Share prices of major gambling operators dropped after Brazilian president Lula announced a temporary ban on online betting. Companies with significant Brazil exposure took the hardest hit.
Better Collective fell the most. The affiliate had forecast €45 million in Brazil revenue for 2026 but now expects €15 million in losses through the end of this year. Shares dropped 26% Monday morning and kept falling. The company suspended its 2027 guidance and share buyback programme.
Flutter is trading at lows last seen in 2019. The operator paid $350 million for 56% of Betnacional and invested heavily in the brand. If Flutter Brazil cannot operate through year-end, 2026 revenue will fall by $70 million and adjusted EBITDA by $20 million. Shares opened at $83.70 and fell to $77.46 by Monday midday.
Evolution has not yet commented to investors, though 9% of the live casino supplier's sales come from Brazil. iGaming prospects look uncertain: even if Lula loses the October 4 election, his opponent Flávio Bolsonaro also opposes the vertical.
Entain is trading at six-year lows despite maintaining EBITDA guidance of £910–960 million for 2026. The company called its Brazil operations "modest", but traders appear unconvinced.
Allwyn, formed from the OPAP and Allwyn merger, is exposed through its 36.75% stake in Kaizen Gaming, which runs Betano. Shares hit March lows. Bragg Gaming and Playtech saw smaller drops: Bragg's Brazil business had stagnated, and Playtech's Caixa launch was only planned for 2027. Playtech may benefit if Caixa secures a monopoly.
