Sportradar, the Switzerland-based sports technology and betting services company, has opened a new office in Sao Paulo, Brazil.

The firm has said this represents a major milestone in terms of its expansion across Latin America as a region, with Brazil having legalized sports betting in 2018 and then having moved to regulate it (as part of overall online gambling restrictions) over recent months.

The firm has already been active in Brazil for close to a decade, partnering with sports bodies across soccer, basketball, and volleyball, and also working alongside sports betting operators to provide new fan engagement solutions.

Online gaming revenue in Brazil is projected to more than double over the next half-decade, and reach close to $9 billion by 2029. In terms of the regulations outlined earlier this year, gaming operators will face penalties if they do not secure a license by the end of 2024, amongst other aspects.

Sports betting - which some have argued is responsible for a gambling addiction issue in the country - is highly popular in Brazil; indeed, according to a 2023 report the country represents the third-biggest sports betting market worldwide.

The local sports betting industry is estimated by Brazil’s economy ministry to have handled $21 billion in transactions in 2023.

Eduard Blonk, Sportradar’s chief commercial officer, said: “We have already established a strong business foundation in Brazil and see immense growth opportunity, driven by its large population and widespread popularity of sports, in particular football, an area in which we excel globally.”

Sportradar has stated that the move signifies its “continued commitment to Brazil and reflects the dynamic growth potential of the country’s soon-to-be regulated sports betting market.”

Overall, Sportradar now has 28 offices across 22 countries and five continents.