This article was a great read and very informative especially for those that are looking to take advantage of the huge opportunities that undoubtedly exist and it was clear from the thoughts shared by the roundtable panellists that they were all well on their way to becoming key providers to the Brazilian iGaming market.
Reading Roman Bogoduhov’s particular point regarding an understandable caution and wariness of operators towards foreign vendors, with their preference towards partnerships with proven suppliers to the local market is an observation well made.
From a business strategy point of view, you may of course wish to partner with a local company especially with one with regulatory experience and an understanding of consumer preferences. This can help you fine tune your platform, content and services to resonate with Brazilian players, for example incorporating recognisable cultural elements into games, offering popular payment methods and providing support in Portuguese.
As invaluable as all the issues discussed in the article are, having been involved in events for the Latin American market I am reminded of some of the important things I have learnt when entering a new market as a foreign vendor. Of course, ultimately you have to have a good product / offering, but the ability to recognise the differences between two cultures and embracing them is in my view key. Here are some that come to mind: -
· How we communicate differs, Brazilians express warmth through gestures and physical contact when endeavouring to make new connections.
· Time is often seen as more fluid, with schedules being treated as guidelines rather than being set in stone. Meetings and events may start later than planned, and this is seen as being spontaneous and flexible.
· Social behaviour - Great importance is placed on hospitality and warmth. Social occasions are informal and inclusive including business settings, with the focus on building personal connections.
· Hierarchy - Brazilians value authority and seniority, with importance placed on titles and respecting those in power.
· Work-life balance – Social connections are of the upmost importance with a focus on family, leisure time and prioritizing personal relationships.
Undoubtedly, there are some generalizations in what I have written above but the take away in my experience is to be aware and understand these differences, which can only help you build strong and lasting relationships.
Counting Down: A Roundtable Preview of Brazil’s iGaming Era 🎰
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🇧🇷 As Brazil finally gives the green light for sports betting and iGaming, industry leaders are gearing up for a transformative chapter in 2024. Read an interview with key figures of Brazil’s iGaming industry, including Head of Accounts LatAm at EvenBet Gaming Roman Bogoduhov.
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Panelists focused on the meticulous preparations undertaken by suppliers, understanding local player preferences, and exploring the collective vision for the future of this burgeoning market.
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Read the interview – https://lnkd.in/eykDH68k
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