Brazil’s online betting and casino ban is already affecting the outlook of several listed gambling companies. The Brazil gambling ban has prompted operators, affiliates and suppliers to review guidance and their exposure to the market. Financial effects vary widely across the sector – see more details:

  • Flutter expects around USD 70m (ca. EUR 62m) less 2026 revenue and USD 20m (ca. EUR 17.6m) less adjusted EBITDA if Brazil remains closed for the rest of the year. The operator has stopped betting and iGaming operations and is reviewing its options, including a potential appeal. Operations could restart if Brazil’s Congress rejects the measure.
  • Entain maintained its GBP 910m (ca. EUR 1.06bn) to GBP 960m (ca. EUR 1.12bn) FY2026 underlying EBITDA guidance but now expects to finish near the lower end. Brazil was expected to represent around 5% of Group Online NGR. Including the ban, Online NGR growth is now expected at 4%–6%.
  • Allwyn said its previous guidance for an approximately 37% adjusted EBITDA margin is no longer applicable if the ban remains through 2026, although it expects the margin impact to be limited. Allwyn holds a 36.75% stake in Kaizen Gaming, operator of the Betano brand. Betano is preparing legal action and still plans four additional market entries in early 2027.
  • DigiPlus said the regulatory change is not expected to materially affect its overall financial or operating position.The operator had been developing its Brazilian online gaming operations and is processing customer withdrawals. It will continue to monitor the legislative and legal process.
  • Genius Sports expects the financial impact to be immaterial and maintained its 2026 guidance.Revenue remains forecast at USD 1.005bn-USD 1.025bn (ca. EUR 886m-904m) and adjusted EBITDA at USD 285m-USD 295m (ca. EUR 251m-260m). CEO Mark Locke said: “Because of how our deals are structured, this regulation has minimal impact on our business.”
  • Better Collective had been heading towards around EUR 45m of Brazil revenue in 2026, including around EUR 15m during the rest of the year. Organic revenue growth guidance was cut to 3%–8%, while EBITDA growth guidance changed to -7% to +3%. Targets for 2027–2028 and its share buyback were suspended.
  • Acroud suspended its 2026–2028 financial targets following the Brazil gambling ban. Brazil generated around EUR 1.4m of EBITDA and EUR 0.8m of net income between January and August. New targets are expected once there is more clarity around the legislative process.

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