Brazil's gaming regulator, the Secretaria de Prêmios e Apostas (SPA), has officially granted the first batch of sports betting and online casino licenses, with 14 operators going live across the country on May 1, 2026.
Who got licensed?
The first wave includes a mix of global giants and local players. Bet365, Betano, Sportingbet, and Pixbet are among the confirmed names, alongside five Brazilian-born operators who cleared the SPA's compliance threshold. Notable absences include Stake and several Curaçao-licensed casinos that declined to apply under the new framework.
What affiliates need to know
The license conditions include strict rules on affiliate marketing. All affiliate deals must be registered with the operator's compliance team, and performance marketing creatives require pre-approval from the SPA. Bonus advertising is heavily restricted — terms must be shown in full within the ad unit, not just on a landing page.
- CPA deals are expected to normalise around R$180–R$320 depending on the operator and traffic quality.
- RevShare arrangements are permitted but must exclude bonus costs from net revenue calculations — a significant win for affiliates.
- Negative carryover is banned under SPA rules, making RevShare deals structurally cleaner than in most other markets.
What's still pending?
Approximately 40 operators submitted applications before the March 31 deadline but have not yet received approval. The SPA has confirmed it is processing these on a rolling basis and expects a second wave of licenses by July 2026. Operators currently in the queue include FanDuel, DraftKings, and Parimatch.
Affiliate opportunity
Brazil is now the largest regulated iGaming market in Latin America and the third largest globally by population of eligible players. Organic search traffic for casino and sports betting keywords in Portuguese has grown 340% year-on-year according to SimilarWeb data. Early movers in SEO and content are already seeing CPCs drop as licensed operators flood Google Ads — making organic positions significantly more valuable.
Our recommendation: prioritise Betano and Bet365 partnerships first — both have mature affiliate programs, confirmed BRL payment options, and strong brand recognition in the market. Pixbet is worth watching for local traffic given its aggressive TV and influencer spend.