SiGMA World 2026 continues after debate on betting ban in Brazil

SiGMA World 2026 in Rome continued on Wednesday 4 November after a panel held on Tuesday 3 November that addressed “A Reviravolta Regulatória do Brasil: Do Auge à Proibição.” The seminar examined why Brazil moved from legalising to banning online betting, who benefits from the measure and whether reversal is possible. Speakers agreed the decision had a political dimension, that the illegal market was advantaged, and that regulation remains the only path to recovery.

Structure of the debate and participants

The debate was moderated by Nick Farley, President of Eclipse Compliance Testing, and featured five speakers: Juan Camilo Carrasco, Managing Partner at Sora Lawyers; Sua Excelência Lucimara Batista dos Reis, Consul and Director of Compliance and AML, Honorary Consul of Brazil in Malta; Stepan Dobrovolskiy, CEO of BetBoom LATAM; John Aquilina, former Plenipotentiary Ambassador at the Embassy of Malta in Brazil; and Bruna Mirandola, Coordinator of the Parliamentary Front for Responsible Gambling, Chamber of Deputies (PP) of Brazil.

Participants reviewed the regulatory timeline: Brazil legalised the industry in 2018, but only implemented an appropriate regulatory framework in 2025. That alternation between authorising, prohibiting and suspending has not resolved the problems posed by the market.

Impact on operators and investors

Stepan Dobrovolskiy explained the direct effect on his business: betting has been suspended for more than a month and his revenues have already fallen by half. He said that if the market recovers in March, most operators will effectively be starting from scratch.

Dobrovolskiy also described an adjustment to investment horizons: they shrank from three-to-five years to three-to-six months because of the risk that another election could lead to a new ban. He said he had not expected the prohibition despite modelling for risks.

Effects across the value chain

Panelists warned that a ban creates a domino effect reaching fintechs, payment providers and other companies linked to gambling. Families, companies and investors are exposed alongside players. In Bruna Mirandola's words, regulation is the way to protect consumers and Congress will have to seek an appropriate balance. The discussion also featured broader SiGMA programming linked to the event schedule for attendees at [SiGMA World 2026](/events).

"É preciso proteger todo o ecossistema", declared Stepan Dobrovolskiy during the panel.

Juan Camilo Carrasco noted that the Brazilian case should not be automatically extrapolated to the rest of Latin America, because "each Latin American country has its own constitutional and political structure."

Legal routes and next steps

Speakers reminded the audience that there was a public hearing at the Supremo Tribunal Federal (STF), but that the provisional measure that motivated the ban still requires approval in the Federal Congress. According to the panelists, a return to a regulated framework depends on cooperation between industry and government and public acceptance of the rules. The timeline and consequences for payment and fintech partners were highlighted in that context for companies and regulators concerned with operational continuity; several participants referenced impacts on the payments ecosystem and service providers in particular (/payments).

Agenda and activities at SiGMA World 2026 in Rome (4 November)

Wednesday 4's schedule included featured events and sessions aligned with the summit's international agenda. Highlights for the day included: SiGMA Grand Prix by SOFTSWISS; conferences and panels on casino game development, affiliate strategies, organic advertising with Badge Ads, and a panel on how the illegal market remains competitive.

Also on the programme were the SiGMA Startup Pitch, VIP meetings with content creators, the AGS Awards and networking activities such as the Networking Cocktail and the Night Sauna for women offered by Custodex. The agenda continued through Thursday 5 November with workshops and live demonstrations.

Panel conclusion

Experts returned repeatedly to the same point: the return of regulated activity requires dialogue between authorities and industry. Meanwhile, operators and investors face altered timelines and risks — shortened investment horizons and already recorded operational losses — that shape any expectation of a return.

Miguel Sandoval, Regulatory Affairs Correspondent, attended the session and reports these interventions and dates in the context of SiGMA World 2026 in Rome.