"Regulation is not a status, it's a process": Matt Sahakian on Brazil, cultural bridges, and the future of iGaming in LatAm
I recently caught up with Matt Sahakian, an independent iGaming consultant with deep roots in the Latin American market, representing top-tier Brazilian operators and connecting them with global opportunities. It was one of those conversations that starts with a handshake and ends up covering the philosophical underpinnings of an entire industry. We talked Brazil, regulation, culture, AI, and where this whole thing is headed next.
From Armenia to Latin America
Matt’s story isn’t a typical iGaming origin tale. He moved from his birth country, France, to Armenia to start his journey in the iGaming industry with Digitain, where his rare combination of Spanish, Portuguese, French, and Armenian made him probably the only one based in Armenia with the linguistic range to bridge European, Latin American, and local markets with ease. “I was contributing to tropicalise the terminology … to adapt the technology to Latin American markets,” he added.
His early work involved painstaking Jira tasks, effectively translating not words but betting culture, making sure a platform built in Yerevan would resonate with players in Peru or Argentina. “An improvement that you do for the Peruvian market would be absolutely completely different from what’s needed for Argentina,” he explained. “Those are two iGaming markets that have nothing to do with each other.”
That cultural intelligence eventually led him to launch his own consultancy in 2025, following the regulatory changes in Brazil, where he now represents some of the biggest licensed operators. He had previously served as Head of Strategic Projects for LATAM at BetConstruct.
Why cultural fluency beats AI translation
One thing Matt said really stuck with me. We live in an age where AI can translate anything in seconds. This is increasingly true in iGaming, where AI-first operational models are becoming the norm for everything from personalisation to compliance. But Matt drew a sharp line between translating language and translating culture.
“Nowadays it’s not about translating languages. Translators, AI translators, and many other technological tools are already bridging that gap of communication,” he said. “It’s about adding something about the culture. And how do you translate culture? This is something that is deeply about a higher purpose in business, and in iGaming, so much depends on culture.”
It’s a point that’s easy to overlook in a tech-driven industry, but it’s precisely what makes or breaks an operation in Latin America. You can have the slickest platform in the world, but if you don’t understand the local betting habits, payment preferences, and regulatory nuances of each individual market, you’re going to struggle.
Brazil: the hype vs. the reality
I asked Matt the question that’s been on everyone’s mind for the past two years: is Brazil living up to the hype? His answer was measured, honest, and refreshingly nuanced.
“Regulation in Brazil is a process, and is in process,” he said. “Of course, we are entering the second official year of the regulation. But the reality on the ground is much more diverse and a bit more complex.”
He’s not wrong. Brazil’s federal licensing framework under the Secretariat for Prizes and Betting (SPA) officially kicked off on 1 January 2025, requiring operators to hold valid licences from the Ministry of Finance. But in February 2026, the market was rocked by the proposed (and ultimately rejected) CIDE-Bets, a 15 per cent tax on player deposits that would have hammered licensed operators while handing a gift to the thousands of unlicensed platforms still serving Brazilian players.
Matt pointed to a detail many international observers miss: Brazil’s regulatory journey didn’t start with the federal licence. The Loterj licence in Rio de Janeiro was already collecting taxes on online gaming operations two and a half years before the federal framework activated. However, the Loterj story has since taken a dramatic turn. In early 2026, following a Supreme Federal Court ruling, Loterj-licensed operators were ordered to cease operations outside the state of Rio de Janeiro and implement geolocation tracking to enforce state borders. “Regulation is like success: it’s not a status, it’s a process,” Matt explained.
It’s a perspective that industry stakeholders would perhaps do well to internalise, especially with President Lula publicly expressing concerns about the expansion of online betting platforms and calls for stronger controls continuing to shape the political debate.
The AI imperative for LatAm operators
Matt made a compelling case for why Brazilian and Latin American operators need to look beyond their borders. The technology conversation, he argued, is moving too quickly for anyone to afford staying in their comfort zone.
“iGaming is a strong representation of how fast technology is evolving,” he said. “This AI revolution has found, in a couple of months, so many ways to be used and to be at the service of the success of the operation. This is one more reason for operators from Brazil, from LatAm, to go and see what is going on outside of their comfort zone.”
He’s right on the money. AI is no longer a nice-to-have in iGaming. In 2026, operators who are serious about AI-driven user journeys are seeing increases in player lifetime value of 20 to 40 per cent, while AI-powered responsible gambling tools are shifting the industry from reactive resilience to proactive prevention.
The land-based dream: tourism, jobs, and untapped potential
Perhaps the boldest part of our conversation came when Matt looked beyond online gaming to what could be Brazil’s next frontier: retail and land-based operations.
“Retail operations in iGaming are linked to hotels and resorts,” he said. “The potential for job creation for a country like Brazil, where tourism is underdeveloped, underexploited, underpromoted, is something huge.”
The legislative path for land-based casinos in Brazil remains bumpy. Bill No. 2,234/2022, which would legalise casinos in resort and tourist complexes alongside bingo halls and horse racing, was pulled from the Senate agenda in mid-2025. In December 2025, the Senate plenary rejected an urgency request by 36 votes to 28, so the bill did not get fast-tracked and continues through the normal legislative process. That means there is no final approval date yet, and it still needs a plenary vote before it can move to presidential sanction. But backers of the legislation estimate it could attract up to R$100 billion in investment and create around 1.5 million jobs. Industry leaders like Magnho José, President of IJL, have predicted a significant change could take place in 2026 with a vote on the bill.
Matt’s broader point was about pride and purpose. “Online regulation alone created a tremendous amount of jobs, well-paid jobs, for an entire group of dynamic, young, and talented professionals,” he said. “We should be proud about what our industry and the regulations that come with it are bringing to society.”
Matt described 2026 as an “extremely intense” and “extremely diverse” year on the conference circuit, with SiGMA Eurasia last February, events across Brazil and LatAm, including BiS SiGMA South America, and SiGMA World all on his calendar. He’s a strong advocate for operators building diversified, versatile strategies, exploring new markets while absorbing the latest technologies at events like these.
As Matt put it: “We should be proud, we should be thriving globally, and we should not be shy about the amazing industry and community that we represent.” I couldn’t agree more.
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