Brazil is one of the biggest gambling markets with untapped potential. At the end of 2022, the sports betting market in Brazil was worth R$7 billion, up from R$2 billion in 2020. Furthermore, sports bettors in Brazil tend to be very engaged; one survey showed that at least 1 in 6 bettors in the country say that sports betting is their main source of income. And nearly 50 percent of Brazilians say they have bet on a sporting event in the past year.
Still, despite those impressive numbers, Brazil remains perhaps the western world’s most untapped sports betting market. That’s because most sports betting in the country is done in the so-called “grey Massive, untapped potential market.” Bookmaking has been banned in Brazil since 1946, but many Brazilians place bets with entities using international servers in this non-regulated “grey area”. However, sports betting is poised to be regulated in the country, which will bring in millions of more bettors in the market.