At least 25 operators are currently waiting for approval from the Secretariat of Prizes and Betting (SPA) at the Finance Ministry to enter Brazil’s regulated sector.
According to estimates, sports betting generated around BR36bn in gross revenue in 2025 and now counts between 25 and 30 million active bettors, equivalent to roughly 12% of the Brazilian population.
The size of that opportunity has intensified competition for licenses as regulation takes full effect.
To operate legally, companies must comply with a broad set of requirements established under Brazil’s regulatory framework.
These include proof of financial capacity, proprietary technological infrastructure, anti-money laundering controls and formal responsible gambling policies. Each authorized operator must also pay a BR30m licensing fee, valid for a five-year period.
Among the companies seeking entry is PicPay, which disclosed that it applied for a betting license in May through its iGaming subsidiary.
The move reflects a wider trend of fintech companies and consumer-facing platforms exploring betting as a way to diversify revenue streams and deepen user engagement.
The competitive pressure is also visible in advertising spend.
Operators collectively invested $290m in media placements during 2025 to maintain brand visibility as regulation tightened and consumer acquisition costs rose.
International interest is growing as well as Kalshi has publicly identified Brazil as a potential expansion target, underlining how the country is increasingly viewed as a strategic market beyond traditional sportsbook operators.
As regulators continue to assess applications, the queue at the Finance Ministry highlights both the scale of Brazil’s betting economy and the barriers to entry created by its regulatory model.
Currently, there are 189 authorized platforms in Brazil, compared to 2,316 illegal ones.
Scientific Games and Brightstar were recently authorized to operate a new lottery in Brazil
