The online betting market has evolved rapidly in recent years, and the integration of cryptocurrencies in online casinos is one of the main factors that have transformed this sector. In Brazil, this trend is gaining strength as the popularity of digital assets grows, offering advantages such as faster transactions, greater security and privacy for players.
Brazil is one of the leading countries in the adoption of cryptocurrencies in Latin America. According to the Central Bank, between January and September 2024, net imports of cryptoactives increased by 60.7% compared to the same period of the previous year, totaling US$12.9 billion. This number already exceeds the US$ 11.7 billion recorded in the entire year 2023.
The popularity of stablecoins such as USDT (Tether) is impressive, accounting for nearly 70% of all cryptocurrency transactions in the country. Furthermore, the number of Brazilian investors in Bitcoin continues to grow, with experts estimating that by 2024 the country will have more than 11 million individual investors in cryptocurrencies.
This trend demonstrates Brazilians’ interest in decentralized financial alternatives, also boosting the use of cryptocurrencies in sectors such as online entertainment. Crypto casinos, that is, those online casinos that accept cryptocurrencies, offer a different experience for players.
These platforms are at the forefront of this movement, allowing users to deposit and withdraw funds in cryptocurrencies like Bitcoin, Ethereum, and even stablecoins like USDT. While traditional payment methods can take days to process withdrawals, cryptocurrencies allow for near-instant transactions.
And many gamblers value the anonymity provided by cryptocurrencies, especially in a country where gambling regulations are still hazy. In 2024, it is estimated that the volume of bets placed in cryptocurrency casinos in Brazil will have grown by more than 40% compared to the previous year, proving to be one of the favorite options among online gaming enthusiasts.
Despite the growth of the online betting market, gambling regulation in Brazil is still under construction. Currently, Brazilian legislation does not allow physical casinos, but online betting operates in a kind of legal “gray zone”. This means that Brazilian players access casinos hosted abroad, which accept cryptocurrencies as a form of payment.
However, efforts to regulate gambling activity in the country have yielded results. In 2023, the Brazilian government discussed a bill to formalize and tax online casinos. The process faced resistance in Congress, but a series of rules have already been approved. The regulation will bring greater legal certainty to operators and players.
Meanwhile, the use of cryptocurrencies in online casinos is seen as a practical solution to bypass regulatory barriers. As transactions are decentralized and often not linked to Brazilian financial institutions, players can continue participating without concerns about local restrictions.
The typical Brazilian player who uses cryptocurrencies in online casinos is young, technological and seeks modern payment alternatives while having fun online. According to a 2024 report by the Brazilian Cryptoeconomics Association, 60% of crypto users in Brazil are between 18 and 35 years old, which coincides with the predominant demographic profile in online casinos.
Furthermore, most of these players are attracted by the promotions and bonuses offered by casinos that accept cryptocurrencies. Some platforms offer exclusive bonuses for deposits in digital assets, further encouraging their use. More than just Bitcoin and Ethereum, platforms are starting to accept a wider variety of digital assets.
These include privacy-focused coins like Monero and blockchain-based gaming tokens. And the integration of blockchain technologies into casino games is on the rise. Games based on smart contracts ensure greater transparency, allowing players to independently verify results.
As more Brazilians adopt cryptocurrencies, the level of knowledge about how to use them safely in online casinos should increase. This includes choosing trusted platforms and securing digital wallets. On December 21, 2022, Law No. 14,478 was sanctioned, which establishes guidelines for the provision of virtual asset services in Brazil.
This law aims to create a safer environment for investors and users of cryptocurrencies, including those who use these assets on online gaming platforms. Detailed regulation is being developed by the Central Bank. The new rules, which came into effect this year, impact Brazilian investors who hold cryptocurrencies on foreign exchanges, establishing a tax rate of up to 15% on gains.
