The launch of a sports betting platform by Caixa follows a global trend of state-owned lotteries in the digital market.
Caixa Econômica Federal launched Caixa Bet, a sports betting and online gaming platform, aligning itself with a global trend of state lottery operators expanding their operations into the digital environment. The initiative, announced this Tuesday (28), generated criticism from both the private sector and President Luiz Inácio Lula da Silva, questioning the participation of the federal lottery operator in this market.
President Lula, in fact, was irritated by Caixa's announcement of its own online betting platform. According to allies, he decided to summon the bank's president, Carlos Vieira, for a meeting as soon as he returns from Asia, with the aim of dissuading the executive from launching Caixa's Bet platform.
Leonardo Sampaio, CEO of TQJ and executive of the Silvio Santos Group, argues that Caixa's entry into the betting sector does not contradict its institutional mission. "Caixa's initiative aligns with a global movement of migrating gambling to legal, safe, and regulated environments," Sampaio stated.
Internationally, several state-owned operators already dominate the digital betting market. In Canada, BCLC controls over 80% of the provincial online GGR with its PlayNow platform. Also in Canada, Loto-Québec generates over 400 million Canadian dollars annually from its online casino, betting, and poker operations.
In Denmark, Danske Spil holds 62% of the national digital revenue. Veikkaus, from Finland, after unifying lottery, casino and betting operations, achieved a revenue of 1,1 billion euros in 2023.
Other examples include Greece's OPAP and Norway's Norsk Tipping, which maintain a strong digital presence despite foreign competition. Sisal, which previously operated the Italian lottery, was acquired by Flutter for €1,9 billion, demonstrating the strategic value of these assets in the global market.
In the United Kingdom, Camelot/Allwyn has operated the national lottery for 30 years and has expanded its operations into the digital environment. In Spain, ONCE combines technological innovation with social impact. In Australia, Tabcorp, a formerly state-owned company now listed on the stock exchange, controls 43% of the digital betting market.
The Brazilian organizational structure establishes a separation between Caixa Loterias and Caixa Econômica Federal, with their own governance. It was Caixa Loterias that obtained the license from SPA/Ministry of Finance to operate in the online betting sector.
For Lula's allies, however, the creation of a betting company by a federal public bank goes against the critical discourse that the government has adopted regarding sports betting. They argue that the initiative weakens the government's discourse of tax justice and taxation of BBBs (billionaires, banks, and betting companies), in addition to strengthening the betting lobby in Congress.
"The most important thing is how the project will be executed," said Sampaio, questioning aspects such as responsibility and fair play, governance with public goals, operational separation of the bank, and compliance with regulatory equality.
In the United States, 37 states have already regulated iGaming. The Oregon Lottery operates sports betting through the Scoreboard platform, later replaced by DraftKings under the control of the Oregon Lottery. In Rhode Island and New Hampshire, DraftKings also maintains contracts with state lotteries, while in the District of Columbia, the DC Lottery operates GambetDC.
The expansion of state lotteries into the digital betting environment represents a global trend. According to Sampaio, Brazil is simply following an international movement already established in several countries.
The bank projects to raise up to R$ 2,5 billion next year with the operation.
In an interview, the president of Caixa Econômica Federal, Carlos Vieira, stated that Caixa's betting platform should be operational by the end of November, with a launch scheduled for the 26th, under the brands BetCaixa, MegaBet, and Xbet Caixa. The bank projects to raise up to R$ 2,5 billion next year with the operation.
A potential suspension of Caixa's Betting service, however, would create a multi-million dollar problem for the bank. In December 2024, Caixa hired Playtech – VS Technolog as an integrated provider for the development and technical support of the solution. According to sources, the penalty for breaking the contract would represent the total value of the operation for the five years foreseen.
Meanwhile, the Lula government has been the target of criticism from both opposition parliamentarians, such as Senators Cleitinho (PL-MG) and Damares Alves (Republicanos-DF), and influencers more aligned with the left, such as economist Nath Finanças. Surveys conducted by the government show high public rejection of gambling and a consensus that addiction generates public health problems.
Finance Minister Fernando Haddad promised to send draft laws aimed at compensating for the rejection of Provisional Measure 1303, focusing on the taxation of betting companies and fintechs, especially those operating in the online betting segment. Haddad emphasizes that Lula "insists that Congress address" the issue of taxation, "especially in the case of betting companies," highlighting that the government's assessment is that the issue "is causing significant damage to public health."
