BTG Banked 14 Operators Covering 70% of Brazil Betting Market
BTG became one of the main banks willing to work with Brazil’s regulated betting sector while several larger rivals stayed out. According to Folha de S.Paulo, the bank handled current accounts, credit and other services for 14 companies authorized by the Ministry of Finance.
The operators represented about 70% of a market that moved R$57.1 billion between January 2025 and June 2026. Using the September 29 BRL/USD closing rate, that is about $10.95 billion.
BTG Built a Structure for Betting Accounts
Itaú stopped serving betting companies after a police operation in 2024. Banco do Brasil and Caixa had also worked with the sector before changing their internal policies. Santander did not take betting companies as clients.
BTG went the other way. It created a conta-bolsão, or pooled account, for betting companies. One structure could contain large numbers of individual player balances while keeping them separated inside the banking setup.
Banco Genial and Banco Topázio also served betting companies, but on a smaller scale, according to Folha. The BTG relationships were not limited to accounts.
In April 2026, the bank provided €147 million in financing to Betano. Documents reviewed by Folha also showed debt involving Superbet.
BTG appeared in another large transaction: Flutter Entertainment’s purchase of 56% of Betnacional. The acquisition was valued at R$1.981 billion, about $380 million at the same September 29 exchange rate.
Bet365 and Sportingbet also had banking relationships with BTG.
14 Companies, but About 70% of the Market
There is a second number to compare with Folha’s 14 clients. As reported by 15M previously, the Ministry of Finance’s latest federal authorization file contains 85 companies. The list runs to entry No. 85, Superbet operator SPRBT Interactive Brasil.
That means BTG served 14 of 85 authorised companies, or 16.5% by company count. Folha puts those same clients at about 70% of regulated-market activity.
The two percentages measure different things, so they should not be read as BTG having a 70% share of betting banking. What they show is narrower: roughly one-sixth of federally authorised companies accounted for about seven-tenths of the market, and BTG had banking relationships across that group.
The Shutdown Now Includes Those Banking Links
Brazil changed the picture on September 25. Provisional Measure 1,394 prohibits fixed-odds betting nationwide and covers sports betting and online casino games. Existing federal, state and Federal District operations are being closed under the transition rules.
BTG told Folha it was taking the required steps to comply. So the shutdown is not only removing operator sites. Accounts, financing arrangements and other banking links built since the regulated market opened in January 2025 are now being unwound as well.
For affiliates with Brazil traffic, the 14-client figure also shows how concentrated the licensed side had become. With a relatively small group of operators carrying most regulated volume, the shutdown may force publishers to reassess the brands they send traffic to.