With Brazilian President Luiz Inácio Lula da Silva having introduced a provisional measure to ban on online gambling from 6 October, listed firms have been providing reaction and updates to the markets on the potential impact.
Here is a roundup of what has been announced so far by some of the main players:
Allwyn
The Athens-traded lottery and gaming giant, which holds a 36.75% stake in Kaizen Gaming’s Betano brand, said Betano is “evaluating potential mitigants to the impact of the provisional measure” and is preparing legal action “to protect its right rights in Brazil in consideration of its five-year licence”.
In a statement, Allwyn highlighted Brazil is Betano’s largest market, with the brand considered to be the number one operator in the country. Betano will continue to progress pre-existing plans to enter new markets – including four additional countries in early 2027.
It said: “Betano, in turn, represents only one component of Allwyn’s highly diversified lottery and gaming operations.
“The company’s interest in Betano is equity-accounted, hence, any impact on its 2026 financial performance related to the provisional measure would principally be reflected through the share of profit from equity method investees.”
However, Allwyn noted that should the ban remain in place for the remainder of 2026, previously guided adjusted EBITDA margin of approximately 37% “would no longer be applicable”.
This assessment “remains preliminary”, the operator said, and is subject to ongoing review as management continues to “evaluate the implications of the measure and potential mitigating actions”.
Alwyn added: “The exact impact would be dependent on, among other factors, the timing and effectiveness of measures to reduce certain costs that are not typically variable in the short term.
“Any impact on subsequent periods would depend on the duration for which the provisional measure remains in force, as well as further revenue and cost optimisation initiatives.”
Allwyn shares have slipped almost 3% to €11.38 on the Athens Stock Exchange, at the time of writing.
Entain
Despite Lula’s provisional measure to ban online gambling, Entain, which operates Sportingbet in Brazil, has maintained its full-year guidance of between £910m and £960m and an online underlying EBITDA margin of 21% to 22%.
However, the London-listed firm said it now expects to hit “the lower end of both ranges due to Brazil’s provisional executive measure”. The news sent Entain stock sliding more than 3% to 435p in early trading in London.
The South American country represents approximately 5% of group online net gaming revenue (NGR), though Entain said given the challenging and highly competitive operating environment, its EBITDA contribution “was expected to be modest”.
Stripping out Brazil, management expects the business to remain on track to deliver at the top end of guidance – 5% to 7% on a constant currency basis.
Including Brazil, this slips to 4% to 6%, reflecting year-to-date performance and based on the assumption the ban is upheld for the remainder of 2026.
Entain expressed its “disappointed by this sudden development without consultation of industry stakeholders regarding its significant adverse consequences”, while noting that bosses will continue to monitor the situation and “will provide updates as appropriate”.
Better Collective
Better Collective shares plunged by a quarter on Monday morning in Stockholm, the company’s primary listing. As well as halting its share buyback programme with immediate effect, the Copenhagen-based affiliate suspended 2027-2028 guidance due to the “current uncertainty” in the wake of the ban.
Management announced:
• Organic revenue growth of 3% to 8% (previously 7% to 12%)
• EBITDA before special items growth of -7% to +3% (previously 8% to 18%)
• Net debt to EBITDA below 3x (unchanged)
Before Lula’s announcement, Better Collective’s Brazilian arm was trending towards approximately €45m (£39m) in revenue, equivalent to around 12% of the current analysis consensus for 2026 group revenue.
Of the €45m, roughly €15m was expected to be generated in the remainder of the year – mostly through revenue share agreements with licensed operators. The market has an annual cost base of approximately €10m annually.
Better Collective confirmed it has “incurred substantial costs and investments” related to establishing and adapting the business in Brazil, including “bringing operations onshore, market establishment and regulatory compliance, product development and other initiatives”.
In a warning to the Brazil’s current administration, co-CEO and co-founder Jesper Søgaard said in a statement: “Removing that regulated market will not eliminate the underlying demand for betting.
“Instead, it risks pushing millions of players toward illicit offshore operators that have not made these investments, pay no local taxes and operate without the same player protections.
“Our concern is that a measure intended to protect consumers could ultimately dismantle a regulated ecosystem that was specifically created to protect them.”
Flutter
The New York-listed giant said that if Flutter Brazil is unable to operate for the remainder of the year, it is likely to lead to a reduction in 2026 revenue of approximately $70m, while adjusted EBITDA is forecast to slip approximately $20m.
On the provisional measure, the operator of Betfair and domestic brand Betnacional in Brazil expressed “surprise” and “great concern” about the announcement of the provisional measure.
A statement read: “Flutter Brazil has always guided its actions by compliance with Brazilian legislation and the development of a regulated and responsible market.
“The company acknowledges the challenges associated with betting and the need for continuous improvement of player protection policies, oversight and the fight against illegal offerings.
“Therefore, it receives with surprise and great concern a measure that could represent the prohibition or dismantling of an activity authorised and regulated by the Brazilian State itself.”
The business said Flutter Brazil, like others, “invested in the country, paid licensing fees, generated jobs and began paying taxes under State supervision”.
“The demand for betting does not cease to exist with the removal of authorised operators,” the statement continued.
“A ban tends to push consumers toward illegal platforms, where mechanisms such as user identification, deposit limits, transaction monitoring, self-exclusion and anti-money laundering prevention are not guaranteed.”
The operator pointed to a study by LCA Consultores, based on data from Instituto Locomotiva, that suggested a total ban could put BRL8bn (£1.2bn) to BRL73bn in tax revenue at risk between 2027 and 2030.
Flutter highlighted the sector sustains approximately 15,000 direct and indirect jobs, while 15 betting companies invested roughly BRL3bn in media advertising in 2025.
In 2025, the group completed a $350m transaction to take a majority stake in NSX Group, the company behind Betnactional, a leading domestic online bookmaker in Brazil.
Kambi
As sportsbook supplier to the likes of Stake, KTO and Rei do Pitaco in Brazil, Kambi’s CEO, Werner Becher, said he was “disappointed by the order to prohibit regulated online betting”.
In a statement posted on LinkedIn, he wrote: “We firmly believe that a well-regulated betting market, with strong consumer protections and effective oversight, provides the best framework for protecting players.
“Prohibition risks driving consumers towards black market alternatives where those protections do not exist.
“We will of course comply fully with this order but note it is currently ‘provisional’ and must receive congressional approval soon after October’s presidential election.”
Werner said Brazil accounts for a “low single-digit percentage of Kambi’s revenue” and, as a result, the financial impact on the group is expected to be “limited”.
The post Brazil ban: public companies react to forced shutdown first appeared on EGR Intel.
Allwyn says Betano “preparing legal action to protect its rights” in the brand’s largest market, while Entain now expects to hit lower end of full-year 2026 guidance ranges, and Better Collective shares plunge by 25%
The post Brazil ban: public companies react to forced shutdown first appeared on EGR Intel.