Governance, compliance, and the illegal gambling market dominated GAT Brasil

At the first GAT Brasil, held last Thursday (30), speakers focused on regulation, compliance, and the still-limited channeling of Brazil’s gaming market. For PSPs, acquirers, and banks, the message was straightforward: the formal market is growing, but a large illegal layer is still pulling volume away from regulated operators.

1. The event brought together professionals from across the gaming and sports betting ecosystem to discuss the sector’s current state and its future in Brazil. The main themes were compliance, governance, legal certainty, and clear rules as the foundation for economic development, alongside the potential legalization of physical casinos and the progress of state lotteries.
2. José Anibal Aguirre, Founder and CEO of GAT Events, said the company chose Brazil because it is “the largest market in Latin America” and has become a regulatory reference in the region. He also announced that GAT Events will hold the I Latin American Congress on Responsible Gaming on October 20 and 21 next year at the Jockey Club, with support from the Associação de Loterias, Quinielas e Cassinos Estaduais da Argentina (ALEA) and other Latin American regulators.
3. Alex Pariente, Chair of the GAT Official Launch Brasil 2026 and Founder & Principal of Pariente Advisory, said Brazil built its market in 2025 and reached R$ 37 billion in GGR by the end of the first year. He also said channelization remains incomplete, with an estimated volume of around R$ 37 billion still flowing through the illegal gambling chain, which he said undermines the sector’s credibility.
4. Pariente said the Secretaria de Prêmios e Apostas (SPA) has done “exceptional” work to consolidate a sustainable market, and that the regulatory actions taken so far have been satisfactory for formal operators. The catch, as the discussion made clear, is that regulation alone does not close the illegal gap; payment controls and merchant risk decisions still matter if the legal market is supposed to keep the volume.
5. Liliana Costa, LatAm Director at World Gaming Business, said Brazil is in one of the most dynamic periods in the sector’s history and is becoming a strategic pillar in the company’s global portfolio. She added that the transition to a fully regulated market makes Brazil a mandatory focus for international industry players, and said the company will use its global platform to project Brazil internationally, including at ICE Barcelona.

For high-risk payment teams, the practical takeaway is that Brazil is no longer just a future opportunity. It is already a large regulated market with a still-significant illegal counterpart, which means underwriting, transaction monitoring, and channel selection remain central to any PSP or acquirer looking at gaming exposure there.