The Brazilian Betting Market Reached $20.4 Billion in 2024
Record Industry Growth
According to research by Instituto Locomotiva and DataHub, the Brazilian sports betting market reached a record turnover of $20.4 billion (approximately R$120 billion) in 2024. Over the year, the sector grew by 135%, driven by regulatory changes and an influx of new users.
Player Profile
Research identified the following characteristics of Brazilian players:
- Age: 30–49 years old is the most active audience.
- Gender distribution: 53% men, 47% women.
Betting Frequency:
- 42% place bets 1–3 times a week.
- 18% bet at least 7 times a week.
Main Motivations:
- 72% bet for financial gain.
- 42% see betting as entertainment.
Financial Risks: 45% of players have faced significant losses.
Market Leaders
| Company | Market Share |
|---|---|
| Betano | 40% |
| Bet365 | 33% |
| Esporte da Sorte | 21% |
Since 2021, the Brazilian market has grown by 734%, and experts predict further growth.
Betting Regulation
Official regulation came into effect on January 1, 2025. Now, only companies licensed by the federal government can operate in the country.
Key Changes:
- Operators must pay a licensing fee of R$30 million.
- An additional inspection fee is introduced, varying based on company expenses.
- The Ministry of Finance publishes and regularly updates a list of licensed platforms.
- Stronger enforcement against illegal platforms and unfair practices.
Most Popular Betting Types
Football remains the most popular sport for betting in Brazil. More than 85% of all bets are placed on this sport.
Other popular categories:
- Volleyball
- Basketball
- Motorsports
- Online casinos (growing in popularity each year)
Future of the Market
The sector continues to expand due to high advertising investments and an increasing number of players. In 2024, online betting expenditures in Brazil reached R$100 billion, surpassing U.S. figures in percentage terms.
However, rapid industry growth also brings risks. Players are advised to exercise caution, while companies should implement responsible gaming mechanisms to minimize the negative consequences of gambling.