iGaming in Brazil: How the Market Changed in 2025

The Brazilian iGaming market continues to evolve amid new legislation, tighter regulations, and increasing competition. The year kicked off with operator licensing, a crackdown on illegal platforms, and a major shift in traffic distribution.

🎰 Regulatory Changes and Their Impact

As of January 1, 2025, only licensed bookmakers are allowed to operate in Brazil. This led to a short-term decline in player activity and revenue in January. However, the market began recovering by February as operators secured licenses, users completed re-verification, and seasonal factors reignited interest in betting.

📈 Market Trends: The Numbers Speak for Themselves

• The Blask Index dropped 28% in January — from 238.3M in December to 173M. A rebound began in February, reaching 179.2M. Seasonal patterns played a role here, as seen in 2024.
• The Acquisition Power Score (APS) indicates that despite slower marketing efforts, betting demand remains strong. Average APS figures in 2025 have already surpassed 2024 levels.
• The Competitive Earning Baseline (CEB), which reflects potential operator revenue, declined in January due to new taxes (12% GGR and R$ 30M license fee). However, stabilization began in February.

🌎 Winners: Local or International Brands?

Local operators continue gaining ground: their share of the Blask Index rose from 94% in January to 95% in February, and their CEB share grew from 91.28% to 92.96%. Market leaders like Betano and Bet365 have obtained licenses and resumed active operations.