Anbima (Brazilian Financial and Capital Markets Association) launched Online Betting in Brazil: User Profiles, Journeys and Behavioral Patterns, a new qualitative study examining how betting and online gaming apps have become part of everyday life in Brazil.

Conducted in partnership with consultancy Kyvo, the research (available in Portuguese) set out to understand bettors’ motivations, perceptions and behavior, with the aim of supporting financial education initiatives as online betting continues to expand across the country.

Putting food on the table, supplementing income, having fun or hoping for a life-changing win: the findings show that betting takes on different meanings depending on people’s circumstances. 

The study identified four main bettor profiles:

• “Daily strugglers” — turn to betting when finances are tight

• “Fortune seekers” — see luck as a possible path to a different life

• “Real-world experts” — try to use method and strategy to generate extra income

• “Thrill seekers” — are motivated mainly by entertainment

Anonymous accounts collected for the study help illustrate this range of experiences. “I put money in thinking I would multiply it... and I lost everything,” one participant said. Another summed up a recurring pattern identified in the research: “If I lose, I try to win it back.”

The interviews also show that, in some cases, people view betting and investing in similar ways. The same perception appears in the ninth edition of the X-ray of the Brazilian Investor (2026), which found that 20% of bettors consider betting a form of investment. While some people make that connection, betting and investing are fundamentally different. Investing involves planning, building wealth and assessing risk, while betting depends on uncertain outcomes and is not designed to build long-term wealth.

Terms such as “strategy,” “return,” “method” and “yield,” commonly associated with financial markets, appeared frequently in the interviews. The findings shed light on how this language can shape the way people understand betting and make decisions about their money.

“Betting has become a meaningful part of the financial lives of a segment of the population. The better we understand the motivations and circumstances behind this behavior, the better equipped we will be to develop educational initiatives that speak to people’s real-life experiences,” said Marcelo Billi, Anbima’s head of Sustainability, Innovation and Education.

More than a game

The research shows that betting behavior is shaped by a combination of economic, social and digital factors. Platform design, social media content, perceptions of risk and people’s financial circumstances all influence the betting experience.

The findings also suggest that people’s relationship with betting can change over time, moving between periods of greater involvement, attempts to regain control and periods of stepping away.

Data from the X-ray of the Brazilian Investor underscore the scale of the issue: 17% of Brazil’s economically active population placed online bets in 2025. The survey also shows that betting is often linked to the pursuit of quick financial gains, particularly during periods of financial hardship.

About the study

Conducted in 2025, the qualitative study interviewed 60 current and former bettors from all regions of Brazil. The research included in-depth interviews, focus groups, analysis of the digital environment, social media monitoring, interviews with financial market professionals and co-creation workshops. More than 720 pages of transcripts were analyzed to identify behavioral patterns, motivations and different ways people relate to betting.

All research materials, including profile journeys, anonymous testimonials and the full report are available on Anbima’s dedicated hub (in Portuguese).