Americas NEWS

Boyd Gaming Corporation’s Q1 2024 report reveals a slight dip in overall revenue, with a 0.4 percent decrease from Q1 2023, amounting to $960.5 nillion. This decline is attributed to a 4.5 However, the company’s online segment showed a promising 19 percent growth, bringing in $146.2 nillion and partially offsetting the land-based losses.

The company cites severe weather conditions in the South and Midwest, coupled with heightened competition in the Las Vegas locals market, as contributing factors to the land-based revenue decline. EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring or Rent Costs) also saw a 10 percent year-on-year decrease, falling to $330.5 million in Q1 2024. Furthermore, net income experienced a significant 31.7 percent drop, settling at $136.4 million.

He credits the company’s disciplined operating and marketing strategies for maintaining strong operating margins. Smith also highlights the company’s robust cash flows and balance sheet, which enable ongoing capital returns to shareholders through share repurchases and quarterly dividend programs.

Boyd Gaming has established a significant presence in the US online gaming market through a strategic partnership with FanDuel, the leading US sportsbook by market share. The company holds a 5 percent equity stake in the platform and expects the online segment to generate $60-65 million in EBITDAR for the year.

Boyd’s Interactive business, a subsidiary offering both B2B and B2C iGaming services, strengthened its capabilities in 2022 following the $170 million acquisition of Pala Interactive from the Pala Band of Mission Indians.

Analysts at JMP Securities noted negative trends across several areas of the Las Vegas market in Q2, including a decline in downtown visitation and spending in the locals market. While they anticipate that tough comparables will ease in mid-2024, they also acknowledge that competitive pressure is impacting results.

Despite these challenges, the company remains committed to investment, with CFO Josh Hirsberg emphasizing a disciplined approach to M&A. Hirsberg also reaffirmed the company’s commitment to business investment as a prudent use of capital.

JMP highlighted that Boyd’s growth budget doubled to $200 million in 2024, which could potentially spur growth in 2025. This follows three consecutive years of EBITDAR declines. Despite these challenges, JMP reiterated its Market Perform rating for the stock following the Q1 2024 results.

As of the report, Boyd Gaming Corporation (BYD) is trading at $53.18, marking a 15.44 percent decrease.

Aristocrat Leisure Limited, early on Friday morning, announced the successful completion of its acquisition of NeoGames S.A., a gaming platform provider based in Luxembourg. This was made possible after all closing conditions and requirements were met.

The acquisition, which was “overwhelmingly supported” by NeoGames shareholders during a meeting, has allowed Aristocrat to broaden its Real Money Gaming (RMG) offerings.materially advances Aristocrat’s ‘build and buy’ strategy,” enabling the group to compete in attractive online RMG verticals globally.

Furthermore, the acquisition will allow , customer relationships, and expanding capabilities across an even broader range of channels and geographies. This will add to the group’s resilience and accelerate future growth.

Aristocrat also announced that it would merge its existing Anaxi segment with NeoGames to form a new integrated global business, which will operate under the name Aristocrat Interactive.

Moti Malul, the CEO of NeoGames, has been appointed as the CEO of Aristocrat Interactive and will join Aristocrat’s executive leadership team, reporting to Aristocrat CEO Trevor Croker.

Croker expressed his excitement about welcoming NeoGames to Aristocrat, stating, “The acquisition of NeoGames and its leading global online RMG platform adds to our increasing organic capabilities and will ensure that we deliver on our strategy by providing a portfolio of end-to-end solutions for iGaming, iLottery, and OSB operators globally.”

He further added, “With our ambition to be the leading gaming platform for the regulated online RMG industry, the addition of NeoGames to our team advances our strategy to build global scale and capability.”

Aristocrat Leisure Limited’s acquisition of NeoGames marks a significant shift in the gaming industry. This strategic move expands Aristocrat’s online Real Money Gaming (RMG) reach, diversifies its revenue streams away from traditional land-based operations, and offers enhanced gaming experiences. The addition of NeoGames bolsters Aristocrat’s global scale and capability in the regulated online RMG industry. The integration of Anaxi and NeoGames under the new Aristocrat Interactive banner signifies a unified global business, ready to make waves in the industry.

As the IOC invests in technology to maintain the integrity of competitions and prevent manipulation, we explore the sports betting landscape during the Paris 2024 Olympics. Speaking on a at the second day of the BIS SiGMA Americas conference were Mr. Felipe Marchetti, representing Sportradar, Tiago Horta Barbosa from Genius Sports, Luiz Gustavo Zonca from Rei do Pitaco, and Mr. Roberto Armelin, Executive Director of ESG Risk Compliance at São Paulo Football Club.

The conversation explored the multifaceted challenges and potential solutions in ensuring the integrity of sports competitions.

Mr. Felipe Marchetti emphasised the paramount importance of transparency and responsibility in their integrity efforts. He affirmed that their comprehensive 4 pillar methodology had uncovered no indications of match manipulation during the Brazilian Championship 2023, citing robust fraud detection systems and collaborative partnerships with sports federations and media outlets.

“When we work with integrity, we have to focus on two main points. The first one is transparency, and the second one is responsibility. responsibility both with the professionals, athletes, coaches, managers, as well as with the industry.”

As the discussion unfolded, the focus shifted to the critical role of education in fostering integrity awareness among athletes and stakeholders. Tiago, representing Genius Sports, underscored the necessity of a holistic approach, highlighting initiatives such as São Paulo Football Club's integrity and the Tricolor program as examples of proactive education and awareness campaigns within sports organisations.

The conversation expanded to encompass the broader sports landscape, acknowledging the prevalence of integrity issues beyond football. Tennis emerged as a notable example of proactive integrity measures, with the establishment of the International Tennis Integrity Agency setting a standard for other sports to emulate. However, challenges persist, particularly in resource-constrained sports like table tennis, where effective integrity frameworks are still being developed.

The discussion also broached the topic of punishment for integrity breaches, acknowledging the complexities inherent in imposing sanctions. While recognizing the need for deterrent measures, panellists stressed the importance of fair and proportionate enforcement mechanisms, underlining the vital role of education, monitoring, and collaboration in upholding the integrity of Brazilian sports.

“I think that education is the most important element of the treatment of this whole system that we are talking about here. Match fixing is the disease, the irregularity, the infraction of the law, the principles, of the treatment of this whole system that we are talking about here,” commented Mr. Roberto Armelin.

In conclusion, the panellists emphasised the imperative of collective action and ongoing investment in integrity initiatives to safeguard the values of fair play and sportsmanship. Through education, vigilant monitoring, and appropriate sanctions, the sports community can mitigate the risks posed by integrity threats and cultivate a culture of integrity and transparency in Brazilian sports. As the conversation concluded, it became evident that the journey toward integrity in sports is a collaborative endeavour, requiring sustained commitment and cooperation from all stakeholders involved.

SiGMA Group Founder Eman Pulis met yesterday with Mr Plinio Lemos Jorge, President of the National Association of Games and Lotteries (ANJL), as well as members of the União Brasil Party - National President, Antonio Eduardo Gonçalves de Rueda, Advisor, Mariana Monteiro Fernandes de Carvalho, and Manuel Arruda, President of the Party. They were also joined by Vinícius Moraes De Carvalho, Investment Partner at Ikigai Ventures.  

In the words of SiGMA Group Founder, Eman Pulis, "It was a great opportunity to meet with some of Brazil’s most influential figures in the gaming and regulatory landscape and to share our plans at SiGMA with them. 18 months ago we launched a dream to set foot in the Americas and be one of the most significant conferences for the region - and not just for the sake of doing a conference but to lead the charge and raise awareness that regulated online gambling is the way to go."

“I see a very bright future - not only for the Americas, not only for Brazil, but especially for São Paulo.”

Speaking to SiGMA News, Mr Jorge commented that, "As president of ANJL, I can only thank, on behalf of the members, the receptivity of the SiGMA Group, through its president, Eman Pulis, during BIS SiGMA Americas."

"We spoke about the national scenario of the sports betting and online gaming market at a very important moment, in which Brazil structures the sector's regulations. My guests and I were impressed by the magnitude of the event, which confirms our country as a promising market."

"Mr. Pulis invited us to be present at other editions of SiGMA, including in other countries. There will certainly be new opportunities for us to keep on taking our vision of Brazil to the main global players"

Having assumed his role just a few weeks ago following the conclusion of outgoing President Wesley Cardia’s on-year term in office, Lemos Jorge, a prominent lawyer and former judge, brings a diverse skill set to his new role. His emphasis on active listening, collaboration, and transparency underscores his commitment to representing and defending the interests of ANJL members effectively.

Mr Jorge is a lawyer and partner at Lemos Jorge Advogados Associados, holds a Master’s degree in Tax Law from PUC-SP, is a doctoral candidate in Business Law, and a former judge at the Tax and Fees Court of the State of São Paulo. Read his interview with SiGMA News .

The União Brasil Party is a liberal-conservative political party in Brazil. The party was founded on 6 October 2021 through the merger of the Democrats (DEM) and the Social Liberal Party (PSL). The merger resulted in the biggest party in Brazil, and was approved by Brazil's Superior Electoral Court on 8 February 2022.

The BIS Awards, held as part of the BIS SiGMA Americas , began with a welcome reception in the lobby of the Um Rooftop. Live pop and rock serenaded guests, creating a perfect environment for executives to network before the start of the ceremony.

Hosted by Elia Junior, the gala evening acknowledged winners across competitive categories such as Best Marketing Campaign and Best Games Producer. The event also held a charitable auction, with items including a Brazilian team shirt autographed by the legendary player Cafu, a guitar autographed by Zezé de Camargo, and a Brazilian team shirt autographed by the late Pelé. Unsurprisingly, the latter received a huge amount of interest, resulting in a fierce bidding war. It closed the auction with the highest bid of the night - bringing in $16,000.

And the winners are:

Sponsor of the Year - Superbet

Superbet, a prominent name in the Igaming scenario, leads as the sponsor of the year, investing in initiatives that drive the industry.

Best Marketing Agency - iGaming Media

iGaming Media, recognised for its creativity and effectiveness, is awarded the best marketing agency.

Best Marketing Campaign - Lucky Sports

The "Sports of Luck" campaign stood out as the best of the year, with an innovative and engaging approach.

Best Media in the Sector - Betinfo

Betinfo won the best media prize in the industry for his commitment to quality and accuracy.

Best Game Producer - Pragmatic Play

Pragmatic Play dominates as the best game producer, impressing with their constant quality and innovation.

Best iGaming Platform - Cactus Gaming

Cactus Gaming rises as the best igaming platform, offering an exceptional experience to players and operators.

Best Casino Online - Bet7K

Bet7K is recognized as the best online casino, providing high quality entertainment and a safe environment for players.

The best sports betting operator - Estrela Bet

Estrela Bet was recognized as the best sports betting operator.

Best affiliate of the year - Pedrão Bet

Pedrão Bet stands out as the best affiliate of the year, demonstrating expertise in their work.

Influencer of the year - Pedro Feitosa

Pedro Feitosa is recognized as the influencer of the year, using his platform to promote awareness and engagement in the iGaming community.

Best affiliation company - Super Affiliates

Super affiliates receive the best affiliation company award, leading with innovative programs and exceptional support for affiliates.

Rising Star of the Year - Legitimuz

Legitimuz shines as the rising star of the year, impressing with their vision and execution within the industry.

Best Crash Game - Aviator (Spribe)

Spribe Aviator is recognised as the best Crash game, offering an exciting and captivating experience to players.

Best Slot Game - Gates of Olympus (Pragmatic Play)

Pragmaatic Play Gates of Olympus takes the best Slot game prize with its impressive graphics.

Best Bingo Game - Don Bingote (Neko Games)

Don Bingote of Neko Games is celebrated as the best bingo game, offering fun and excitement to fans of this classic.

Best Payment Medium - Pixtopay

Pixtopay is recognised as the best means of payment, facilitating safe and efficient transactions in the igaming industry.

Best law firm - Mylaw - Maia and Yoshiyasu Lawyers

Mylaw - Maia and Yoshiyasu Lawyers are awarded as the best law firm, with specialized legal advice and solutions to the industry's legal challenges.

C-Level of the Year - Daniel Romanowski (Lottopar)

Lottopar Daniel Romanowski is recognised as the C-Level of the year, leading with exceptional vision and skill.

Executive Woman of the Year - Talita Lacerda (Bet7K)

Talita Lacerda of Bet7K is honored as the executive woman of the year, showing leadership and excellence in her position.

Featured Professional - Alex Fonsceca (Superbet)

Alex Fonsceca, from Superbet, is highlighted as the highlighted professional, contributing significantly to the success and growth of the company.

Honour Award - SBT

SBT receives an honour award, recognising its contribution to the promotion and development of the iGaming industry.

Honour Award - Paulo Saad

Paulo Saad received the Honor Award, in recognition of his dedication and positive impact on the sector.

Honour Award - Deputy Newton

Deputy Newton received a prize of honour for his commitment to promote policies that boost the industry's responsible growth.

Honour Award - Brazil Fernandes

Brasil Fernandes is also honoured, celebrating his contribution to the Igaming sector.

Honour Award - Eman Pulis

Eman Pulis, CEO of SiGMA Group, is recognised with a prize of honour, in gratitude for his efforts to promote and strengthen industry through events and various other initiatives.

And with that the event wrapped up a memorable evening with a round of champagne and live music in the lobby.

David Einhorn, co-founder of Greenlight Capital and a seasoned hedge fund investor, has strategically invested in Penn Entertainment amidst market volatility. This significant investment, made in the first quarter of this year, is a part of Einhorn’s ongoing efforts to diversify his portfolio.

Einhorn’s investment in Penn Entertainment has sparked curiosity about the future governance of such gambling giants. The trend of activist hedge funds influencing casino operators is reshaping the industry, and Einhorn’s recent move aligns with this shift. Given his style of investment history, insiders say it’s plausible that Einhorn may take an active role in Penn’s governance. As these developments unfold, the casino sector is keenly observing the potential implications. The question that lingers is whether the future of the gambling industry will be dictated by the strategic moves of hedge funds.

In a similar vein, led by former Goldman Sachs banker Parag Vora, also took a proactive stance in Penn Entertainment. With an 18.5 percent stake in the company, HG Vora also requested the appointment of directors to Penn’s board, signalling its intent to influence the company’s decision-making. This move came following concerns over Penn Entertainment’s undervalued stock, which experienced a 16 percent decline throughout 2023. Vora expressed dissatisfaction with the company’s board structure and strategic direction, calling for immediate changes.. The intervention led to a nearly immediate 4.8 percent surge in the share price. This move ignited discussions about the

Over the first quarter of this year, Einhorn has been building a significant stake in Penn Entertainment. Despite the stock’s value declining from $22.69 to $17.44 per share, largely due to investor skepticism following Penn’s challenging acquisition of Barstool Sports, Einhorn remains optimistic. He sees potential in sports betting and believes that if Penn executes it correctly, it could significantly boost the company’s shares.

In the fourth quarter, geopolitical risks led Einhorn to pause his new stock acquisitions, a move he referred to as a “buyer’s strike”. Despite this, his hedge fund managed to yield a 4.9 percent return in the first quarter of 2024, contrasting with the S&P 500’s 10.6 percent gain during the same period.

Einhorn’s investment prowess extends beyond Penn Entertainment. He revealed a first-quarter stake in HP, anticipating an AI-driven personal computer adoption cycle. He also ventured into the biotech sector, taking new stakes in Roivant Sciences and the Class A shares of Liberty Global (LBTYA).

Einhorn’s strategies reflect his adaptability and foresight in a volatile market. His faith in Penn Entertainment’s potential in sports betting, coupled with his investments in tech and biotech sectors, underscores his vision for future market trends. As the gambling market, particularly sports betting, continues to evolve, it will be intriguing to see how Einhorn’s investments unfold. Will the future of the gambling industry be dictated by the strategic moves of hedge funds like Greenlight Capital? The answer remains to be seen.

The sports betting compliance industry has experienced some M&A activity, with US Integrity and Odds On Compliance merging to form a new entity known as Integrity Compliance 360 (IC360). The merger was announced by sports tech venture capital fund, SeventySix Capital, earlier this week. By combining its resources and expertise, IC360 will enhance its offer with a comprehensive suite of services.

IC360 will offer a combination of integrity monitoring services, compliance advising, and products to serve clients from both companies. This includes t and international clients in Europe and Brazil. One of the services offered by IC360 recently flagged illicit betting activity With its broader client base IC360 is on its way to becoming a leading player in the industry.

Despite the merger, it will be business as usual for clients of US Integrity and Odds On Compliance. The original products of each firm will continue without interruption, now unified under the IC360 brand. This includes the Integrity Monitoring dashboard, PlayBook AI, and ProhiBet.

How are things going to change with this merger? For example, the collaboration on ProhiBet, a tool that monitors sports betting compliance for athletes and team personnel, is most definitely a sign of more innovative solutions to come that will shape the industry standards, particularly around transparency, accountability and ethical standards.

The merger of US Integrity and Odds On Compliance was initially announced last October, following the collaboration on ProhiBet, a tool that monitors sports betting compliance for athletes and other team personnel.

IC360 aims to be a one-stop shop of regulatory technology solutions and compliance expertise for the rapidly evolving sports betting and gaming industry. Wayne Kimmel, the managing partner of SeventySix Capital, stated that the merger is a significant event in the evolution of the sports, media, and entertainment asset class. He explained that IC360’s commitment to ensuring transparency, accountability, and ethical practices across the global sports betting and gaming industry, which is worth hundreds of billions of dollars,

The leadership of IC360 will comprise former executives from US Integrity and Odds On Compliance. Matt Holt, (photo above on left), the former CEO of US Integrity, will lead IC360 as CEO, while Eric Frank, (photo above on right) the former CEO of Odds On Compliance, will serve as President. Scott Sadin, (photo above centre), who previously served as COO of US Integrity, will take over as COO of IC360. Kimmel, the original investor in both companies, will serve on IC360’s board of directors.

In a keynote delivered at the BIS SiGMA Americas today, Malta's inaugural Ambassador to Brazil and Chile, the Hon. John Aquilina, uncovers the strategic vision behind Malta's venture into the heart of Latin America. With a focus on cementing diplomatic ties and fostering mutual growth, he sheds light on the shared synergies. The ambassador also features in the most recent issue of SiGMA magazine - read his full interview .

As the ambassador spearheads the establishment of Malta's embassy in Brasilia, he elucidates the rationale behind this groundbreaking initiative. Despite the geographical distance and contrasting demographics, he emphasizes the profound historical, cultural, and economic connections binding Malta and Brazil. Through his diplomatic endeavors, he aims to spotlight these commonalities and unlock the untapped potential for collaboration.

“I strongly believe  in what is happening with iGaming here in Brazil.“

With Malta's status as a member of the European Union and its strategic location in the Mediterranean, Aquilina underscores the strategic advantages it offers to Brazil. From serving as a pivotal distribution hub to leveraging expertise in digital technology and financial services, Malta presents a wealth of opportunities for Brazilian businesses seeking to expand their global footprint.

At the heart of this diplomatic mission lies Malta's burgeoning iGaming industry, epitomized by the success of SiGMA, a Maltese company at the forefront of the sector. The ambassador highlights how SiGMA's presence in Brazil not only showcases Malta's prowess in digital technology but also fosters bilateral partnerships and knowledge exchange.

“I'm very happy to be centered in Brazil because I believe that Brazil is very much the heart of Latin America, the voice of Latin America. What happens in Brazil has enormous consequences for the rest of this continent.“

Drawing from his extensive diplomatic career spanning multiple countries, Aquilina articulates the imperative of legalizing and regulating gaming activities. With Brazil on the cusp of embracing legal iGaming, he stresses the importance of responsible legislation to safeguard consumers and combat illicit gambling.

In closing, John Aquilina reiterates his unwavering commitment to strengthening Malta-Brazil relations and advancing the cause of legal iGaming. Through proactive diplomacy and strategic alliances, he envisions a future where both nations thrive in harmony, propelled by mutual respect and shared prosperity.

SiGMA Americas 2024 got off to a flying start this morning, with an official opening ceremony attended by SiGMA Founder Eman Pulis, Co-Founder and creator of BIS and Super Affiliates, Alessandro Valente, and Carlos Cardama, co-founder of BIS - marking the start of the two day expo and conference. The event is being held at the Transamerica Expo Centre in São Paulo.

Valente set the tone by expressing gratitude for the occasion and underscored the event's significance in fostering crucial discussions about the future trajectory of the market. His words resonated with the audience, setting the stage for a day packed with insightful discussion, exhibition, and networking. Following his speech, Valente graciously welcomed Eman Pulis to the stage.

Pulis took the spotlight, recounting the journey that had led to the realization of the dream to establish the Americas as a prominent hub for online gaming conferences. 

“18 months ago we launched a dream to set foot in the Americas and be one of the most significant conferences for the region - and not just for the sake of doing a conference but to lead the charge and raise awareness that regulated online gambling is the way to go.”

With passion in his voice, Pulis highlighted the evolving landscape, noting the increasingly progressive stance adopted by even the most conservative nations towards embracing regulated gaming.  

He cited examples such as Dubai and Singapore, where the integration of gambling options within integrated resorts has spurred economic growth, emphasizing the pivotal role of such initiatives in driving both economic and social advancement. The former of which has also set up a regulatory body to regulate online gambling.

Offering a glimpse into SiGMA Group's future endeavors, Pulis teased forthcoming plans, pledging to explore all emerging opportunities. He reiterated the mission to champion regulated gaming as the way forward and rallied all attendees to join hands in this collective journey towards progress. ‘The road ahead is very long, but one thing I can promise you is that SiGMA Group is going to be knocking on every single door that is available to us. Regulated gambling is the way to go’, he affirmed, instilling confidence in the transformative power of their shared vision.

“I see a very bright future - not only for the Americas, not only for Brazil, but especially for Sao Paulo.”

Carlos Cardama, co-founder of BIS, graced the stage next, echoing the sentiments of commitment and gratitude. Emphasizing the event’s role as a beacon for Latin America, Cardama extended heartfelt thanks to all participants and lauded the remarkable technological advancements driving significant changes in the industry. "With the technology at our disposal, we are one step away from achieving first-world status," he proclaimed, encapsulating the spirit of innovation pervading the event. In closing, Cardama reiterated his profound appreciation and extended a warm welcome to all attendees.

The meticulous planning and unwavering dedication invested in orchestrating the event were palpable, reflecting SiGMA’s unwavering commitment to excellence. Follow us on social media or visit for all the latest updates as they happen. Join the official SiGMA Telegram Channel  

Kicking off the BIS SiGMA Americas at the Transamerica expo center in Sao Paulo this morning, panelists Dr. Francisco Petronio de Oliveira Rolim, President and Director of the State Lottery of Paraiba - LOTEP, Marcello de Mello Corrêa, a Senior Consultant at Axis Veritas Consultoria, Daniel Romanowski, President and Director at State Lotteries of Parana - Lottopar, and Fernanda Carla de Oliviera, Director at State Lottery of Santa Catarina, Lotsec, examined the changing face of Brazil’s state lotteries and highlighting highlighting the experiences of Paraná and Paraíba.

Legal Decisions Shaping the Landscape

The discussion began with Marcello Corrêa emphasizing the significance of a Supreme Court decision that reshaped the state lottery sector. This decision paved the way for the revival of lotteries in states like Paraná and enabled Paraíba to embark on a journey of transformation in its lottery operations.

The Paraná Lottery: A case study in operational growth

Dr. Daniel Romanovich, representing the Paraná Lottery, shared insights into the development and operationalization of the lottery in the state. Despite the initial closure of the Paraná Lottery in 2005, recent efforts have led to its resurgence. Dr. Romanovich highlighted the strategic approach taken, which included the establishment of a central platform, collaboration with accredited laboratories, and the rollout of editorial processes for operator selection.

Paraíba's lottery reimagined

Dr. Francisco Petronio, speaking on behalf of Paraíba's lottery, emphasised the state's commitment to innovation and social impact. With the legal groundwork laid by the Supreme Court decision, Paraíba embarked on a journey of transformation, leveraging innovation to expand its lottery offerings. Dr. Francisco outlined the introduction of various lottery modalities, including passive lottery, instant lottery, and fixed-rate betting, all aimed at enhancing the lottery experience and contributing to social initiatives.

“The state lottery of Paraíba has advanced within responsible gaming, within innovation, so that it can contribute through social actions that we understand to be relevant and viable.“

Collaboration and future prospects

The panel discussion underscored the collaborative efforts between states and stakeholders within the lottery sector. From legal professionals like Marcelo Corrêa to lottery operators and government representatives, there was a shared commitment to advancing the industry responsibly. The exchange of ideas and experiences served as a catalyst for future innovations and collaborations, with a focus on delivering meaningful social impact through lottery initiatives.

The evolution of state lotteries in Brazil reflects a dynamic blend of legal, operational, and social considerations. With legal decisions enabling revitalization and innovation driving operational growth, state lotteries are poised to play a significant role in shaping the socio-economic landscape of Brazil. As stakeholders continue to collaborate and innovate, the future of state lotteries holds promise for both operators and the communities they serve.