Yield Sec’s latest data, seen exclusively by iGB, suggests licensed betting brands could make up only 9% of Brazil’s total online gambling market. It claims 3,674 illegal operators were live in Brazil in H1, with 1,587 affiliates promoting them.

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Applications for a legal betting license were submitted by 114 online operators before the 20 August deadline, which marked the end of a 90- day window for applicants to secure a licence by the 1 January 2025 launch date.

The data considers that each license provides three skins, meaning up to 342 brands could be launched by the 114 operators licensed in January.

Yield Sec estimates this would cover around 9% of Brazil’s online gambling market, with the other 90% under the control of illegal operators.