Brazil Posts R$3.9 Billion in Licensed iGaming Revenue Across First Year of Regulation
Brazil's Secretaria de Prêmios e Apostas (SPA) has published its first full annual report on the regulated online gambling market, revealing R$3.9 billion in gross gaming revenue across the twelve months since formal licensing began in January 2025. The figures confirm Brazil as the fastest-growing regulated market in history by revenue trajectory, with 24 licensed operators now active nationwide.
Brazil's regulated online gambling market generated R$3.9 billion (approximately $780 million) in gross gaming revenue during its first twelve months of operation, according to figures released Tuesday by the Secretaria de Prêmios e Apostas (SPA). The landmark report covers the period from January 2025 through December 2025 and marks the first comprehensive view of a market that has attracted operators from across Europe and North America since its formal opening.
Sports betting accounted for the majority of revenue at 61%, driven by Brazil's deep-rooted football culture and the rapid uptake of mobile wagering apps. Online casino products — including slots, live dealer, and virtual table games — made up the remaining 39%, a share that analysts say has grown faster than initially projected. "The casino vertical has outperformed every model we built before launch," said one senior consultant who advises multiple licensees in the market. "Brazilian players have embraced live casino products in particular at a rate we have not seen in any other newly regulated jurisdiction."
The SPA report also highlighted responsible gambling metrics, noting that 14.3 million unique player accounts are now registered across licensed platforms. All 24 active licensees are required to offer deposit limits, session time alerts, and self-exclusion tools integrated with the national ExcluiJá database. The regulator recorded 87,000 self-exclusion registrations during the year, a figure it described as evidence that player protection mechanisms are functioning as intended rather than a sign of problem gambling prevalence.
Looking ahead, the SPA is expected to open a second licensing round before the end of 2026, with up to 30 additional operator slots available. Analysts at Regulus Partners forecast that annual GGR could reach R$7 billion by 2028 as brand recognition matures and the grey market continues to shrink. Brazil has already surpassed the UK's first-year regulated revenue volumes when adjusted for population size, a comparison the SPA cited in its report as validation of its phased licensing approach.