Betano extends lead as Brazil’s regulated iGaming market consolidates

Betano has strengthened its position as Brazil’s leading online betting and gaming brand, with new research showing the country’s regulated market has become significantly more concentrated 18 months after licensing was introduced.

According to data from Blask, Betano holds a 24.15 per cent Brand Awareness and Preference (BAP) share, more than double that of second-placed Bet365. The top 10 brands are now all licensed operators, together accounting for 67.72 per cent of BAP and an estimated US$3.49bn in customer economic benefit (CEB), representing 53 per cent of the market.

Brazil’s regulated online betting market launched in January 2025 and now comprises 169 licensed brands overseen by the Secretariat of Prizes and Bets (SPA). Blask tracks 581 brands operating in the country.

The report estimates Brazil generated approximately US$6.59bn in CEB over the past 12 months, making it the largest regulated online gambling market in Latin America – around 1.5 times larger than Mexico and Argentina combined.

While Betano remains the clear market leader, BullsBet recorded the strongest year-on-year growth, increasing 366.3 per cent as it expanded rapidly following its transition from an offshore operator to a licensed brand. R7.bet and DonaldBet also recorded significant gains after entering the regulated market.

Despite the success of newly licensed operators, offshore brands remain active. The number of offshore operators in Brazil’s top 100 has fallen from 29 in January 2025 to 14 by June 2026, although several continue to gain market share despite regulatory enforcement and website blocking measures.

The research also highlights increasing market concentration. The top three operators increased their combined market share from 26.5 per cent in the first quarter of 2025 to 35.4 per cent by June 2026, while the top five now account for 44.3 per cent of the market.

Blask said the findings suggest Brazil’s online gambling sector is evolving towards a model in which a small number of major licensed brands account for an increasing share of customer demand, although opportunities remain for emerging operators to establish themselves through targeted marketing and local brand development.