TLDR Luiz Inácio Lula da Silva won Brazil’s Oct. 25 election with 51.79% of the vote, defeating Flávio Bolsonaro. His government banned online sports betting and casino gaming on Sept. 25 through a provisional measure. Flutter Entertainment expects to lose about $70 million in revenue if the ban lasts through the end of 2026. Two industry groups have asked Brazil’s Supreme Federal Court to suspend the ban. Unauthorized betting domains rose about 181% in the days after the shutdown.
Brazilian President Luiz Inácio Lula da Silva has won a fourth term in office. He received 51.79% of the vote on Oct. 25, defeating Flávio Bolsonaro, who received 48.21%, according to Brazil’s Superior Electoral Court.
The result leaves gambling companies facing more uncertainty. On Sept. 25, Lula’s government banned online sports betting and casino gaming through a provisional measure.
The ban shut down a regulated market that had opened less than two years earlier. Operators are now waiting for Congress and the courts to decide what happens next.
Flutter Reports Expected Losses From Brazil Ban
Flutter Entertainment suspended its Brazilian sports betting and iGaming operations after the September measure. A company spokesperson told Gambling Insider it had no fresh comment on the election result.
In a Sept. 28 statement, Flutter said it was reviewing its options, including a possible appeal. The company said it would keep talking with Brazilian authorities.
Flutter expects to lose about $70 million in revenue and $20 million in adjusted EBITDA if it cannot operate in Brazil for the rest of 2026.
In 2025, Flutter bought a 56% stake in NSX, combining Betnacional with its Betfair Brazil business. The deal involved $674 million in total consideration.
Industry Groups Challenge the Ban
The Brazilian Institute of Responsible Gaming (IBJR) and the National Association of Games