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The Brazilian Financial and Capital Markets Association (ANBIMA) has released a new study that paints a very different picture of the online bettors in Brazil, revealing who is at risk and who isn’t.
The research, titled Online Betting in Brazil: User Profiles, Journeys and Behavioral Patterns, was designed by the consultancy Kyvo based on in-depth interviews with 60 current and former gamblers across Brazil’s five regions. Some of the results point to financial and behavioural risks, but the comprehensive report does not call for the prohibition of betting platforms; instead, it urges enhanced financial education.
Four Distinct Betting Profiles
The study revealed four types of personalities: “Fortune Follower,” “Lion Killer,” “Reality Expert” and “Thrill Seeker.” The first two groups are mainly female from lower-class society. “Fortune Followers” have a greater expectation that betting will bring them quick fortune and “Lion Killers” may be more financially constrained and make use of betting as a means to meet basic needs.
On the other hand, “Reality Experts” and “Thrill Seekers” are mostly young men from the higher income brackets. The previous study games, formulates strategies and can even consider betting as a substitute for “real” financial markets. Often, the latter, who generally view gambling as a pastime, find out about it from friends or family.
Most Bettors Do Not Show Warning Signs
The report compares its results with the data obtained through the ANBIMA’s 2026 Brazilian Investor X-Ray. The figures quoted indicate that 7% of the Brazilian population wager here and there, and just 1% wager every day. Of the bettors, 11% were considered to be high-risk addicted.
The report itself admits that while “most bettors don’t exhibit troubling behaviors,” there is a vulnerable group that is “clumped together in certain populations.” This difference suggests that everyone doesn’t have to be losing money or be a gambler.
Entertainment Is a Major Motivation
The other factor that is relevant is about gambling in its leisure form. The Investor X-Ray study reveals that 32% of bettors consider betting as a way to have fun, while 39% bet mostly for fast cash.
This is a form of recreation and is represented by the “Thrill Seeker” profile. These are typically more financially secure and able to allocate more money towards a leisure budget, and they tend to link betting with sports events and have separate budgets with relatively fixed spending thresholds. The profile indicates that, in part of the market, betting serves as a way to pass the time, not a way to get rich.
Sports Betting Differs From Online Casino Games
The study also differentiates sports betting from the ongoing casino games. Sports betting has a strong link to events that have clear start and end times, and is frequently linked to watching games and studying the results, says ANBIMA.
Online casino games, particularly those shaped after “Tigrinho,” function with quicker and more repeated cycles, which may lead to more extended gaming sessions. The difference implies that risk communication and responsible gambling policies should be tailored to the specific type of gambling and not to the gambling sector as a whole.
Study Recommends Education, Not Prohibition
ANBIMA, although having identified vulnerable users, has concluded with recommendations for financial education, rather than an outright ban on gambling. The study recommends programs which will guide consumers to differentiate between risk and probability, between strategy and betting and between investment and betting.
It says that financial decisions “take place in a context of uncertainty, time constraints and constant stimuli” and that betting is part of a context where people make decisions under conditions of risk and money.
Bettors Also Use Self-Control Measures
The study is also based on investigating how people cut down or stop their gambling. Some reported spending limits, withdrawals, deletion of apps, blocking accounts and limiting payment methods.
The study portrays these travel experiences as being potentially non-linear and prone to relapse, but also shows that users can control their travel. Many of these practices are similar to the responsible gambling tools included in the Brazilian regulatory system.
A Qualitative Study With Important Limitations
ANBIMA says the research isn’t statistically representative but rather qualitative, conducted through 60 in-depth interviews. It aimed to increase awareness of motivations, meanings and decision-making, not to quantify the extent and level of betting in the country.
Thus, the results should not be considered as a statistical picture of all the Brazilian gamblers. But overall, the report offers a more nuanced picture of the market, including some real vulnerabilities and some recreational trends, and offers a path towards financial education as a major policy response.
Source: BNL Data
