Brazil"s online sports betting boom harms thousands amid celebrity promotions

The online sports betting market in Brazil has seen explosive growth, with the number of companies increasing from 51 to 308 between 2020 and 2023. This surge has led to revenues of 120 billion reais in 2023, largely due to the lack of regulation allowing foreign platforms to promote their services freely. Local celebrities, including football star Neymar, are often used in these promotions, attracting millions of new bettors. A staggering 25 million Brazilians began betting online in the first seven months of 2024, with a total of 52 million participants in a country of 215.3 million. This rapid increase in gambling participation has raised concerns about addiction, as evidenced by the growing number of individuals seeking help from organizations like Gamblers Anonymous. Many gamblers report severe financial consequences, with Itau Bank estimating that Brazilians lost 23.9 billion reais out of 68.2 billion reais spent on online betting from June 2023 to June 2024. The impact of this addiction is profound, with 86% of gamblers in debt and 64% listed on insolvency records. Personal stories from those affected reveal the extent of the crisis, with individuals like Carlos sharing experiences of borrowing money from friends and family to fund their gambling habits. The situation highlights the urgent need for regulation and support systems to address the growing gambling addiction in Brazil.