Brazil was one of the most hyped gambling markets in 2025. Now, a little over a year on, and generating some BRL37 billion (£5.24bn/US$7bn) in gross gambling revenue over its first 12-months, experts are beginning to question the state of the competitive landscape and how it has evolved.
According to data from market intelligence firm Blask, things look markedly different from when the market first went live.
Blask has been tracking market share and brand popularity since January 2025 and their data shows a clear shift in player attention towards a handful of leading brands.
But it is not game over, yet.
Further down the rankings, several lower-tier operators have managed to climb, suggesting there is still plenty left to play for.
Winners And Losers: Brazil’s Great Reshuffle
The clearest winner is Betano. Already the market leader in January 2025 with a 17.85 percent BAP share, it extended its dominance to 26.96 percent by February 2026 – effectively capturing more than a quarter of measured market attention.
But Superbet delivered the most dramatic climb. Starting from 8th place with a 3.94 percent BAP share, it has now moved to 3rd with 8.49 percent – more than doubling its position in just over a year.
Bet365, already a Top 5 fixture, rose from 3rd to 2nd, with BAP increasing from 8.67 percent to 10.79 percent.
The pattern across all three is consistent: Internationally experienced operators used the regulated environment to accelerate growth.
On the other side, Esportes da Sorte saw the sharpest decline among major brands. It dropped from 2nd to 6th, with its BAP share nearly halving. The fall was not purely competitive. In September 2024, the brand’s owner was arrested as part of Operation Integration, a federal money laundering probe.
A court injunction in January 2025 allowed the brand to continue operating while its authorisation dispute with the local regulator, the Secretariat of Prizes and Bets (SPA), was resolved.
However, it was later named in testimony before the Senate’s CPI das Bets inquiry, prompting Athletico Paranaense, a Brazilian Serie A football club, to terminate its sponsorship deal amid regulatory scrutiny.
And despite still holding high-profile partnerships, including a Corinthians deal–one of Brazil’s largest and most influential football clubs–, Esportes da Sorte lost audience share throughout the year.
Further down the rankings, the squeeze was equally visible.
Betnacional fell from 5th to 7th. Blaze dropped from 12th to 13th, with its BAP shrinking from 3.12 percent to 1.25 percent. Brabet, one of the few unlicensed brands that had held a Top 10 position by BAP, slid from 7th to 17th. The middle of the table compressed as attention flowed upward to the leaders, and downward to emerging challengers.
New Entrants And The Enforcement Effect
Despite the concentration at the top, Brazil’s market is not closed.
Three brands that were either outside the Top 100 by BAP, or barely inside it in January 2025, climbed into the Top 20 by February 2026.
R7.bet rose from beyond the Top 100 to 9th place. BullsBet made a similar leap to 12th. And DonaldBet moved from 39th (0.32 percent BAP) to 16th (0.83 percent).
The number of active authorised brands grew steadily through 2025, rising from around 120 in January to 157 by December. Yet, as more brands entered the licensed market, audience share concentrated further among the leaders – a pattern common in maturing regulated markets.
And enforcement data backs this up: Of the 38 unlicensed brands in the Top 100 by BAP in January 2025, only 11 remained by February 2026.
In its H1 2025 review, SPA reported that telecoms regulator Anatel had taken nearly 15,500 illegal betting pages offline since October 2024.
Combined with tighter controls over payment and marketing channels, this enforcement pressure steadily pushed unlicensed operators out of visibility.
Bottom Line
Brazil’s regulated market is open, but the cost of competing is rising.
A federal licence gets an operator through the door; yet gaining meaningful share now requires the scale, budget, and operational maturity to compete with well-funded incumbents.
For operators evaluating a Brazilian entry in 2026, the question is no longer whether the market is accessible. It is whether they can win attention in an increasingly top-heavy field.
