TLDR
- ANBIMA released a new study examining online betting behavior in Brazil, based on interviews with 60 current and former gamblers.
- The research identifies four bettor profiles: Fortune Follower, Lion Killer, Reality Expert, and Thrill Seeker.
- Data shows 7% of Brazilians bet occasionally, 1% bet daily, and 11% of bettors are considered high risk for addiction.
- The study separates sports betting from online casino games, noting casino formats can lead to longer play sessions.
- ANBIMA recommends financial education programs instead of banning betting platforms.
The Brazilian Financial and Capital Markets Association, known as ANBIMA, has published a study looking closely at online betting habits across the country. The research was carried out by the consultancy Kyvo.
Researchers interviewed 60 current and former gamblers from all five regions of Brazil. The goal was to understand motivations and behavior patterns rather than to measure the total size of the betting market.
Four Bettor Profiles Identified
The study sorted bettors into four groups. Two of these, Fortune Follower and Lion Killer, are mostly women from lower income backgrounds.
Fortune Followers hope betting will bring them quick financial gain. Lion Killers often use betting to help cover basic living costs, which points to financial strain.
The other two groups, Reality Expert and Thrill Seeker, are mostly young men with higher incomes. Reality Experts study games and build strategies, sometimes treating betting like a substitute for investing.
Thrill Seekers usually see betting as entertainment. Many first learn about it through friends or family members.
Most Bettors Show No Warning Signs
ANBIMA compared its findings with its own 2026 Brazilian Investor X-Ray report. That data shows 7% of Brazilians bet occasionally, while just 1% bet every day.
Among people who do bet, 11% were classified as high risk for addiction. The report states that most bettors do not show troubling behavior, though risk appears more concentrated in certain groups.
The Investor X-Ray data also found that 32% of bettors see betting as fun. Another 39% said they bet mainly hoping for fast cash.
The study draws a clear line between sports betting and online casino games. Sports betting is tied to specific events with a start and end time, often paired with watching a match or reviewing results.
Casino-style games, including titles similar to Tigrinho, run on faster and more repetitive cycles. ANBIMA says this format can lead to longer sessions without a natural stopping point.
Because of this difference, the report suggests that responsible gambling rules should be designed around each type of betting. A single policy for the entire sector may not address the specific risks tied to each format.
Researchers also looked at how people limit or stop betting on their own. Common methods included setting spending limits, making withdrawals, deleting apps, and blocking certain payment options.
The report notes that quitting or cutting back is not always a straight path, and relapses can happen. Still, it shows that many bettors do take active steps to manage their habits.
ANBIMA was clear that the study is qualitative, not a statistical survey. The findings come from 60 interviews and are meant to explain motivations rather than count how many people gamble nationwide.
Despite these limits, the report offers a more detailed view of Brazil’s betting market. It shows both real financial risks and common recreational habits within the same population.
Rather than calling for a ban, ANBIMA recommends financial education programs. These would help people separate concepts like risk from probability, and betting from investing.
The report closes by describing financial decisions as choices made under uncertainty, time pressure, and constant outside stimuli. It positions financial education, not prohibition, as the main policy response going forward.
