Study estimates Brazil illegal betting market at up to 51% of sector
A study by TMC and Instituto Esfera estimates that illegal betting represents 41% to 51% of Brazil’s market and generates R$26 billion to R$40 billion a year, using 2025 data. It argues that a proposed 15% contribution on deposits could widen the cost gap between licensed and illegal operators; the study also estimates annual tax losses of about R$10 billion.
The findings add estimates and industry arguments to debate over a proposed tax on betting deposits in Brazil.