Betano has widened its lead as Brazil's leading online betting and gaming brand, with new research from Blask showing just how concentrated the country's regulated market has become 18 months after licensing began. Betano now holds a 24.15% Brand Awareness and Preference share, more than double that of second-placed Bet365.
The top 10 brands by that measure are now all licensed operators. Together they account for 67.72% of Brand Awareness and Preference share and an estimated US$3.49 billion in customer economic benefit, representing 53% of the entire market. Offshore brands no longer hold a single top 10 position.
Brazil's regulated online betting market launched in January 2025 and now comprises 169 licensed brands, overseen by the Secretariat of Prizes and Bets. Blask tracks 581 brands operating in the country overall, which means licensed brands are still a minority of all brands active, even though they now dominate the top of the market.
The scale of the market itself is worth noting. Brazil generated an estimated US$6.59 billion in customer economic benefit over the past 12 months, making it the largest regulated online gambling market in Latin America, around 1.5 times larger than Mexico and Argentina combined.
Betano remains the clear leader, but BullsBet posted the strongest year-on-year growth in the data, up 366.3% after transitioning from an offshore operator to a licensed brand. R7.bet and DonaldBet also recorded significant gains after entering the regulated market. Licensing transitions, done well, are clearly still producing real growth opportunities.
Offshore brands have not disappeared. The number of offshore operators in the top 100 fell from 29 in January 2025 to 14 by June 2026, but several continue to gain share despite regulatory enforcement and website blocking measures. Enforcement has reduced offshore visibility overall without eliminating consumer demand for certain unlicensed brands.
The concentration trend at the top is accelerating. The top three operators grew their combined market share from 26.5% in the first quarter of 2025 to 35.4% by June 2026, and the top five now account for 44.3% of the market. Blask says the sector is evolving toward a model where a small number of major licensed brands capture an increasing share of demand, though the firm notes real opportunities remain for emerging operators through targeted marketing and local brand development.
