Brazilians Lost $12.5 Billion on Betting in 2025, with Pix Processing $68.7 Billion in Gambling Transactions

Brazil’s latest fiscal bulletin puts the country’s net betting loss at $12.5 billion for 2025, which is the kind of number PSPs, acquirers, and banks-partnering with the market should read twice. The split between legal and illegal operators also matters: according to the regulator SPA, 59% of losses came from licensed bookmakers, while the rest flowed to the gray market.

1. According to the third edition of the Fiscal Bulletin of Brazilian States, prepared by Comsefaz together with the Celso Furtado International Center for Development Policy, Brazilians’ net loss on betting last year reached $12.5 billion.
2. From October 2024 to March 2026, the population’s average monthly loss on betting was $940 million. In practice, that is the run-rate behind the headline figure, and it is the number payment providers will care about when sizing exposure to the sector.
3. For 2025, Brazil’s Pix payment system processed $68.7 billion in gambling transactions. That makes Pix a central rail in the country’s gaming flow, not just a retail payments utility.
4. SPA said licensed bookmakers accounted for 59% of the losses, or $7.22 billion. The remaining 41% went to unlicensed operators.
5. The gray-market share estimate is not limited to the regulator’s data: LCA Consultores also put the gray sector at 41%–51%.