Gastão Mattos, CEO of the consultancy, recalls that the history of 'Bets' in Brazil developed around the same time as Pix. Online sports betting was legalized in 2018, while Pix began operating in 2020.
"Pix wasn’t created to help 'Bets', but it’s a coincidence, because Pix is the usual payment method for betting companies. There’s no risk, no fraud, it works 24/7, instant settlement, and has penetration in nearly 100% of the population. So it’s the payment method that drives the entire betting operation in Brazil."
In a previous study, the consultancy had already found that the entire amount transacted in online betting goes through Pix — other methods are rarely used, even when offered on platforms.
"There’s practically no other model. Sometimes you even see other options at checkout, but if you try to use them, they don’t work," Mattos explained.
To calculate the share of 'Bets' within Pix, GMattos cross-referenced online betting data published by the Ministry of Finance with the overall volume transacted through Pix. In the first half of this year, legalized 'Bets' generated a net gain of R$17 billion (US$3.1bn).
Based on this, GMattos estimates that the total amount deposited by bettors reached R$242.8 billion (US$44.8bn), while total payouts made by betting companies amounted to R$225.8 billion (US$41.7bn).
Source: Valor
