Stephen A. Crystal Tells iGaming Brazil the Betting Ban Is “Extremely Unfair”

SCCG Management founder Stephen A. Crystal has given an exclusive interview to iGaming Brazil, speaking about the situation facing Brazil’s online betting market, how gaming in the United States has evolved, and SCCG’s plans for Venezuela.

The interview was conducted by Flávio Figueiredo, CEO of the iGaming Brazil Group, at SCCG Management’s Open House on the Las Vegas Strip on Monday 28 September, ahead of G2E Las Vegas. Guests that day included D.W. “Dave” Barrick, Yaniv Komemi, Kelli Elizabeth Smalling, Joe Valandra, Greg MacDonald, Andrew Zarnett, Alex Cohen, Gabriel Rodarte, Oscar Garcia and Carlos Cardama.

Brazil: “Extremely unfair”

Asked about the current state of Brazil’s online betting market, Crystal said:

“It is regrettable that companies invested in good faith in Brazil’s regulated online betting market, only to be banned within a matter of months.”

“It seems extremely unfair and makes it unlikely that companies will choose to invest in Brazil again—except through unregulated channels—which is ultimately detrimental to both the population and the government, as history teaches us when we look at other markets.”

On the biggest challenge for investors considering Brazil, his answer was short:

“Without confidence in the government and the regulatory process, there can be no truly sustainable investment.”

How the US market has changed

Crystal has worked in the US gaming industry for more than three decades. He told iGaming Brazil that the industry has grown from Nevada and Atlantic City to casinos in more than 40 states, with online gaming and sports betting in dozens more.

With prediction markets now dominating the conversation, he said the central question has become state jurisdiction versus federal control, a debate that will change the landscape in ways no one can yet predict. “But one thing is certain,” he added: “the U.S. is not afraid to tackle the major challenges or opportunities in the gaming sector.”

On the state-by-state model, Crystal said it has worked reasonably well, but prediction markets, with their federal oversight, are challenging the status quo. Whether that proves temporary or a permanent part of the gaming landscape remains to be seen, and the world is watching.

He put the growth of US sports betting down to Americans’ love of watching and cheering on sport. It began with season-long fantasy sports; technology and the spread of viewing options have kept it growing, now complemented by prediction markets that are drawing participants well beyond regular bettors.

Mistakes international companies make

International gaming companies entering the US, Crystal said, often underestimate the sheer size of the market and the complexity of state, and now federal, regulation. They also underestimate how long it takes to build the infrastructure and lay the groundwork for partnerships in the country.

Venezuela Gaming Expo, 27-29 April 2027

“We will make history in Venezuela from April 27 to 29, 2027, by sponsoring the country’s first gaming trade show,” Crystal said of the Venezuela Gaming Expo. He described Venezuela as an emerging economy in Latin America, driven by unprecedented U.S. investment in the energy sector and infrastructure at large, “making it the most attractive emerging gaming market in the world.”

Asked whether SCCG is considering investing in Venezuela through any of its companies, he replied that it is, adding that Venezuela will soon become the most attractive country in the world for investment.

Read the full interview at iGaming Brazil.

Reporting: iGaming Brazil

Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.