Fernando Garita: "The rules of the game are changing and we are going to improve our products more and more"

Announced as CEO of the bookmaker Betsul in November 2023, Fernando Garita participated in the last SBC Summit Rio, held between March 5 and 7 in Rio de Janeiro.

During the event, which gathered more than 4,000 people, Garita talked to Yogonet about the regulatory process in Brazil, the company's objectives, and other topics.

This is the first major event in Brazil after the approval of Law 14.790/2023, which regulates the gambling sector. What are your expectations for the event?

We have come mainly to see the new suppliers in the market and we are interested in talking to many of them. The rules of the game are changing and we are going to improve each product more and more.

Competition is good and I believe that whoever does not make progress in improving their supplier will be left behind. There are restrictions that are required by regulations or that we imagine will come. I think it is important to take them into account also when choosing these suppliers.

Talking about the changes in Brazil, how is the company adapting to this and are there any issues that concern you? For example, this morning you were talking at the conference about taxation and the BRL 30 million (almost $6 million) subsidy that companies will have to pay.

We are talking about a large amount of money for large or medium-sized companies. That is going to have an impact, it is going to have an impact on the cash flow and on the day-to-day operation.

And, well, we will have to study the options when the final regulations come out. There are a lot of things that are still not 100 percent defined. What will it look like, where will it [the money] be collected, where do I have to deposit it, will the bank keep it, will I have some of that money, or will it go directly into the government's coffers? Maybe we are all a little bit anxious and worried to know.

We are talking about the fact that there is a strong investment in human capital here. People don't realize how many professionals are behind an operation and the cost that entails, the investment that an entrepreneur makes to keep an operation going. Obviously, the business is profitable, but every time you take a part of it away, it suffers more.

Betsul has the 'Jogo do Bem' campaign, which has already allocated more than BRL 5 million to social causes. Do you think that, in addition to creating jobs, the sector can help society in other areas?

Yes, we have the 'Jogo do Bem', which is already giving very positive results in helping different groups we work with. Lately, it has become a success. For example, other companies have approached us for help on how to create this type of help, because they are very interested in applying it as well.

At Betsul we will be happy to help companies that want to join us. Hopefully, everyone will have a Jogo do Bem for all people and for Brazil. I know there are some entrepreneurs who have not done so publicly, but they already help a lot in their communities.

What events do you plan to attend in the coming months?

Those held here in Brazil and, of course, tradeshows or big congresses. We have an event in October in Las Vegas [G2E], and we are going to have an SBC in Portugal, which is very big. So I think we will go to the bigger ones and the ones in Brazil. 

We almost always go with the same goal: to close some deals and look for suppliers. Of course, you always have to go and see what the market has to offer. If you stay at home, you won't see what's going on.