Brazil’s illegal betting market: 40% of operators, 22% of revenue
Brazil's Federal Court of Accounts confirmed 40% of betting operators still work without a licence, 16 months into regulated operation. Blask data shows unlicensed brands have lost the consumer battle — their demand share dropped from 8.9% to 4.3% — but still hold roughly 22% of estimated market revenue. That gap runs through the payment layer, and it's exactly where TCU's enforcement recommendations now point.