Brazilian Gamblers Bet Big in 2023, Spending Over $11 Billion Online
Lina Almans
25 January 2024
Comment 0
Brazilian gamblers shelled out a whopping $11.1 billion on online gambling and sports betting last year, according to the local newspaper Folha de S. Paulo. The stats are based on data from the country’s Central Bank and only count the money that went to foreign operators.
To put that in perspective, the report points out that $11.1 billion is more than what Brazil made from selling beef in the whole of 2022 ($9.5 billion). And Brazil is one of the biggest beef exporters in the world.
Out of the total amount that Brazilians spent on online bets, about $8.9 billion came back to them as winnings, while $2.2 billion stayed with the operators as fees.
The report also estimates that $7 billion of the money that Brazilians bet online came back to the country. That means this money was paid not just to Brazilians, but to Brazilians who live in Brazil.
It is expected that online gamblers will spend even more money in 2024. That’s because Brazil only legalized online betting and gambling in December 2023. Since then, several big-name deals have happened between bookmakers and local sports teams.
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