Offering exclusive data analytics and projections from H2GC, the OpenBet report revealed Betano 23% of the Brazil betting market, with Bet365 following closely behind with a 20% share.
However, the report also outlined that with the legal market set to launch on 1 January 2025, the Brazilian industry will be increasingly competitive as local brands as well as a raft of international brands seek to get their share of an onshore market that H2GC predicts could reach $10.1bn (£7.7bn/€9.2bn) in gross gaming revenue (GGR) by 2029.
That would represent growth of nearly double, with H2GC estimating Brazil’s legal online sports betting and igaming market will be worth around $5.6bn in 2025 GGR. Around $3bn of that will come from online sports betting, with igaming responsible for $2.6bn.
H2GC’s finding of Betano as the grey market leader follows the research of Env Media, which found the Kaizen Gaming-owned brand was the most recognisable and trusted betting brand in Brazil, behind Bet365.
Sports betting projected to edge igaming in Brazil
H2GC anticipates sports betting to be the superior market over igaming in 2025, with sports betting forecast to account for 55% of online GGR in Brazil next year.
Slots, including crash games, are predicted to be responsible for 27% of Brazil’s 2025 GGR, with live casino and other igaming accounting for 6% and 12%, respectively.
Perhaps to be expected in a country with such a historic association with football, the sport makes up 86% of sports betting GGR and 78% of turnover in Brazil according to H2GC.
Approximately 50% of online sports bettors wager weekly on sports, with 21% betting daily. The other 29% say they bet occasionally.
The real driver of revenue for betting comes from bet builders, with the margin on multiples at 21.5%, compared to 6.7% for singles. The total margin of the Brazilian betting market is 9.3%.
In-play wagering is also a key contributor, with a turnover of 60% compared to 40% for pre-match bets.
2026 projections
H2GC estimates there will be 39 million online active accounts in Brazil in 2026, resulting in an onshore online GGR of BRL29bn (£4bn/€4.7bn/$5.2bn). The GGR per active account is anticipated to be BRL745.
H2GC makes a comparison to other markets. Brazil’s 39 million active online accounts works out at 15 million adults, or 9% of the population. In the more mature market of the UK, 24% of adults have an active online betting account, while in the newly regulated Netherlands market, just 5% of adults hold an active account.
Per adult, Brazil’s onshore GGR is $34, way behind more established markets such as the UK ($163) and the state of New Jersey ($592). However, when onshore online GGR is taken as a percentage of gross domestic product (GDP), Brazil’s GGR is 0.12% of GDP, ahead of more developed markets such as the UK (0.09%) and Mexico (0.05%).
Neccton’s player protection findings
OpenBet also included research from Neccton, the gambling, anti-money laundering and fraud detection technology specialist it acquired in June 2023. Neccton offered findings surrounding player protection and how operators can best encourage responsible gambling.
Much of the opposition to legal gambling in Brazil centred on fears over rising levels of addiction. A recent survey by market research specialist Hibou stated 10% of the Brazil population had experienced financial issues related to their gambling.
Neccton revealed online players who set deposit limits are 18% more loyal, with 90% of online bettors who self-exclude for shorter periods returning to play responsibly. Limits exceeding 15 minutes were found to be the minimum cool-off period needed to be effective, with 55% of players logging off or closing their account during that timespan.
The research also emphasised the importance of personalisation, with messages adapted to players improving their effectiveness by 100%. Meanwhile, 70% of online bettors find messages about their high losses effective.