Playtech Lifts Outlook as Brazil Bans Betting
The gambling supplier raised its 2026 earnings forecast even as Brazil shut down licensed fixed-odds sports betting and online casino games.
Updated on Nov. 10, 2026 in Gambling
Playtech raised its 2026 adjusted EBITDA expectation to above €300 million, ahead of the €279 million average of seven analysts. The upgrade came after Brazil's President Luiz Inácio Lula da Silva signed Provisional Measure 1,394 on September 25, banning fixed-odds sports betting and online casino games.
Why it matters
The Brazilian ban removes a major market for betting operators, and Playtech expects a larger impact in 2027 if the restrictions remain in place. The company's forecast suggests demand elsewhere, including the Americas, has so far offset the loss.
Analyst estimates for 2026 ranged from €271 million to €285 million, while Playtech's new forecast tops that range. The Brazilian measure gives Congress 120 days to convert it into law, so the lasting scope of the shutdown is still open.
The players
Playtech
A major gambling software and supplier company whose trading update and forecast raise drove the story.
Luiz Inácio Lula da Silva
The President of Brazil, who signed the measure banning fixed-odds sports betting and online casino games.
Flutter
The gambling operator that agreed in September 2024 to buy Playtech's Italian retail arm Snaitech for €2.3 billion.
The details
Brazil's National Monetary Council issued Resolution 5,298 in April, banning derivatives tied to sporting, political, cultural and entertainment events, and telecom regulator Anatel blocked 27 prediction-market platforms, including Kalshi. Licensed Brazilian betting sites went offline on October 6, and banks and payment institutions may no longer process betting transactions.
Timeline
April: Brazil's National Monetary Council issues Resolution 5,298 banning related derivatives.
September 25: President Lula signs Provisional Measure 1,394.
October 6: Licensed Brazilian betting sites go offline.
April 1: UK Remote Gaming Duty on online casino games rises to 40% from 21%.
Market Landscape
Playtech's results come as governments tighten gambling rules, with the UK raising its Remote Gaming Duty to 40% from 21% on April 1. Brazil's ban adds a major new restriction, shifting demand toward markets such as the United States, Mexico and Colombia.
Players in Brazil can no longer use licensed betting sites following the October 6 shutdown, and banks may no longer process betting transactions. Readers elsewhere should note that rising duties, such as the UK's 40% rate on online casino games, can change the cost of gambling products.
The takeaway
Regulatory changes in major markets can quickly reshape the gambling industry's revenue outlook, even when suppliers report stronger demand elsewhere. Watching national legislative deadlines is the clearest signal of how durable such restrictions will be.
What happens next
Congress has 120 days from the measure's signing to convert Provisional Measure 1,394 into law, a deadline that will determine whether the Brazilian ban becomes permanent.
Further reading
Explore more on Gambling regulation and industry shifts.
