One Market Closes, Another Opens: Stephen Crystal on Why Caracas in April Matters

Read Stephen Crystal's full "Crystal Clear" column from Global Gambling News, November 2026 (PDF)

Stephen A. Crystal, Founder and CEO of SCCG Management, has the "Crystal Clear" feature in the November 2026 issue of Global Gambling News. In it he looks at two Latin American markets moving in opposite directions this autumn, and explains why he thinks Caracas is the region's next meeting place.

"Every so often a market reopens, and the people who arrive first set the terms for everyone who follows," Crystal writes. "I have watched this happen for over 35 years."

Venezuela: a new frontier

Crystal writes that sanctions and economic collapse kept the international industry out of Venezuela for over a decade, and that this changed in 2026. In April the US Treasury authorised financial services with Venezuelan state banks. The same month, American Airlines flew Miami to Caracas for the first time in seven years.

He also writes about the two earthquakes that struck northern Venezuela on June 24th. The worst damage was in Caracas and along the coast at La Guaira. The US State Department sent a disaster team of more than 250 people and committed $150 million in aid. SCCG postponed the Expo it had planned for August. "No other decision would have been correct," Crystal writes.

Crystal says the attention has not faded since. He points to the White House's three-part Venezuela policy of stabilisation, reconstruction and democratic transition, and to an oil agreement announced in August. Under that agreement, the White House says, the operator involved plans to invest up to $100 billion. "Money, people and flights are moving toward Caracas, not away from it," he writes.

He adds that gaming in Venezuela is already regulated. Casinos, lotteries, horse racing and sports betting are each licensed by a national regulator, and each license covers in-person and online play. SCCG's market research estimates that around six million Venezuelans, close to half of all adults, already bet. "The demand is there," Crystal writes. "What the market has lacked for a decade is international technology, content and capital."

Brazil: a market in doubt

Brazil's licensed market for sports betting and online casino games opened on January 1st, 2025, with each license costing R$30 million. Citing the Brazilian Institute for Responsible Gaming, Crystal notes that operators paid almost R$10 billion in taxes and other required contributions in the first year. A study that body commissioned still found that 38 to 44% of online betting in early 2026 went to unlicensed sites.

On September 25th, the federal government issued a provisional measure banning online betting and casino games, and licensed sites began going dark on October 6th. Congress will now decide whether the ban becomes law. "Companies built teams, products and budgets specifically for Brazil, and they need now somewhere to put them," Crystal writes. Suppliers are now asking, in his words, "Which market in this region is opening, not closing?"

Why April matters

The Venezuela Gaming Expo runs from April 27th to 29th, 2027, at the Eurobuilding Hotel and Suites in Caracas. It is organised by SCCG LATAM, SCCG's Latin American division. It will bring Venezuelan operators, international suppliers, payments companies and investors together for three days, with a conference program, a dedicated room for private meetings, and hosted dinners and receptions. Crystal notes that at SBC Summit in Lisbon in September, 15 of the 40 companies SCCG met asked about the Expo.

"Markets like this do not stay open and empty for long," he writes. "The companies in the room in April will help shape how this one grows, and I would like you to be one of them."

Exhibitor and sponsorship packages are available now. Contact the SCCG LATAM team through SCCGManagement.com.

Stephen Crystal's column appears in the November 2026 issue of Global Gambling News.

Reserve your spot at the Venezuela Gaming Expo, April 27 to 29, 2027 in Caracas