Latin America
Brazil licence.
SPA
130+ authorised operators by Q1 2026. Largest LatAm market by population.
What the regulator asks for
Year one cost
R$30m / 5-year licence
R$30m fixed licence fee for 5-year term, covers up to 3 brands. R$5m operating reserve. Plus 0.82% inspection fee on GGR.
Timeline
4-6 months from clean dossier
SPA was under-resourced through 2025-early 2026 (TCU formal criticism). Q1 2026 capacity improving.
Gaming tax
12% GGR fixed-odds in 2025, 13% in 2026, 14% in 2027, 15% in 2028 (Complementary Law 224/2025). Plus 0.82% inspection fee. Player tax: 15% IRPF on net winnings above BRL 2,824 annual threshold.
Marketing climate
Tightening. Ordinance SPA/MF 1,231/2024 and CONAR Annex X frame advertising. Affiliate liability rules tightened. Bolsa Família and BPC recipients excluded via centralised self-exclusion (December 2025).
The market
Brazil's SPA framework went live 1 January 2025 under Law 14.790/2023 and Decree 11,907/2024. Q1 2026 tax revenue +123.7% YoY. Brazilian legal entity required; minimum 20% Brazilian-shareholder capital; ".bet.br" domain mandatory; SIGAP real-time data link; credit cards and crypto prohibited as deposit methods.
How the application runs
SPA application via Brazilian entity. Technical certification. Local hosting elements. SIGAP integration.
Ongoing compliance
Centralised self-exclusion. SIGAP real-time reporting. AML under Brazilian framework. Affordability and behavioural-monitoring obligations.
What you can and cannot say
".bet.br" domain. Affiliate-liability framework. Tightening creative restrictions; broadcast and influencer rules under further development.
The honest read
What it means for your plan
The largest LatAm opportunity by population, but the tax-rate ladder eats margin gradually and SPA is still maturing operationally. High acquisition cost. Suited to operators with serious LatAm thesis, Portuguese-language product, and patience for regulator consolidation.
Get 3 actions
Weighing up Brazil?
One sentence is enough. I read these myself and reply with three actions you can take.