Three publicly listed banks — Banese (BGIP4), Banestes (BEES3), and BRB (BSLI4) — are stepping into Brazil’s booming online lottery and gaming sector. As the market surges toward record revenues, these Brazilian financial institutions are positioning themselves to tap into a multi-billion-real opportunity increasingly under government and public scrutiny.
A Rapidly Expanding Market
According to Regulus Partners’ report for BBC News Brasil, Brazil’s online betting industry is projected to generate around R$22 billion in 2025. The federal government has already collected R$6.8 billion in taxes from betting companies during the first three quarters of the year, Investidor10 reported.
This new wave of Brazilian banking involvement reflects a strategic convergence between finance and entertainment. Yet it also unfolds amid heated debates on gambling regulation, morality, and responsible play.
Banese Leads with Lotese
Banco do Estado de Sergipe (Banese) became the first B3-listed Brazilian bank to enter the legal betting and lottery market. In May 2025, it launched Lotese (Loterias de Sergipe) — a platform offering over 600 games, including sports betting, numerical forecasts, and instant “scratch card” games.
Lotese is a joint venture between Banese, Culloden Participações, and TSA Informática, which together operate under BetSul Concessionária de Serviços Lotéricas do Sergipe. Banese holds a 49.9% stake, with a 20-year operating concession.
Banese CEO Marco Antônio Queiroz emphasized that the initiative keeps resources within the state:
“The money raised and directed to the government of Sergipe will remain in the state, to be invested in development and quality of life for our Brazilian people.”
Under the revenue-sharing model, 5% of total lottery revenue goes directly to the state, while the remainder supports public programs — 35% for social inclusion, 25% for culture, 25% for sports, and 15% for environmental initiatives.
Banestes Nears Its Lottery Launch
The Banco do Estado do Espírito Santo (Banestes) is preparing to launch its lottery business by late 2025. The state government, led by Renato Casagrande (PSB), had authorized the creation of Loteria do Espírito Santo in 2023 as a Banestes subsidiary.
Banestes recently entered exclusive negotiations with the World Lottery Consortium, selected after a competitive tender. The two parties are finalizing terms and conducting mutual due diligence.
Banestes CEO Amarildo Casagrande described the process as “highly rigorous,” stressing the need for a partner with “international experience, technical certification, and robust technological infrastructure.”
State law mandates that up to 12% of lottery proceeds be allocated to the Espírito Santo government to fund sports, culture, leisure, welfare, and tourism projects that benefit Brazilian society.
Meanwhile, Banco de Brasília (BRB) had considered launching its own lottery in 2023–2024 but suspended the plan following a federal investigation by the Procuradoria-Geral da República (PGR) into its agreement with the Santa Casa de Misericórdia de Lisboa.
Federal Competition and Social Debate
National lottery operator Caixa Econômica Federal is also expanding into digital betting with its Bet da Caixa platform, set to launch by November 2025. The state-owned bank expects the platform to generate R$2.5 billion in 2026.
However, President Luiz Inácio Lula da Silva has voiced concerns about the social risks tied to gambling:
“Lots of people are going into debt, spending what they don’t have. We consider it an issue of dependency,”
he said in October 2024 while discussing tighter industry regulation.
Balancing Growth and Responsibility
As Brazil’s financial and governmental institutions deepen their involvement in lotteries and wagering, the country faces a complex balancing act — fostering innovation and economic growth while ensuring responsible gambling practices for the Brazilian people.
The trend marks a new phase where banking, technology, and entertainment converge, signaling how deeply integrated betting has become within Brazil’s digital financial ecosystem.
