Brazilian President Luiz Inácio Lula da Silva signed executive order 1394/2026 on 25 April banning sports betting and online casino in the country. In December 2023 the same Lula signed the law that regulated betting and opened one of the largest markets in the world. Sites of 84 licensed operators must close by 6 October, licences are revoked on 25 October.
Operators are preparing a collective lawsuit to the Supreme Court. Probability of filing is 98%, deadline 29 April. Flutter, which owns Betnacional and Betfair in Brazil, called the measure "unexpected and deeply concerning", noting it invested, paid for a licence and created jobs under rules set by the state itself. Betano (Kaizen Gaming) said it would determine its position later. The order does not provide for refunds of licensing fees — R$ 30 million ($5.8 million) for a five-year licence of which less than two years have been used.
JPMorgan estimates Evolution will take the hardest hit, with around 9% of revenue from Brazil, followed by Allwyn (its stake in Betano accounts for 6–7% of EBITDA), Entain and Flutter. The first trading day for investor reaction is 28 April; European exchanges were closed when the order was signed.
Ricardo Bianco Rosada, CEO of brmkt.co, believes the main cost is not tax losses but damage to the country's reputation. "Brazil sold five-year licences, collected fees, demanded capital and compliance, then revoked everything by decree before the end of year one. Any investor evaluating a regulated sector in Brazil — from fintech to energy — will now price in the risk of a licence turning to dust halfway through."
Congress postponed debate until after the first round of presidential elections on 4 October. Lula, running for a fourth term and level with Flávio Bolsonaro in the polls, turned the ban into a campaign card: at a rally in Recife he held a placard reading "End of betting". The opposition called the order "hypocritical and populist", though Bolsonaro himself has spoken against online casino.
Based on reporting by NEXT.io.
