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Brazil iGaming market H1 2026: brands, demand, and what changed
In the Brazil iGaming market H1 2026, Betano pushed BAP to 25.5% (+5.2 pp YoY) while licensed operators absorbed 96.4% of CEB and wiped out the early-regulation offshore premium.
Eighteen months into federal licensing, search demand and the revenue baseline both scaled, but they did not scale at the same speed. Blask Index rose 15.8% versus H1 2025 and 1.5% versus H2 2025. Competitive Earning Baseline (CEB) averaged $1.13B per month ($834M–$2.00B), against $430M ($309M–$790M) in H1 2025, a 162% YoY lift. The gap between those two growth rates is the year-two story: attention rose, licensed monetisation potential rose faster.
Under that total, share moved toward a short list of names. Betano, Bet365, and Superbet held 44.4% of BAP together, up from 38.8% for the top three a year earlier. Esportes da Sorte (−3.7 pp), Sportingbet (−2.4 pp), and Betnacional (−2.1 pp) funded most of those gains. Ten new geo entrants registered in the half; none entered the top 10. The licence split closed the other half of the story: offshore demand and offshore CEB both shrank YoY, and the old offshore revenue premium disappeared.
About the data:
Blask Index tracks consumer search demand for iGaming brands from Google Keyword Planner and Google Trends.
BAP (Brand Accumulated Power) is each brand’s share of that demand.
CEB (Competitive Earning Baseline) estimates revenue potential and is shown as a range.
All figures cover Brazil, H1 2026 (January–June), with H1 2025 and H2 2025 as comparison windows.
Market demand in H1 2026
Brazil search demand rose 15.8% YoY in H1 2026 and sat 1.5% above H2 2025. Month-by-month figures (see chart) stay in a narrow band, with April the peak inside the window. H1 2025 still climbed through the half as the licensed market formed; H1 2026 holds that higher plateau.
CEB rose faster than demand. Average monthly CEB reached $1.13B ($834M–$2.00B) versus $430M ($309M–$790M) in H1 2025 (+162% YoY) and $459M in H2 2025 (+145% HoH). Revenue potential concentrated inside the licensed pool after the first full year of SPA authorisations.
+15.8% YoY demand with Betano at one-quarter of market BAP is the half in one line. Growth and concentration ran together.
The live series sits on blask.com/market/brazil.
Local vs international: how the market splits
Brazil is now an onshore market in Blask’s licence split. Licensed brands held 95.7% of Blask Index demand in H1 2026, up 1.7 pp from 93.9% in H1 2025. Offshore demand fell from 6.1% to 4.3%.
CEB moved harder than demand. Onshore operators took 96.4% of CEB in H1 2026 (avg $1.08B/month) versus 87.9% a year earlier (avg $377M/month). Offshore CEB share dropped from 12.1% to 3.6% (avg $41M/month, down from $52M). The offshore efficiency gap, offshore CEB share divided by offshore demand share, fell from 2.00× in H1 2025 to 0.84× in H1 2026. Each unit of offshore demand no longer buys a revenue premium inside Blask’s baseline.
| H1 2025 | H1 2026 | Change | |
|---|---|---|---|
| Blask Index (local) | 93.9% | 95.7% | +1.7 pp |
| Blask Index (international) | 6.1% | 4.3% | −1.7 pp |
| CEB (local, avg/month) | $377M (87.9%) | $1.08B (96.4%) | +187% |
| CEB (international, avg/month) | $52M (12.1%) | $41M (3.6%) | −21% |
Regulation is pulling both attention and revenue baseline toward licensed operators. The open question for H2 is how much unlicensed activity still sits outside Blask’s onshore/offshore labels while SPA and Anatel keep blocking sites.
Top brands in H1 2026
| Brand | BAP % | Blask Index | CEB avg/month | vs H1 2025 |
|---|---|---|---|---|
| Betano | 25.5% | 358,187,825 | $234.7M | +5.2 pp |
| Bet365 | 11.0% | 155,172,040 | $136.5M | +1.2 pp |
| Superbet | 7.8% | 109,568,429 | $73.7M | +3.1 pp |
| Sportingbet | 6.1% | 85,877,527 | $78.6M | −2.4 pp |
| 7Games | 4.7% | 66,444,958 | $50.2M | +1.3 pp |
| Esportes da Sorte | 4.0% | 56,182,267 | $49.5M | −3.7 pp |
| Betnacional | 3.5% | 49,714,384 | $46.6M | −2.1 pp |
| BullsBet | 2.5% | 34,809,331 | $20.1M | +1.9 pp |
| EstrelaBet | 2.1% | 28,935,366 | $26.0M | −0.5 pp |
| Vaidebet | 1.8% | 25,043,194 | $21.4M | −0.7 pp |
Betano remains the clear demand leader and added 5.2 pp, the largest gain in the market. Superbet’s +3.1 pp jump into third place is the sharpest challenger move. BullsBet (+1.9 pp) and 7Games (+1.3 pp) also gained. Esportes da Sorte’s −3.7 pp is the steepest fall among named brands; Sportingbet and Betnacional followed. Ten brands launched into the geo in H1 2026 (PariPesa, KoalaBet, Ozoon, 67M, Winhugo, SportVip, OnlyBets, Aviao, Jogalimpo, Receba Bet); none cracked meaningful share.
What drove the period
1. Year-two licensing and enforcement after the 1 January 2025 market open. The Secretariat of Prizes and Bets (SPA) closed its first regulated year with more than 25,000 illegal betting sites blocked via Anatel and related agencies, plus hundreds of advertising enforcement cases. That pressure shows up in Blask as onshore demand at 95.7% and onshore CEB at 96.4%. Operators without a Brazilian licence lost relative search and revenue-baseline weight versus H1 2025.
2. A higher GGR contribution from 1 January 2026. Complementary Law No. 224/2025 stepped the federal contribution on GGR from 12% to 13% for 2026, with further rises scheduled to 15% by 2028. Licensed operators absorbed a higher fiscal load at the same time Receita Federal booked BRL 7.28bn in federal taxes from betting and gambling in H1 2026, versus BRL 3.97bn in H1 2025. The Blask CEB surge sits next to that fiscal jump: licensed volume and tax take both scaled in year two.
3. FIFA World Cup 2026 opened inside the last three weeks of the half. The tournament began on 11 June 2026, so late-June demand alone sits inside this window. June did not spike above April–May on the monthly series. The bigger World Cup effect belongs in H2 reporting; H1’s YoY demand lift and brand reshuffle look structural to regulation and concentration, not tournament-driven.
No separate external driver explains Esportes da Sorte’s or Betnacional’s BAP losses on their own. Those moves read as share migration toward Betano and Superbet inside a licensed top tier.
Brazil iGaming market H1 2026 vs H1 2025
| Metric | H1 2025 | H1 2026 | Change |
|---|---|---|---|
| Total Blask Index | 1.21B | 1.40B | +15.8% |
| Blask Index (local share) | 93.9% | 95.7% | +1.7 pp |
| Blask Index (international share) | 6.1% | 4.3% | −1.7 pp |
| Market leader | Betano (20.3%) | Betano (25.5%) | +5.2 pp |
| CEB avg/month | $430M ($309M–$790M) | $1.13B ($834M–$2.00B) | +162% |
| CEB (local share) | 87.9% | 96.4% | +8.5 pp |
| CEB (international share) | 12.1% | 3.6% | −8.5 pp |
| Active brands (BI > 0) | 485 | 525 | +40 |
| Maturity Index (June) | 1.22 | 1.19 | −0.03 |
What changed on structure: top-three concentration, onshore CEB share near saturation, and the collapse of the offshore CEB premium. What looks seasonal or calendar-bound: the small +1.5% HoH Blask Index step versus H2 2025, and the limited June World Cup overlap.
What this means for operators
Forty more brands posted measurable Blask Index in H1 2026 than in H1 2025, so the geo still accepts new names. The attention that matters sat with Betano and Superbet, while mid-table local brands lost BAP and CEB piled into onshore leaders. Three brands already hold 44% of BAP, and the GGR contribution path runs to 15% by 2028. H2 2026 will show how much World Cup volume lands inside licensed books, whether offshore demand keeps shrinking past 4%, and whether post-election politics rewrite the acquisition rules.
Conclusion
H1 2026 shows Brazil’s regulated market in its consolidation phase. Demand up 15.8% YoY, CEB more than doubled versus the first licensed half, Betano at 25.5% BAP, and onshore operators at 96.4% of CEB. The offshore premium that still existed in H1 2025 is gone inside Blask’s licence split. Active brands with measurable demand rose from 485 to 525, so the long tail still grows while the podium hardens. The next half will show whether World Cup volumes widen the licensed pie further or reinforce the same three brands at the top.
Track Brazil in real time → blask.com/market/brazil
FAQ
How big was the Brazil iGaming market in H1 2026?
In H1 2026 Brazil Blask Index rose 15.8% versus H1 2025. Competitive Earning Baseline averaged $1.13B per month ($834M–$2.00B), up 162% YoY. Versus H2 2025, demand rose 1.5% HoH while CEB jumped 145% HoH as licensed revenue baseline consolidated.
Who led Brazil iGaming brand demand in H1 2026?
Betano led the Brazil iGaming market H1 2026 with 25.5% BAP, up 5.2 pp from H1 2025. Bet365 held second at 11.0% (+1.2 pp). Superbet took third at 7.8% (+3.1 pp).
How did the onshore vs offshore split change in Brazil in H1 2026?
Onshore brands held 95.7% of Blask Index demand (+1.7 pp YoY) and 96.4% of CEB (+8.5 pp). Offshore demand fell to 4.3% and offshore CEB share to 3.6%. The offshore efficiency gap dropped from 2.00× to 0.84×.
Why did CEB rise so much faster than demand?
H1 2025 was the first half under federal licensing. By H1 2026, SPA authorisations, site blocking, and a higher GGR contribution had pushed more revenue baseline into licensed brands. Demand grew 15.8%; monthly CEB grew 162% as onshore CEB share moved from 87.9% to 96.4%.
Did the 2026 World Cup drive H1 demand?
The opening weeks alone fall inside H1. The tournament began on 11 June 2026, and June stayed in line with April–May on the monthly series. The half’s YoY demand lift and brand concentration look structural; the main World Cup read belongs in H2.