Exclusive: Brazil betting market may take 3 years to stabilise, says Futuras Apostas’ Bruno Geraldini
Bruno Veridiano Geraldini’s journey, now Country Manager at Futuras Apostas, is an excellent example of how changing careers can open new doors — and how solid legal knowledge can be a strategic advantage in the sports betting market, especially now that it has become regulated in Brazil. SiGMA News spoke with Bruno during BIS SiGMA Americas 2025, and he shared fascinating insights about his market vision.
From lawyer to leader in iGaming
Bruno graduated as a lawyer, but he soon realised that this was not the career he wanted to pursue. That’s when the first opportunity in the betting sector came up: the position of Head of Legal at Betano. The experience served as a school, allowing him to understand the market’s flows and processes closely. Later, he was invited to take on the role of Country Manager at Futuras Apostas — and the legal background was, once again, a differential. “Having someone who understands regulatory risks leading the operation is a big advantage in such a sensitive sector,” he highlighted.
The race for regulation
The transition to the regulated market was, according to Bruno, one of the biggest challenges of his career. The company went through an intense adaptation process to ensure certification under the new legislation. “It was extremely stressful. At many points, I wondered if we were going to be able to deliver everything on time.”
Even after the regulation came into effect, the challenges continued. The market suffered a sharp drop in revenue and customer conversion. “Planning mattered little. Everyone was impacted,” he states.
Even so, he views the scenario with optimism: “It was a necessary path. But we are still far from maturity. It will take us two or three years until the market truly stabilises.”
One of the most sensitive points, in Bruno’s view, is the fragility of the current legal structure. Most rules come from ordinances — norms that can be changed at any time. “The concept of a provisional licence, for example, simply appeared. It wasn’t foreseen anywhere,” he commented.
For him, the market needs predictability. “You can’t build a solid business with so much uncertainty.”
The illegal market is still a big problem
Competition with illegal platforms remains one of the biggest challenges. With fewer taxes and operational requirements, these companies manage to offer higher odds and more aggressive promotions.
Bruno believes that combating this scenario requires three fronts:
- Stricter rules for payment methods, with real sanctions for those operating with illegal companies;
- Public education so bettors understand the risks of playing on unregulated sites;
- Balanced taxation, so it doesn’t make legal operations unviable.
Responsible gambling: beyond the basics
Caring for at-risk players is also one of Futuras Apostas’ core pillars. The legislation already demands a series of basic measures. However, for Bruno, the difference lies in what is done beyond that.
The company developed a scoring system that monitors player behaviour on the platform and identifies possible signs of problematic gambling. “We track behavioural evolution. Not every spike in spending is a sign of a problem. Sometimes the person just got a new job,” he explains.
This work is done with care and sensitivity. “Monitoring is essential. It takes time and context to understand whether it’s truly pathological behaviour.”
How to market in a highly restricted environment?
With new restrictions on advertising and bonuses, customer acquisition and retention strategies had to change. “Bonuses and odds are no longer the main attractions. But there’s still room for creative strategies within the regulations,” says Bruno.
According to him, the future lies in more innovative programmes, focused on LTV (lifetime value) and brand building. “Having 20,000 loyal customers can be worth more than 200,000 who disappear after two months.”
This article was first published in Portuguese on 10 April 2025.
