Brazil Betting Ban

Brazil implements a provisional nationwide ban on online betting, shocking major market operators.

Brazil’s provisional measure banning fixed-odds sports betting and online gaming took effect September 25, requiring licensed operators to stop within 10 days, but its future is uncertain as Congress can approve, amend or reject it. The move has jolted companies that invested in the recently regulated market, which had 85 authorized operators, and comes just days before the country’s presidential election. Better Collective cut its 2026 earnings outlook, withdrew its 2027 and 2028 guidance and halted share buybacks; Brazil had been expected to generate about 12% of its 2026 revenue, and its shares fell sharply after the announcement. Flutter said it had stopped operating in Brazil and is weighing its options, including an appeal; if the shutdown lasts through year-end, it expects about $70 million less revenue and $20 million less adjusted EBITDA in 2026. Allwyn said it is evaluating ways to limit the impact and preparing legal action to protect Betano’s operating license, while noting that congressional action could change the ban and that its broader international business provides some protection.

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