Brazil: The Yield
Operational Floor.
The SPA/MF framework introduces a 12% GGR tax. However, the true cost of operation is significantly higher. We model the deterministic path to NGR yield in LatAm's largest market.
Modelling the Delta
In the Brazil regulated era, operators cannot rely on GGR metrics. With municipal ISS taxes and structural payment friction, the delta between handle and realized liquid equity is extreme. Our brief outlines the Logic Hardening required to ensure that player acquisition spend remains margin-positive under the new tax regime.
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Confidential board-level modelling of Brazil-specific unit economics.
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