Brazil is now the world’s largest online gambling market, with a new licensing regime coming in 2025. Experts Udo Seckelmann (Bichara e Motta) and James Kilsby (Vixio) break down how crypto—especially USDT—has fueled the boom, and what’s changing. While crypto will be banned for player transactions, it may remain in back-end use. We also discuss PIX, offshore competition, and regulatory challenges.

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