SiGMA World 2026 panel dissects Brazil's shift from regulated market to betting ban
Panel on 3 November concluded prohibition was political and harmed the regulated market
Key Takeaways
- SiGMA World 2026 held a panel on 3 November titled “A Reviravolta Regulatória do Brasil: Do Auge à Proibição.”
- Panelists said Brazil legalised betting in 2018 and only implemented a full framework in 2025 before the recent prohibition.
- Operators have been suspended for more than a month and at least one speaker reported revenues falling by half.
- Investors shortened their planning horizons from three–five years to three–six months due to political risk.
SiGMA World 2026 hosted a panel on 3 November examining Brazil's regulatory reversal — the country built a regulated online betting market, then moved to prohibit it. Panelists said the ban carried political overtones, profited the illegal market and left regulation as the only viable route to recovery.
Who spoke and what they said
The session, titled “A Reviravolta Regulatória do Brasil: Do Auge à Proibição,” was moderated by Nick Farley, president of Eclipse Compliance Testing. Panellists were Juan Camilo Carrasco, Managing Partner at Sora Lawyers; Sua Excelência Lucimara Batista dos Reis, Consul and Director of Compliance and AML and Honorary Consul of Brazil in Malta; Stepan Dobrovolskiy, CEO of BetBoom LATAM; John Aquilina, former Ambassador Plenipotentiary of the Embassy of Malta to Brazil; and Bruna Mirandola, Coordinator of the Parliamentary Front for Responsible Gaming in the Chamber of Deputies (PP) of Brazil.
Speakers traced the arc from authorisation to prohibition. The panel noted Brazil legalised the industry in 2018, but a full regulatory framework was only implemented in 2025. That sequence — authorise, suspend, prohibit — did not resolve market stability, the panellists agreed.
Economic and investment impact discussed
Stepan Dobrovolskiy described the immediate business effects: betting activity has been suspended for more than a month and his company’s revenues have fallen by half. He said investors are now pricing political risk differently; where horizons had been three to five years, Dobrovolskiy said they have shortened to three to six months because another election could produce a further prohibition.
"É preciso proteger todo o ecossistema," Dobrovolskiy said, arguing that protection must extend beyond players to fintechs, payment providers and other service companies.
Panelists warned of a domino effect: fintechs, payment processors and ancillary suppliers tied to the legal market suffer when operators are cut off, and families, businesses and investors lose protection alongside players.
Juan Camilo Carrasco cautioned that the Brazilian case cannot be transplanted automatically across Latin America because each country has distinct constitutional and political frameworks.
Legal process and next steps
The panel recalled a public hearing was held at the Supremo Tribunal Federal (STF). Panelists emphasised that the provisional measure also requires approval in the National Congress (Congresso Federal). Bruna Mirandola reiterated the regulatory argument for consumer safety and the need for legislative balance, saying the Congress will have to find the appropriate equilibrium.
"As leis só têm valor se a comunidade as aceitar," Mirandola said, linking legal legitimacy to public acceptance.
Speakers returned repeatedly to the same remedy: cooperation between industry and government. They said regulatory restoration depends on constructive engagement from operators, suppliers and legislators.
Broader conference context and programme
SiGMA World 2026 continues in Rome, Italy, on Wednesday 4 November and runs through Thursday 5 November. The event schedule for Wednesday includes the SiGMA Startup Pitch, a VIP creators meeting, the AGS Awards and multiple panels and keynotes covering industry topics. Highlights listed for 4 November included:
SiGMA Grand Prix by SOFTSWISS
Conference — Rome 2026 — Day 2
Panels on the illegal market’s economics, regulator coordination across Europe and transparency in gambling
Presentations on marketing, game design and media buying
Workshops, the Bloko Padel tour final, networking cocktails and a sauna night for women offered by Custodex
The live SiGMA Startup Pitch and the AGS Awards
The programme also schedules sessions on finance, prop trading, liquidity and AI search in financial brand visibility.
Attendees at the Rome leg will see speakers and sessions addressing both commercial strategy and the regulatory questions raised by the Brazilian experience. SiGMA World remains active in presenting start-up opportunities and awards alongside regulatory debate. For conference details see the events pages on the SiGMA World programme.
Takeaways from the panel
Panel members were unanimous that the Brazilian prohibition has political drivers, has empowered the illegal market and that recovery will require legislative and industry cooperation. They also identified immediate commercial consequences: suspended operations for more than a month, revenue declines of roughly 50% for affected operators and a sharply shortened investor time horizon.
Frequently Asked Questions
What was the main conclusion of the SiGMA World 2026 panel about Brazil's betting ban?
The panel concluded that the prohibition had political overtones and benefited the illegal market, while regulation remains the route to recovery. Speakers at the 3 November session argued the ban undermined the regulated ecosystem and called for industry–government cooperation.
Which Brazilian regulatory milestones did panelists cite during the session?
Panelists noted Brazil legalised the industry in 2018 and only implemented a full regulatory structure in 2025. They said the sequence of authorisation, suspension and prohibition has not delivered market stability.
How have operators and investors been affected according to panellists?
Operators have faced suspension for more than a month and some businesses reported revenues falling by half, while investment horizons contracted from three–five years to three–six months because another election could trigger further prohibition.
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About the author
Eleanor Whitfield
Regulatory Affairs Correspondent
Eleanor Whitfield tracks gambling legislation, licensing decisions, and regulator enforcement across key markets — from the UKGC, MGA, and Germany's GGL to Spain's DGOJ and the state-by-state map in the Americas. The reporting answers three questions precisely: what changed, where, and who it affects, with jurisdictions, effective dates, and penalty figures named exactly as published. Compliance officers and operators read Eleanor Whitfield to know which rulebook moved before their next board meeting.
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