H2 Gambling Capital estimates Brazil’s unregulated betting market at R$15bn
H2 Gambling Capital said Brazil’s licensed betting market generates annual revenue of R$38 billion, while about 30% of transactions take place on unregulated platforms. Its study estimated that the unregulated market generates around R$15 billion in annual GGR, drawing on bettor surveys, Pix transaction analysis and internet traffic measures. A survey of 3,500 bettors found that 60% were concerned about using licensed sites, while 30% did not know how to check a platform’s licence.
The estimates give operators and regulators a measure of unregulated activity and consumer uncertainty about licensing.