Gaming in Brazil

7/21/2021 Update:

Brazil is an attractive and untapped gaming market

  • Massive population of 210 million people making it the 6th largest population globally
  • We estimate casinos could generate between $9B to $17B of GGR under the current proposed legislation, which means Brazil would generate more GGR than every jurisdiction except the US and Macau
  • Due to stalled efforts of gaming expansion in Japan, Brazil may be the most fertile ground for gaming developers, investors and operators

Sports Betting has been legalized and regulations are being written

  • Sports betting was legalized federally on December 13, 2018 and the Ministry of Economy is progressing to write regulations within the allotted two-year time frame (which can be extended for up to an additional two years)
  • Brazilian President Jair Bolsonaro formally added sports betting to the country’s agenda in August 2020, signing a decree to add sports wagering to Brazil’s Investment Partnership Program (PPI) portfolio and national privatization program and appointing managers to lead the licensing process
  • President Jair Bolsonaro, on July 15th, approved Provisional measure 1034/21 signing as law 14,183. Amongst its numerous amendments, the approved law modified 30 of the proposed laws which have been agreed upon to govern sports betting including the restructuring of Brazil tax regime for sports betting, which will be based on GGR %, instead of a gross wagering value applied to customer bets
  • Licensure model, number of licenses and modality are not yet defined 


  • Several gaming bills have been introduced calling for the legalization of integrated casino resorts across 32 locations (throughout Brazil’s 27 states), as well local forms of gaming; the bills have been merged into one bill (Chamber of Deputies version) with the following specifications:
    • 10% gaming tax rate
    • One casino per state with a population of 15M-25M and three per state with a population greater than 25M
  • Among international gaming companies, Hard Rock appears most focused on Brazil as it continues to develop several hotels in the country; we expect Rio de Janeiro and Sao Paulo to be of keen interest to larger gaming companies such as LVS, CZR and MGM

Privatization of the National Lottery was mooted by the Supreme Court’s decision to end the federal monopoly opening significant expansion opportunities for the states

  • The Federal Supreme Court (STF) unanimously decided to end the federal government’s monopoly for operating lotteries in Brazil, which allows state lotteries to operate their own
  • Lottery operators and suppliers will be able to offer their platforms and services directly to the states and current operators can extend their offerings 
  • The IGT/SGMS consortium that was awarded the federal instant ticket concession announced its withdrawal due to delays on the part of CAIXA Economica to execute a contract by the concession deadline

The Spectrum Gaming team includes consultants and investment bankers, including on the ground in Brazil, dedicated to providing 360 degrees of services to developers, investors, operators, government agencies and other stakeholders.

Spectrum Gaming Capital released a report on Attracting Investment to a New Brazil Gaming Industry

Please click to access the reports in both English and Portuguese versions