Brazil’s betting market after regulation: insights from Blask and brmkt.co
In less than a year, Brazil’s regulated betting market has matured more rapidly than it did over the previous decade. Federal rules published in 2024 changed how products are offered, paid for and supervised. The result is a safer environment for consumers, while raising costs and operational demands for operators, and is governed by a new regulatory framework for brands seeking sustainable growth. Below is a direct look at the Blask and brmkt.co report outlining how the market has changed and what brands need to prioritise in 2026.
What has changed in Brazil’s betting market
- More demanding onboarding
Players are now required to complete full KYC checks before making a deposit. This includes CPF verification, address validation, and, in many cases, biometrics. While this reduces fraud, it also increases drop-off during registration. The fast, frictionless journeys of the past have been forced to balance compliance with conversion.
- Higher marketing costs
With restrictions on pre-registration promotions and limits on bonuses, the media has become the main growth lever. CPMs and cost-per-click have risen as more operators compete for channels that comply with regulations. Brands that once relied on acquisition subsidies now invest more heavily in product quality, content and storytelling.
- Bonus rules reshaped acquisition
Pre-sign-up bonuses have been banned, deposit incentives limited and all promotions now require KYC. The acquisition equation has changed. Attracting customers can no longer rely solely on offers; brands must design the journey from the very first touchpoint.
- Regulated and monitored payment flows
The regulation governing betting transactions introduced clear rules: electronic transfers between official accounts, restrictions on certain instruments and the obligation to work with licensed and monitored providers. PIX is now subject to stricter routing rules and enhanced monitoring through authorised providers.
- National exclusion list and mandatory screening
The new national exclusion list (Excluded-Player API) requires checks that block CPFs linked to social benefit recipients, individuals under guardianship, or those who have self-excluded. This has increased the operational cost of verification.
- Responsible gambling as an operational standard
Responsible gambling tools, risk scoring, behavioural monitoring and intervention protocols are now mandatory and must be integrated across marketing, CRM and product. Compliance has shifted from a regulatory burden to a competitive asset.
- Compliance moved to the front line
Recent ordinances require formal governance structures, including responsible directors, audits, record-keeping and third-party certifications. Compliance is no longer a back-office function; it has become a strategic pillar.
- Casino and cross-sell became essential
With acquisitions more difficult and expensive, operators have focused on increasing ARPU (average revenue per user) through casino products and hybrid journeys. Casino has moved from being a side offering to a core engine for revenue and retention.
Official data shows that in the first half of 2025, the regulated market generated around R$17.4 billion in GGR, equivalent to approximately USD 3.2 billion, and recorded 17.7 million unique bettors. Market reports, including the study by Blask and brmkt.co, estimate total GGR for 2025 at around USD 6.27 billion and identify 78 licensed operators managing 182 active brands.
How we got here: a brief timeline
2019–2021: an informal market dominated by major international brands, with the gradual entry of local players.
2022–2023: expansion of local brands and intensified regulatory debate, alongside the start of local operations by some international operators.
2024: federal regulation comes into force, including payment rules and the first authorisations.
2025: the regulated market becomes fully operational, with the first official figures and the consolidation of local leaders through culturally driven strategies.
Ranking of the betting brands leading the market
Betano, Bet365 and Sportingbet are the three leading betting brands in Brazil, driven by strong brand recognition, constant presence in football and years of operational experience. Close behind are Esportes da Sorte, Superbet, Betnacional and 7Games, in that order. Other digital operators have also entered the top 20 ranking. With a stronger focus on casino, the next positions are held by Blaze, Pixbet, CassinoPix and Betão. The full ranking is shown below.
Why the leading brands have an advantage
Looking at the performance of the top brands in Brazil’s regulated market, it becomes clear that success is not tied to a single factor, but to a series of well-executed decisions. The leading operators understood early on that simplifying the user experience makes a real difference. They invested in intuitive, mobile-first journeys with fewer friction points and clearer communication. At the same time, they built identities that reflect how Brazilians communicate, using humour, informality and cultural references that feel familiar to the audience.
Another shared trait is how these brands balance their acquisition channels. Rather than relying entirely on traditional media or purely on performance marketing, they combine visibility, data-driven campaigns and creator-led strategies. This allows them to scale without becoming dependent on a single channel. Fast and transparent payments also play a crucial role. In a PIX-driven market, trust comes from predictability. Smooth deposits and withdrawals with no surprises are essential to keeping players engaged.
Casinos have also played a key role. For many of these brands, it has shifted from a secondary product to one of the main drivers of revenue and engagement. Finally, regulatory readiness has emerged as an important differentiator. Operators that pursued licensing early project greater stability, provide more security to players and are better prepared for stricter oversight in the years ahead.
Five brands to watch
The arrival of new brands and business models shows that Brazil’s market still has room for innovation. According to the report, some operators stand out not just for their size, but for their distinct propositions. Apostou is a good example, combining digital betting with a licensed physical VLT network in Paraná. This physical presence builds trust and a sense of proximity in an otherwise fully online sector, opening the door to hybrid strategies.
Another notable entrant is BandBet, which leverages the strength of one of Brazil’s largest media groups. Its connection to Band ensures immediate reach, message repetition and a perception of legitimacy, shortening the consumer’s decision-making process. BetMGM enters Brazil with a premium positioning, backed by the weight of an international brand and a partnership with Globo, the country’s largest broadcaster. The combination of casino heritage and media distribution could quickly place it among the market’s leading names.
SBT has focused on leveraging emotional assets already familiar to the public. Bet do Milhão taps into decades of Brazilian familiarity with prize-based formats and audience participation, easing the transition of this audience into digital betting. Finally, Caixa’s entry into the regulated market has the potential to reshape the landscape. Few brands in Brazil enjoy the same level of institutional trust and physical presence nationwide.
The practical playbook for 2026, according to Blask and brmkt.co
Looking ahead to 2026, the market is expected to be driven less by excessive spending and more by efficiency, identity and long-term relationships. Brands that want to grow will need to move beyond simple visibility and create meaning. This involves telling compelling stories, using humour, engaging in cultural conversations and clearly communicating who they are and what they stand for.
Retention will be the true battleground. As the impact of upfront bonuses fades, brands that can keep players engaged for longer through loyalty programmes, gamification and personalised communication will gain ground. The product itself must also evolve. Fast apps, near-instant payments, efficient customer support and stable experiences are no longer differentiators; they are baseline expectations.
Another critical point is integrating compliance and responsible gambling into the brand narrative. Rather than treating regulation as an obligation, successful operators will use transparency, proof of payment and clear communication as tools to build trust. In a more mature market, trust creates value, extends customer lifetime and becomes a competitive advantage that is hard to replicate.
About the report
The study was developed through the collaboration between Blask and brmkt.co. These two companies interpret the betting market from complementary perspectives. Blask is an AI-powered market intelligence platform specialising in iGaming. It brings together high-frequency signals such as brand behaviour, digital presence, share variations and competitive movements into a single data source.
brmkt.co operates in the strategic and creative space, combining data, brand positioning and performance-driven execution. The company works as a partner to brands in regulated and competitive markets. It helps to define identity, structure acquisition and build long-term value. In the context of Brazil’s betting market, brmkt contributes cultural insight, an understanding of local consumer behaviour and the translation of data into practical decisions across marketing, product and communication.
The report itself is the result of these two perspectives combined. On one side, objective data, market signals and consolidated metrics. On the other side, strategic interpretation, cultural context, and a close understanding of Brazilian players’ behavior.
This article was first published in Portuguese on 28 January 2026.
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