Unauthorized operators still account for up to 44% of online bets in Brazil

More than a year and a half after Brazil’s fixed-odds betting rules took effect, a large share of online wagering is still flowing through platforms that are not authorized to operate in the country. For licensed PSPs, that is the whole problem in one line: the regulated market is being built, but the unlicensed one is still taking meaningful volume.

1. According to Fora do Radar 2.0, a study by LCA Consultores using research from Instituto Locomotiva at the request of the Brazilian Institute of Responsible Gaming (IBJR), between 38% and 44% of online bets are still placed on platforms without authorization in Brazil. In 2025, the estimated share of companies outside the authorized environment was between 41% and 51%, so the picture has improved, but not by enough to make the issue disappear.
2. Marco Tulio Oliveira, CEO of Ana Gaming, said the sector’s consolidation depends not only on enforcement, but also on making the difference between the licensed and unlicensed environments clear to users. His point is practical: bettors need to understand where the protection mechanisms, supervision, transparency, and formal complaint channels actually exist. If a sizable chunk of activity stays outside that system, the issue stops being just competition and becomes user protection.
3. The risk is not abstract. In August, the Rio de Janeiro Public Prosecutor’s Office launched an operation against a group suspected of running unauthorized sites, blocking customer withdrawals, and laundering funds. According to the investigation, COAF (the Council for Financial Activities Control) reports identified more than R$ 1.4 billion in movements between 2022 and 2026, plus more than 800 financial transactions considered suspicious.
4. The Brazilian model draws a hard line between authorized and unauthorized operators. Companies licensed by the Secretary of Prizes and Bets (SPA), part of the Ministry of Finance, must comply with rules on user identification, anti-money laundering, advertising, integrity, security, and responsible gaming. They are also subject to public oversight and sanctions if they fail to meet the required obligations.
5. That oversight extends even to licensed companies. In August, the SPA temporarily suspended licenses after identifying compliance failures. For operators and their payment partners, the message is straightforward: being inside the authorized environment in Brazil means ongoing supervision, not a one-time approval stamp.