Brazil, with its population of over 210 million, has a number of unique challenges when it comes to identity verification, according to Roger Redfearn-Tyrzyk, VP of Global Gaming at IDnow.
Writing on LinkedIn, Redfearn-Tyrzyk asserted that the Brazilian gambling market has ‘significant potential’ and offers a wide range of opportunities. The market has been estimated to be worth over $6bn, with sports betting being the largest segment.
IDnow – an identity verification platform – aims to overcome issues in the region where the reliance on paper documents and varying levels of access to technology and documentation often make it difficult to verify identities efficiently and inclusively.
The VP highlighted that many people in Brazil do not have access to official identification documents, which makes it difficult for them to access services that require identity verification.
“This creates a barrier to financial inclusion, as many banks and financial institutions require official identification to open an account,” he explained.
With the upcoming regulation for online gambling in the country, the market is expected to grow significantly. Therefore, there is a greater need to ensure that players are protected and that their money is secure.
He stated that this creates an opportunity for companies that can provide reliable and efficient solutions for identity verification and fraud prevention.
The potential of Brazil has not gone unnoticed by operators, with the likes of Entain marking the nation down as a key target market for the years ahead. All that stands in their way is the lack of federal regulation – but observers are hopeful for that to come into force this year.
“The Brazilian population is known for its passion for sports and gaming, making it an attractive market for both local and international operators,” Redfearn-Tyrzyk continued. “There is also an opportunity for innovation in the market, particularly in the area of responsible gambling.”
He summarised that the Brazilian gambling market presents ‘a wide range’ of opportunities for companies that can navigate the challenges and operate responsibly: “As the market continues to grow, it will be essential to maintain a focus on regulation and responsible gambling to ensure a sustainable and thriving industry.”
Furthermore, IDnow’s goal is to offer, by leveraging AI and biometric verification, a solution for every company in i.e. Brazil, Colombia, Chile, Peru and more, which could be made possible by its technology being integrated with government databases to verify identities, which even covers those without official documents.
Moreover, the VP stated that biometric verification techniques offer a more reliable way of confirming someone’s identity, reducing the risk of fraud and errors.
He commented: “Brazil is moving towards regulating online gambling to ensure tax gains from licensees and to protect players.
“This regulation will require robust identity verification solutions to ensure that only authorised individuals can access online gambling services. Our technology can help ensure that players’ money is secure and that only authorised individuals can access online gambling services.”
With its large population, South America is often forgotten, he explained, warning that this oversight can have serious consequences, particularly when it comes to identity verification.
“As Brazil and other Latin American countries move towards regulating online services, it is crucial to ensure that solutions are inclusive and accessible to everyone, regardless of their access to technology and documentation,” Redfearn-Tyrzyk added.