Future of crypto betting in Brazil is discussed at Summit

At a Summit in Brazil, speakers gave their thoughts on the future of the betting industry and highlighted crypto betting.

The Payment Expert Summit has been taking place in Rio de Janeiro this week, with a range of discussions having already concluded. On January 1, the country introduced a nationwide regulated betting market with this being a topic of hot conversation.

Within the regulations, companies were only able to accept payments via the Central Bank of Brazil’s instant payments system called Pix. While it created a unified approach, there are some betting companies that have crossover customers in crypto.

According to Payment Expert, Stake’s Country Manager for Brazil Thomas Carvelhess said during the conference that “the impact we suffered in losses was 20%, which was very relevant.”

“Most of the bettors that use crypto are VIPs,” he said before continuing “this is another concern we’re having and we’re getting prepared for the next climb.

“I hope that we can work with this consolidation continuing to happen, with more awareness of the population, with more financial education, with a more mature market based on responsible gaming – all that will leave us in a better situation.”

On the online sports betting website Stake, the company describes itself as being the ‘world’s leading cryptocurrency casino and sportsbook, supporting over 20 cryptocurrencies from Bitcoin (BTC) to Polygon (MATIC).’

It’s not known whether a move in the betting regulations could include cryptocurrency payments in the future, but the country has previously launched consultations on regulations around virtual asset service providers.

In the same talk, Udo Seckelmann, Head of the Department of Gambling and Crypto at law firm Bichara & Motta is reported to have said: “Cryptocurrencies are not used for transactions, at least that’s how our legal structure sees them.

“At the same time, I see that the SPA was right when they did not accept crypto for bets because it’s still not regulated, but soon the regulation process begins under the umbrella of the Central Bank.”

Featured Image: Credit to Wilfredo Rafael Rodriguez Hernandez on Wikimedia Commons

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