region’s biggest country embracing regulation is a highly significant event not only in LatAm, but across the entire world of online gaming. The number of licence applications that have been submitted ahead of the market’s launch at the start of next year shows that there is a strong appetite to become actively involved in what is an exciting opportunity.

I expect a wide range of industry stakeholders will want to be heavily involved very early on, including Light & Wonder, supplying the market with the content and services that will help to create a highly entertaining, safe gaming environment.

Thomas Smallwood: I’m cautiously optimistic about Brazil’s regulated gambling market. It’s a promising yet complex space with strong potential. We’ve seen significant growth in recent years, although this has slowed somewhat as regulation approaches. However, in general, it bodes well for content providers as it signals a maturing market.

If the regulatory rollout is smooth and taxation does not stifle the industry, we could see sustained growth and continue attracting international operators and developers keen to tap into this lucrative market.

That said, challenges do remain, such as multiple layers of taxation and uncertainty around how various costs will be shared between operators and suppliers, not to mention the current time constraints around regulation by January 1 this may be delayed in the near future.

Izabela Słodkowska: The outlook for Brazil’s regulated gambling industry is highly optimistic. Recent regulations for online betting and casino games are expected to drive significant growth, potentially reaching a $3b market by 2027.

Although the regulatory landscape poses operational challenges, Brazil’s framework is aligned with the growing trend of responsible gambling in Latin America, making it a promising opportunity for operators looking to invest. 

Helena do Couto: I would say I’m a realistic optimist. Regulation has been necessary for years, and today, we have it in a comprehensive format. However, it is new, and the administrative authority responsible is also new.

While it is certainly composed of competent people, it is still in its first year of operation. We also have some conflicts between state and federal jurisdictions as operators and the entire chain involved are adapting to the rules and conducting tests. 

In other words, we have the theory – the legislation and ordinances – ready. Now, we’re creating practical experience from this theory, adapting operations that previously followed other regulations, such as those from Curaçao. So, the current state is one of intensive learning, but I am certain that this somewhat turbulent adaptation period we’re experiencing has its days numbered.

CB: How vital is it for the continued growth of regulation in Latin American markets for Brazil to be a success story?

TC: Brazil’s success is of paramount importance within the context of Latin America’s regulatory landscape. As the largest market in the region, Brazil has the potential to set a benchmark for other countries to follow. If Brazil can develop an effective regulatory framework, it could pave the way for similar strategies across Latin America.

This would not only drive growth and attract investment, but also contribute to creating a more cohesive and unified regional market. Thus, in my opinion, Brazil’s regulatory journey is essential for fostering a stable and favourable business environment that benefits the entire region.

TG: Brazil is undoubtedly a very important country and its impact after launch will inevitably have a ripple effect across other countries considering putting regulations in place. The balance of a thriving, competitive market with all-important protections for players is one that we believe can act as a model for others to follow. 

At the same time, what operators need to offer players to thrive does not necessarily translate easily across the region. Brazil has not had legal land-based casinos in place in most people’s lifetimes, meaning it is slightly different to many other existing regulated markets across LatAm from a player and content perspective.

We have seen that Argentina, with its land-based casino heritage, has become a success in several regulated regions despite challenging economic circumstances. It is a similar story in Mexico, where that casino heritage has helped our popular, recognisable omnichannel franchises to perform well.  

TS: Brazil is in a prime position to become Latin America’s gambling hub, offering ample opportunities for both domestic and international stakeholders. As the largest economy in the region, with a population exceeding 200 million and a deep-rooted sports culture, Brazil could set a strong precedent for other markets in the region.

Success will depend on a model that balances operator and supplier profitability with robust player protections, making regulated markets more attractive across LatAm. If tax burdens, for instance on player winnings and gaming companies, are carefully managed, the country could become an exemplary case for sustainable growth.

IS: Brazil’s success in establishing a regulated gambling market is critical for the broader regulatory progress in Latin America. It sets a vital precedent for market stability, revenue generation, and responsible gaming practices across the region.

As one of the largest potential markets, Brazil’s effective regulatory framework could encourage neighbouring countries to adopt similar measures, enhancing Latin America’s appeal to international operators and investors.

HdC: Brazil plays a central role in Latin America, and this influence extends beyond the igaming industry. Brazil borders nearly every country in South America, spans continental dimensions, and is the largest economy in LatAm. It acts as the main driver of investment, innovation, and serves as a strategic hub for market expansion and regulatory developments in emerging areas.

Brazil’s success – which is already underway – will inspire other countries on the continent who have not yet regulated the sector to do so and will draw the attention of both local and global investors to a region with clear potential for investment and growth.

AC: While we already have regulated markets across LatAm, the relevance of Brazil in the region cannot be overstated. Once a market of this size goes through the process of creating and rolling out a regulatory model, implementing its policies successfully, it speaks to what is possible for neighbouring countries.

Thanks to strong policies and a layer of built-in protection for the supplier, operator, service provider and customer, Brazil presents a positive outcome that can certainly be emulated elsewhere.

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