A case against Brazil’s state-owned bank Caixa over alleged anti-competitive conduct in the lottery sector has entered its final phase at the Administrative Council for Economic Defense (CADE).
According to reports, Caixa recently submitted revenue information related to Caixa Loterias as part of the final stage of the investigation. The figure may be used to calculate a potential penalty should the competition authority determine that an infringement occurred.
Besides operating Brazil’s federal lottery system through Caixa Loterias, the institution plays a central role within Brazil’s financial and public administration system.
Under Brazilian competition law, fines can range from 0.1% to 20% of a company’s gross revenue in the year prior to the opening of proceedings. Caixa reported BR262m ($52m) in lottery revenue during 2024 after mandatory legal transfers and allocations.
CADE formally opened proceedings against the bank in early 2025 amid disputes involving online lottery pool intermediaries. The authority previously stated there were strong indications that the conduct under investigation could generate significant anti-competitive effects.
The case centers on companies that act as intermediaries between customers and Brazil’s federal lottery system. These platforms facilitate lottery purchases on behalf of users while the bets themselves are ultimately registered through Caixa’s lottery network.
Brazil’s Ministry of Finance has previously indicated that while Caixa retains exclusive rights to operate federal lotteries, third-party intermediation services do not constitute lottery operation itself.
The Association of Digital Lottery Intermediaries (Aidiglot) has alleged that Caixa and the Brazilian Federation of Lottery Companies (Febralot) sought to prevent lottery retailers from maintaining commercial relationships with intermediary platforms.
Recently, Caixa reported recurring net profit of BR3.5bn during the first quarter of 2026, representing a year-on-year decline of 34.4%.
Caixa has renegotiated BR820m in debt through the newly relaunched Brazilian program, according to its President Carlos Vieira
