Regulus Partners has challenged claims that listed gambling groups can mitigate planned tax increases, according to the report. The analyst firm also criticised industry lobbying on the issue; the report gives no tax rates or affected jurisdictions.
Operators and investors face uncertainty over whether planned tax increases can be offset.
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President Lula issued a provisional measure immediately banning online betting operations in Brazil. Licensed sites face blocking from 6 October, and Congress has 120 days to ratify or amend the measure. Betano is preparing legal action, while Allwyn and Entain have outlined potential effects on their forecasts.
On Friday, with the country's general election two days away, President Lula signed a provisional measure that halts online betting sites in Brazil with immediate effect. Licensed operators will be blocked from 6 October, and customers have until the preceding day to ask for their money back. Any funds still held after that deadline must be credited by the sites to registered accounts during the window of 9 to 14 October. Because the instrument is provisional, Congress must review it, ratifying or amending it inside 120 days.
A study commissioned by Euromat estimated that unregulated online gambling generated €12bn in net revenue across Europe in 2025, triple its 2019 level and equal to 25% of the online gambling sector. The research covered 28 markets and was conducted by Regulus Partners and Helios. The researchers attributed growth to factors including regulatory restrictions, consumer friction and cryptocurrency use, presenting these as their analysis rather than a regulator's finding.
The Gambling Commission has published the Gambling Survey for Great Britain 2025, which indicates that 2.4% of bettors are problem gamblers. The regulator called the survey the "most comprehensive picture currently available", while Regulus Partners' Dan Waugh said the data "cannot be considered reliable".
The Social Market Foundation report recommends better support for frontline services identifying and treating gambling harms in the UK. It proposes standard gambling questions in patient questionnaires and a national database covering integrated care boards and treatment pathways. The report cites a 2.7% problem-gambling estimate from the Gambling Survey of Great Britain, while the Betting and Gaming Council backs a 0.7% figure from an NHS survey.
The Social Market Foundation (SMF) is due to propose raising Machine Games Duty on Category B machines from 20% to 40% in a report scheduled for release the following day. The SMF estimates the change could raise £275m to £458m, while the Betting & Gaming Council opposes the proposal and says it could put venues and jobs at risk.