President Luiz Inácio Lula da Silva imposed a total ban on online betting in Brazil on Friday. The market, legalised two years ago, had grown to $9.5bn according to Blask Index, with tax receipts reaching R$8.7bn (£1.2bn) in the first half of the year.
Flutter Entertainment, Betano, Superbet, bet365 and suppliers including Playtech, Kambi and Evolution had treated Brazil as a core market. Flutter acquired NSX, operator of Betnacional, in May and reported $74m in revenue for the first half—up 722% year-on-year. A Flutter spokesperson called Lula's decision "a measure that may mean the prohibition or dismantling of activity authorised and regulated by the Brazilian state itself."
Entain had expected Brazil to deliver around 5% of online NGR this year. After the ban was announced, the company revised its outlook: group revenue and EBITDA margin will stay within guidance ranges of £910–960m and 21–22% but fall toward the lower end. Online NGR growth has been cut to 4–6% if the ban remains in force through year-end.
Allwyn, which owns 36.75% of Kaizen Gaming (Betano), said Betano is reviewing legal options to defend its five-year contract with regulator SPA, in effect since January. If the ban stands, Allwyn's Adjusted EBITDA guidance of 37% no longer applies.
Better Collective suspended its 2027/28 guidance and share buyback programme. Before the ban the company was on track for €45m in Brazilian revenue, 12% of the annual total. It now expects to lose around €15m in the third and fourth quarters. CEO Jesper Søgaard warned the ban will push players toward unlicensed offshore operators.
Brazil's Congress must still approve, amend or reject Lula's measure. One month after publication, all licences will be revoked with no refund for the unused term.
