Betting: What are the biggest betting companies operating in Brazil?
Since the legalization of sports betting in 2018 by the government of Michel Temer, the number of gambling companies, known as bets, has exploded in Brazil. It is estimated that currently at least 2 companies are operating in the domestic market. In the ranking of the ten largest, made by the SEMRush platform based on accesses from the last 12 months, Bet 365, Betano and Betfair appear as the leaders in the country, according to a report by Estadão.
Last year alone, more than 300 betting companies generated between R$60 billion and R$100 billion in bets in Brazil, almost 1% of the Gross Domestic Product (GDP), according to projections by Strategy& Brazil, a strategic consulting firm of PwC. Today, Brazil is already the third largest online betting market in the world. And it's not expected to stop there: for next year, the consultancy projects that revenue from online gambling will reach R$130 billion in the country.
Most companies operating in Brazil are headquartered abroad, in countries such as the United Kingdom, Greece, and Gibraltar. Typically, the Brazilian operation is run by a Brazilian partner or hired executives. On their websites, they offer both sports betting, such as the outcome of a football match, and online casino games, including popular titles like the "Tiger" and "Little Airplane" games.
As in the rest of the world, betting companies have been ubiquitous in sports marketing, sponsoring football teams and championships. Betano, for example, sponsors the 2024 Brazilian Championship and Atlético Mineiro, as well as several other teams in Latin America.
But the expectation is that the regulation recently enacted by the government will be able to put a limit on the unchecked growth of the number of betting sites in the country. From 2025, companies will need to pay a license fee to operate online betting and gaming businesses in the country. The fee is R$ 30 million and allows them to operate in the market for five years, with up to three different brands per company.
This measure is part of comprehensive legislation, inspired by international models, that aims to regulate the sector in a way that ensures its continued existence, generates jobs in the country, and attracts revenue for the government. Fines for illegal companies can reach up to R$ 2 billion.
With a regulated market and greater legal certainty for companies, investment funds will be able to buy companies or even foster startups in the sector in the coming years. The legislation should also clean up the market, removing those that are not in compliance and narrowing the number of companies operating in the country.
Below you can find out which are the main betting companies in the country today and who is behind them.
Bet365
Bet365 is a betting company founded by British businesswoman Denise Coates in 2000 for £15 million (R$ 110 million, according to Thursday's exchange rate). Still the company's main shareholder, she has amassed a fortune of US$ 5,4 billion (R$ 30 billion), according to Forbes magazine.
As one of the world's largest betting companies, Bet365 doesn't operate solely in the sports betting segment. In countries where all types of gambling are permitted, the digital platform also offers casino games.
In Brazil, Leonardo David Penna de Moraes Cordeiro is a partner at Bet365. The executive was invited to participate in the Parliamentary Commission of Inquiry into Match-Fishing and Sports Betting. The investigation targets Lucas Paquetá, a player for the English team West Ham and the Brazilian national team, who was denounced by the English Football Association for alleged involvement in the manipulation of four matches. The player denies participation in the scheme.
Betano
Operated by the Kaizen Gaming group, Betano is a company based in Greece that has been active in the sports betting market for over ten years. In addition to being present in 12 countries, including Portugal, Germany, Romania, Greece, Cyprus, Chile, and Bulgaria, the company seeks to consolidate its position in the Brazilian market.
To that end, Betano has a strong presence in both online and offline media. In addition to sponsoring the Brazilian Football Championship, the company is or has been a sponsor of several football teams in Europe and South America, including traditional clubs such as Fluminense, Benfica, Porto, Sporting (Portugal), and Universidad de Chile, as well as being the main sponsor of Atlético Mineiro in Brazil. Kaizen Gaming also owns Stoiximan, the largest online betting company in Greece.
In August of this year, Betano became the official sponsor of UEFA's European championships and announced its sponsorship of the reality show A Fazenda 16 on Record TV.
In Brazil, the company is headed by Guilherme Augusto Almeida Lima de Figueiredo, an executive who founded NSports, a streaming channel. He was also invited to participate in the Parliamentary Commission of Inquiry into Match-Fishing and Sports Betting.
Betfair
Betfair is a UK-based betting company, founded in 2000 by Andrew Black and Edward Wray, with an initial investment of £1 million (R$7,39 million). In addition to sports betting, it also offers online casino, poker, and bingo.
In 2006, given the success of the business, the Japanese mega-fund Softbank bought 23% of the company. After obtaining legal permission to operate, the group arrived in Brazil in 2019 and has been advertising to attract bettors ever since.
The Betfair platform allows betting on sporting events and televised competitions. The company is the main sponsor of Cruzeiro.
SportingBet
Sportingbet, operated by ElectraWorks, is licensed by the government of Gibraltar. According to its website, the betting site offers up to 30 daily bets and the possibility to bet on 90 different sports.
Sportingbet informed Estadão that the company is controlled by Gavin Isaacs, CEO of Entain, the owner of the business.
“Isaacs has over 25 years of experience in the betting industry, having held positions at Bally Technologies, Scientific Games Corporation, DraftKings, and Aristocrat Technologies. His impact on the industry was recognized with his induction into the American Gaming Association (AGA) Hall of Fame in 2022,” the company reports.
The Brazilian operation is currently led by Antonio Forjaz, Head of Enterprise in Latin America. The executive has previously worked for companies such as Amazon, Rede Globo, Fremantle Media, and Samsung. "At Sportingbet, (the executive) aims to develop new strategies for the company's growth and to make sports betting more accessible and secure," says the company.
In Brazil, Sportingbet says it has more than 20 employees and "hundreds of other collaborators" in other countries. The brand sponsored the São Paulo football team last year.
KTO
KTO is a betting site that, like others, offers both sports betting and online casino games on its platform. The business is owned by Bravalla BV, operating under the laws of Curaçao, a region known for being a hub for online gaming companies due to its favorable legislation.
Although KTO is not a sponsor of major television programs, the company promotes its brand through sponsorship of live streams about football teams on the internet. It also recently closed a naming rights agreement with the Central Market of Belo Horizonte, which became known as Mercado Central KTO. The company also sponsors the basketball and volleyball teams of Minas Tênis Clube.
According to data from the social network LinkedIn, journalist Cássio Filter is currently the general manager of the KTO Group in Brazil.
Blaze
Blaze is a sports betting and online casino company that has been involved in a series of controversies. At the end of last year, the courts froze R$101 million in the site's assets following complaints about non-payment to players. The decision also ordered the site to be taken offline. One of the domains was indeed taken down, but others continued to operate. Blaze appealed the decision.
The problems are not new. Last year, the company was summoned by the Parliamentary Commission of Inquiry into Financial Pyramids under the same type of accusation. According to the official website, Blaze is owned and operated by Prolific Trade NV, registered in Curaçao. Blaze's CEO is unknown.
The complaints regarding payment problems refer to the so-called "airplane game," whose original name is Aviator.
The game works simply: a plane takes off and, as it ascends, the multiplier of the bet value increases. The player must choose when to stop the flight before the word "crashed" appears on the screen, or they lose the bet.
In Brazilian football, Blaze sponsors Santos Futebol Clube and Atlético Goianiense.
F12.bet
Alessandro Rosa Vieira, the famous former futsal player known as Falcão, is a partner in F12 Entertainment, which is now responsible for operating F12.bet. After retiring from the sport, Falcão became an entrepreneur and started a YouTube channel, showing football tips and tricks.
In 2022, he founded F12 Entertainment, entering the sports betting and online casino business. Unlike other online betting sites, Falcão doesn't hide his involvement in the business. Instead, Falcão is the face of F12.bet, with his image prominently displayed on the company's website.
Like other betting sites, F12 is registered in Curaçao and its payments are processed by the Paysafe Group platform.
Brazino 777, Novibet and 1x001
The companies Brazino 777, Novibet, and 1x001 could not be located and, like the other betting sites, are operated by companies registered abroad. These companies offer the same types of online games and sports betting as the other platforms.
All the companies mentioned were contacted, but did not respond to the reporter's inquiries, except for SportingBet. The National Association of Games and Lotteries was also contacted and did not respond to the interview request by the time of publication. The space remains open for comment.
