Brazil’s regulated betting market under the ‘Bets’ regime celebrated its first birthday on 1 January 2026, and what a year it was – huge financial growth, various companies large and small securing licences, and also a lot of political scrutiny.
The industry’s experience of the first year has been, as one would expect, highly varied. Operators have been able to learn more about player behaviour and preferences, secure their positions and marketing partnerships, all the while coming under an intense political microscope.
Daniel Eskinazi, Managing Director of Rivalo Brasil, the Brazil-facing brand of pan-Latin American sportsbook Rivalo, shares his experiences of year one of the Bets market ahead of the SBC Summit Rio in two month’s time.
SBC: What were the biggest challenges Rivalo faced during the early stages of the Brazil market launch in 2025?
Daniel Eskinazi: In addition to tight timelines and an evolving regulatory framework, the main challenge was that Rivalo Brasil was building a new Brazilian operation from scratch. We had no pre- existing local presence, which meant simultaneously recruiting and training teams, implementing compliant back-office processes, and setting up governance, payments, customer support, and responsible gaming structures—while the clock was already ticking towards launch.
Executing all of this under regulatory scrutiny required discipline, prioritisation, and a strong alignment between teams. In hindsight, the fact that we launched on time with a stable operation and strong compliance culture was a major achievement.
Have there been any significant changes in player behaviour during year one of the regulated Brazil betting market?
As a new local operator we are closer to our players, which has been a major advantage. That proximity allows us to better understand player expectations, product preferences, and service standards — and to respond more quickly and effectively.
Our players have also adapted and have learned the requirements of the new regulated market. For instance, we received many requests for sign-in bonuses in early 2025 – an incentive we are restricted from offering. Such demands are very rare today.
Finally, closer proximity also implies greater exposure: higher expectations around service quality, faster escalation of complaints, and increased litigation and compliance risk. Fortunately, this was something we anticipated well in advance, and overall we have been satisfied with our performance in managing these dynamics during year one.
Did you have to make any adjustments to your marketing, branding, and overall strategy as the market launch played out, or did things go according to plan?
Prior to regulation, much of the marketing message revolved around trust. Trust that deposits would be safe, that odds would be honoured, and that withdrawals would be paid correctly.
Regulation introduced strong consumer safeguards, which as a new operator allowed us to focus our messaging towards the strength of our value proposition, particularly for premium players, and towards building deeper emotional engagement with the brand.
Unlike some operators that went “all-in” on marketing from day one, our priority during the first year was execution quality: delivering a solid launch, ensuring operational stability, and implementing targeted product improvements. Now that the initial exuberance of the market is starting to cool, we are scaling acquisition more assertively.
Rivalo recently announced a major sponsorship agreement with the São Paulo Football Federation (FPF). What was the strategic thinking behind this deal?
Football has always been at the heart of Rivalo, but more importantly, we believe football is built on three fundamental pillars: love, roots, and culture. These are not abstract concepts in Brazil — they are lived experiences. Football is inherited across generations, tied to local identity, and deeply emotional. Those are exactly the emotions we want associated with the Rivalo brand.
From a strategic standpoint, this is a truly unique partnership. Through the agreement with the São Paulo Football Federation, Rivalo is simultaneously sponsoring 46 clubs across all divisions of São Paulo football, from A1 to A4, including naming rights. This is the largest collective football sponsorship ever executed in Brazil. It allows us to be present not just at the elite level, but across the full ecosystem of professional football in the country’s most important football state.
We are particularly excited about the inclusiveness of this model. It recognises that football passion does not live only in the top division—it thrives in smaller cities, regional rivalries, and historic clubs with deep local roots. By supporting all divisions, we are investing in the pyramid as a whole, not just the top.
This partnership allows us to engage with multiple markets simultaneously in a very innovative way: different cities, different fan bases, different identities—all under one coherent platform. It is a long-term bet on Brazilian football culture, and one that aligns perfectly with how we see Rivalo positioning itself in the country.
Did you expect the debate around betting and gaming taxes in Brazil to start so quickly? How did Rivalo respond?
We know from experience that tax and regulatory frameworks in iGaming evolve over time. That said, we were genuinely surprised by the speed at which tax increases began to be debated—barely five months into a five-year licence that already required an upfront payment of approximately US$6m (£4.5m).
Our response has been to engage constructively with peers and stakeholders to reinforce a simple but critical message: excessive taxation ultimately harms consumers by pushing them toward the black market, where there is no player protection, no responsible gaming controls, and no tax collection at all. Moreover, changing the rules mid-game undermines long-term investment confidence—not only in iGaming, but in Brazil as a broader investment destination.
What’s your assessment of technology adoption in the Brazilian betting space? Any innovations that stood out during year one?
With the widespread adoption of PIX, Brazil has become a global benchmark for payment efficiency and reliability. Technology adoption in the betting space is fast, and I expect continued innovation, including biometric and increasingly frictionless payments solutions.
In an increasingly competitive environment, we have also seen a strong push towards gamification and loyalty mechanics. In this context, we recently launched the Rivalo Club across our Latin American platforms. Early results have been very encouraging, and we see loyalty as a key lever for improving player experience, engagement, and long-term retention.
Do you think the introduction of cryptocurrency into the Brazilian betting market would be positive or negative?
In principle, offering more options is positive for players. However, given the near-universal adoption of PIX and the comparatively low penetration of cryptocurrencies in Brazil, I do not currently see crypto having a meaningful impact on the market. At least in the short to medium term, it is unlikely to materially change player behaviour or market dynamics.
How do you expect the Brazilian market to develop in 2026—more opportunities or more challenges?
At Rivalo, we view our business as a marathon, not a sprint. I believe 2026 will be characterised by increasing consolidation, with player activity concentrating around a smaller number of well-established, well-run brands. This consolidation will present challenges for all operators, particularly those without scale, strong compliance, or a clear value proposition.
At the same time, it creates significant opportunities for disciplined operators who are focused on sustainability rather than short-term growth. We are confident that Rivalo is well-positioned to navigate this environment and to continue attracting an increasing share of players.
What do you think SBC Summit Rio attendees will learn about the first year of the regulated Brazilian betting market?
SBC Summit Rio comes at a very timely moment for the Brazilian market. Attendees can gain a first-hand understanding of what regulation has actually meant in practice—not just the theory, but the operational, commercial, and compliance realities of year one.
They will learn that Brazil is both a highly attractive and highly demanding market: vast scale, fast innovation and passionate sports fans, but also one that requires serious local commitment, strong governance, and a long-term mindset.
The event brings together operators, regulators, suppliers, and media in a way that facilitates open discussion, shared learning, and constructive debate around the future of this important market.
Get your VIP Event Pass (R$3000). Group Discount: Buy 3+ VIP passes and pay just R$1800 per ticket.
Operators & Affiliates: Eligible attendees may receive a complimentary VIP Event Pass with full access.
Expo+ Pass (R$500): Access to the exhibition floor and all conference sessions (no VIP evening events).
Expo Only Pass: Free access to the exhibition floor only.
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