Illegal iGaming sites account for 38% to 44% of all bets in Brazil, according to Fora do Radar 2.0

Brazil’s betting market is still split between the licensed channel and the one operators and PSPs spend most of their time trying to avoid. According to Fora do Radar 2.0, illegal iGaming sites account for 38% to 44% of all bets made in the country, which is exactly the sort of number that matters when you are pricing risk, deciding on exposure, or asking whether a payment flow will stay around long enough to matter.

1. The headline figure is the core point: illegal iGaming sites are taking 38% to 44% of all bets placed in Brazil, according to the Fora do Radar 2.0 study.
2. For licensed operators, that implies the regulated market is not yet capturing the full volume of demand. For PSPs and acquirers, the split matters because the same traffic profile can sit on either side of the line, with very different exposure to chargebacks, account closures, and compliance friction.
3. The source provided only the market-share estimate and the study name, Fora do Radar 2.0. It does not add methodology, dates, or a breakdown by vertical, so there is no extra detail to read into the number.

In practice, a range this wide still tells you enough: Brazil is not a clean “regulated only” story, and anyone underwriting payments for betting traffic there has to treat the illegal segment as a material part of the market, not a side note.