Brazilian operator Pixbet is seeking a buyer amid regulatory difficulties and a court-ordered suspension of operations, NEXT.io reports citing several industry sources.
The company, founded in 2020 in Paraíba state, became one of Brazil's largest operators through aggressive marketing and sponsorship deals with top football clubs including Flamengo. After regulation came into force in 2025, Pixbet ran into serious trouble. Last month a court in Campina Grande ordered all the operator's platforms shut down over insufficient age-verification technology, including facial recognition. An appeal to the Paraíba Court of Justice was rejected; the ban remains in place until the required systems are implemented, though the site appears to still be operating.
Additional uncertainty followed the resignation last week of CEO Carlos Martin for personal reasons. No successor has been officially named, but a BGaming press release from 3 August suggests co-founder and major shareholder Ernildo Junior de Farias Santos has taken the role. A Portuguese management team previously ran the operation but is no longer involved.
Interest in acquiring Brazilian operators rose after Flutter Entertainment's deal in September 2024 to buy 56% of Betnacional at an 18.4x EBITDA multiple. Sources say potential buyers included US giant DraftKings at one point, which held talks with several local operators before abandoning plans to enter the market.
Hebara analyst Amilton Noble noted that the shift to a regulated market has proved difficult for local operators. Many have struggled with player retention while acquisition costs run from $25 to $40 per customer. Flamengo terminated its Pixbet contract early over delayed payments; the sponsorship moved to market leader Betano for $50 million a year over three years.
