Brazilian betting operators recorded R$27.7bn in gross gaming revenue from January to September, according to data from the Ministry of Finance cited in the report. The ministry supplied the figures in response to an information request by Pay4Fun; the federal government collected R$3.3bn in revenue over the period.
The figures show the reported scale of betting operators’ revenue and federal receipts in Brazil through September.
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Reportedly, Brazil’s betting shutdown has prompted suppliers to review investments and seek other revenue sources. Kambi, Caleta Gaming and Pay4Fun described the effects on their businesses and difficulties in adjusting their plans.
Suppliers to Brazil's regulated betting market are reviewing their investment plans and looking for other sources of revenue after the market was shut down, with some saying the work they had committed to Brazil cannot be moved elsewhere. Payment provider Pay4Fun, games developer Caleta Gaming and platform supplier Kambi described the effects on their businesses. The three companies gave their accounts to iGB.
Pay4Fun said balances in its transactional accounts fell 91.8% between 28 September and 5 October, after a provisional measure ordered fixed-odds betting and online gaming operations to be suspended in Brazil. The company said the figure covers its own accounts, not total bets or balances across the market. Remaining funds are to be returned under government procedures.
Brazil’s finance ministry attributed a fall in direct betting irregularity notifications to changes in information sharing, citing figures obtained by Pay4Fun. Notifications fell from 91 in March 2026 to 11 in April and nine in May. The ministry said the decline did not necessarily indicate less illegal or suspicious activity.
It was reported that Klavi’s sample showed average deposits rising from BRL188 to around BRL245 during the World Cup. The sample covered 1.2 million people and does not represent total Brazilian market activity.
The number of people betting during the 2026 World Cup rose nearly 300% compared with May, according to initial data cited in the report. Pay4Fun chief executive Leonardo Baptista said transaction volumes increased, while the average deposit per bettor did not rise significantly; H2 Gambling Capital estimated the deposit increase fell somewhat short of its R$20bn projection.