Brazil: Regulation, market dynamics and tax pressure shape a new phase for iGaming

The past week has clearly highlighted how the Brazilian iGaming and sports betting market is moving into a more structured, institutionalized and, at the same time, more demanding phase.

Decisions by the federal government, official data released by the Ministry of Finance, and private initiatives focused on regulatory intelligence point to an ecosystem that is leaving behind its experimental stage and entering a cycle of regulated consolidation.

More than isolated developments, recent events reveal a shift in posture by both public authorities and market participants.

Brazil is no longer treating the sector merely as a new source of tax revenue, but increasingly as an industry that requires governance, legal predictability, systemic oversight and clearly defined enforcement mechanisms.

This approach repositions the country on the international radar, bringing it closer to more mature jurisdictions and raising the level of responsibility for all stakeholders involved.

At the same time, the rapid expansion in the number of authorized operators, the broadening of the regulatory scope beyond B2C activities, and the advancement of the tax debate are creating a more competitive and selective environment.

Operating in Brazil continues to offer scale and growth potential, but it now requires strategic planning, robust compliance capabilities and continuous monitoring of the political and regulatory landscape.

The themes that defined the week help illustrate how Brazil is laying the foundations for its new phase in iGaming — one in which growth, institutional control, market intelligence and tax pressure move in parallel and begin to define who is truly prepared to remain and compete in the medium and long term.

 Regulation moves beyond operators

One of the most relevant developments of the week was the launch of a public consultation by the Ministry of Finance to discuss regulatory requirements applicable to suppliers within the betting and iGaming sector.

The initiative is being led by the Secretariat of Prizes and Betting (SPA), the body responsible for implementing and supervising the regulated market, currently operating under the Ministry headed by Fernando Haddad.

Until now, Brazil’s regulatory process has been heavily focused on B2C operators.

With the new consultation, the scope expands to encompass the entire value chain that supports the ecosystem, including technology providers, gaming platforms, aggregators, betting systems, payment methods, KYC, AML, anti-fraud and compliance solutions.

In practical terms, the government is signaling its intention to establish minimum operating criteria, technical responsibilities and compliance standards for suppliers as well, reducing grey areas and operational risks.

The proposal

The proposal follows the logic adopted in more mature regulated markets, where oversight is not limited to consumer-facing offerings but extends to the technological and financial infrastructure behind the operation.

For supplier companies, this represents a significant structural shift.

In addition to increasing adaptation and compliance costs, regulation is likely to redefine commercial relationships, requiring closer alignment between licensed operators and their technology partners.

At the same time, it creates a more predictable environment, with clearer rules and lower exposure to regulatory risk in the medium and long term.

The move also reinforces a clear political message: Brazil does not intend to build its regulated market with a purely permissive or revenue-driven approach.

The expansion of the regulatory scope indicates a strategy of systemic control, aimed at sustainability, operational integrity and greater institutional credibility in the eyes of investors and international bodies.

Official operator list confirms accelerated expansion in Brazil

The publication by the Ministry of Finance of an official list of 184 platforms authorized to operate in Brazil’s regulated online betting market confirms the speed at which the sector has expanded since the new legal framework came into force.

The list, released by the Secretariat of Prizes and Betting (SPA), includes operators deemed eligible to operate in the country under the rules established by the federal government.

The figure is striking not only for its size, but for what it represents in terms of competitiveness and market maturity.

In just a few months, Brazil has moved from a largely unregulated landscape to a formally structured ecosystem, with authorization criteria, compliance requirements and centralized supervision.

According to the Ministry of Finance itself, the publication of the list aims to provide market transparency, guide consumers and signal which companies meet the legal requirements to operate while the licensing process is finalized.

It also serves as a tool to organize the sector at a time of transition from an informal market to a fully regulated model.

As the ecosystem becomes increasingly crowded, simply holding a license ceases to be a competitive advantage and becomes a minimum condition for remaining in the market.

Competition is likely to shift toward factors such as operational efficiency, financial robustness, brand positioning, cultural adaptation to the local audience and the ability to operate within a more stringent regulatory environment.

For international operators, the list also serves as a barometer of global appetite for the Brazilian market, now viewed as one of the most promising — and simultaneously most challenging — among newly regulated jurisdictions.

The full list of authorized platforms is available on the official federal government website.

Data and Intelligence take center stage

Oddsgate launches “Brasil On Track”, a strategic platform for Brazil’s regulated iGaming market

Oddsgate has announced the launch of “Brasil On Track”, a strategic platform designed to help operators and ecosystem participants navigate Brazil’s regulated iGaming market.

The initiative was presented on February 5, 2026, at a time when Brazilian regulation marks its first year under Law 14.790/2023, which introduced greater legal clarity, a defined tax structure and compliance requirements for the sector.

“Brasil On Track provides real-time monitoring of regulatory milestones, market indicators and operational requirements, connecting legal updates to direct business impact and linking directly to official sources,” Oddsgate stated in its launch announcement.

The platform was designed to transform regulatory complexity and legal obligations into a continuous, accessible intelligence framework.

Its features include:

• live tracking of regulatory updates and pending legislation; an operational map translating legal changes into practical compliance actions
• market intelligence on player demographics and key performance indicators
• visibility into tax structures, licensing stages and market entry requirements; and specific focus areas covering KYC (Know Your Customer), AML (Anti-Money Laundering), self-exclusion tools, consumer protection and responsible gaming.

According to Oddsgate’s Director of Regulatory Affairs, Valter Delfraro Jr., Law 14.790/2023 marked a milestone that “ended years of uncertainty and provided legal security and operational clarity.”

He emphasized that this new phase places Brazil’s gaming sector on equal footing with mature markets, increasing international competitiveness and attracting global investors.

“We have transformed regulation into a practical, ongoing guide to operating in Brazil with less risk and greater clarity,” added Wagner Fernandes, Oddsgate’s Chief Marketing Officer, noting that the platform is designed to equip teams entering, expanding or optimizing operations in the country.

The launch of “Brasil On Track” comes amid a rapidly evolving regulatory environment in Brazil, where, according to official data from the Ministry of Finance, the sector generated approximately BRL 36 billion in gross gaming revenue between January and September 2025, with BRL 3.3 billion collected in federal taxes during the same period — highlighting the scale and dynamism of the national market.

The arrival of this tool reflects a growing demand for structured market intelligence, indicating that operators and suppliers are seeking not only news and updates.

But solutions capable of integrating regulatory data with real-time operational and strategic insights.

Taxation moves to the center of the debate

While regulation advances and the market becomes more organized, the tax debate has emerged as one of the most sensitive issues of the moment, both for the government and for industry participants.

The possibility of a total tax burden of up to 42% on iGaming and sports betting is no longer merely theoretical; it is being actively discussed with direct political and economic implications — including in exchanges between Finance Minister Fernando Haddad and industry representatives.

Commenting on proposals to increase taxation, Pietro Cardia, legal director of the National Association of Games and Lotteries (ANJL), warned that tax hikes above international standards could undermine the economic performance of companies operating legally and compliantly in Brazil.

João Fraga, CEO of payment solutions provider Paag, highlighted that tax changes in such a young market could directly impact business strategies, particularly less than a year after operations began under the new regulatory framework.

Organized industry groups have also publicly reinforced the need to balance tax collection with the sector’s ability to compete in a market where illegal operators remain strong.

Organizations such as the Brazilian Institute for Responsible Gaming (IBJR) stress that if tax policy focuses solely on revenue generation without a parallel strengthening of enforcement against unlicensed operators, regulated players may lose ground to the informal market, increasing risk and eroding fiscal revenues.

This discussion returns to the center of the agenda at a time when the Ministry of Finance and the National Congress are debating broader fiscal adjustments in the country — debates in which betting taxation has been explicitly mentioned as part of wider revenue-raising proposals.

The weight of this tax burden is being assessed not only in numerical terms, but also in terms of its impact on investment in product development, technology, compliance and consumer protection, placing operators and suppliers in a dilemma that goes beyond a simple cost calculation.

 A larger, clearer — and more demanding market

The week’s developments point to a common denominator: Brazil is rapidly moving toward a more structured, but also more rigorous, regulated market. There is greater legal clarity, stronger institutional control and increased competition, but also higher costs and far less room for improvisation.

For those monitoring Brazil as part of an international strategy, the moment calls for careful analysis. The country continues to offer scale and potential, but now demands regulatory maturity, fiscal planning and a long-term perspective.

The consolidation of iGaming in Brazil is entering a decisive phase.

The combination of broader regulation, growth in the number of operators, professionalization of market intelligence and rising tax pressure is shaping a more predictable — and at the same time more selective — environment.

Brazil is definitively leaving behind the status of a disorganized emerging market and operating under clearer rules and constant oversight.

For companies viewing Brazil as part of a global strategy, this is a moment that requires measured reading and well-calibrated decisions.

Scale potential remains high, but so do entry and operating costs, along with the need for compliance, efficiency and differentiation.

The market is likely to continue growing, but in a more rational manner, favoring players prepared to operate in a regulated, competitive and increasingly tax-intensive environment.