Brazil's Secretaria de Prêmios e Apostas (SPA) has formally issued 36 fixed-odds sports betting licenses to operators following the country's market liberalization in January 2025. By the start of 2026, the regulated market has generated approximately R$8 billion (approximately USD $1.4 billion) in gross gaming revenue — a strong start, but analysts note that unlicensed operators still represent a significant portion of total market activity.
The Brazilian market presents unique operational challenges: the country's banking system creates friction for gambling deposits, payment processor risk appetite is inconsistent, and several major banks have implemented blanket blocks on gambling-related transactions citing compliance uncertainty.
Licensed operators are navigating these challenges through alternative payment methods, with PIX (Brazil's instant payment system) proving the most effective deposit rail for gambling transactions.
Despite the difficulties, Brazil's market size and growth trajectory — projections suggest a fully mature market of R$50-70 billion GGR within a decade — continue to attract operator investment. Bet365, Flutter, Betsson, and over a dozen Brazilian-born operators now hold licenses.
Source: Secretaria de Prêmios e Apostas
Alex Biliy
Senior Editor
Member of the iGaming Pulse editorial team. Covering industry news, analysis, and B2B developments across the global iGaming sector.
