Bets are Related to the Lower Classes, Right? Wrong

More than 15% of Brazilians, or over 23 million people, made at least one sporting bet in 2024. The number was released in the eighth edition of the study Raio X do Investidor Brasileiro, conducted by the Brazilian Association of Financial and Capital Market Entities (Anbima) and Datafolha.

The research also showed that more Brazilians made bets than invested in most financial products, such as Bank Deposit Certificates (CDBs, purchased by 10 million people) and investment funds (purchased by 9 million people). Furthermore, bettors are a larger group than investors in cryptocurrencies (purchased by 6 million people) and stocks (purchased by 5 million people). 

Profile of the Brazilian Bettor

The study also investigated the profile of the Brazilian bettor. Regarding sex and age, the majority identified as men from generation Z (16 to 28 years old). As to social class, 16% of bettor are from classes A and B, while 17% are from class C and 10% from classes D and E.

 “The assessment that bets are related to the lower classes is not true“, said Marcelo Billi, superintendent of sustainability, innovation and education at Anbima.

Importance of responsible gambling

Still according to the research, bettors spend, on average, R$ 216 per month on bets. About 47% of them, unfortunately, have debts, and approximately 10%, or 3 million people, have a high tendency to become addicted to bets. “Bets are not a problem in the investment world, but they are a public health problem”, added Billi.

The survey also pointed out that about 35% of people with a tendency to gambling addiction invest in financial products. Furthermore, 82% plan to make some investment in 2025. However, 63% are behind on their debts and 71% have a high level of financial stress. 

Among gamblers, 52% tried to recoup their losses by gambling again in 2024. Also, four in ten gamblers mentioned feeling guilty about gambling, and 30% admitted to having bet more money than they could afford to lose. In addition, 10% have had to resort to selling assets or taking out loans to continue gambling. “Gambling disrupts mental and financial health,” said Billi.

However, 59% of gamblers are at the lowest level of addiction, which shows that the practice cannot always be associated with compulsive behavior. Brazilians with a greater tendency to gambling addiction spent an average of R$ 684 per month on bets, about three times more than the average of R$216. Seven out of ten people in this group made at least one bet per week.

Gambling is not an investment

Among bettors, 4 million consider betting to be an investment, which is not true. However, according to the survey, the percentage of the population that believes betting to be an investment fell from 22% in 2023 to 16% in 2024.

Only 43% of bettors also invest in financial products. However, proportionally, there are more bettors among Brazilian investors (17%) than among non-investors (13%). Brazilians who diversify their investments in more than one financial product bet 60% more than the average population. The Brazilians who bet the least are those who invest only in savings.

Betting in Brazil

In December 2018, Brazil approved Law 13,756 and established the fixed-odds betting modality in the country, determining that these are “bets related to real or virtual events in which it is defined, at the time of placing the bet, how much the bettor can win if the prediction is correct”.

Then, on December 31, 2023, the government sanctioned the law that regulates the online sports betting market in Brazil. According to the Law, only companies with headquarters and administration in Brazil may operate sports betting. Minors under the age of 18 may not place bets, as well as: 

• Owners and people who work at betting companies;
• Public agents involved in the regulation and supervision of the betting market;
• People who have access to the computerized betting system;
• People who have or may have influence over the outcome of games, such as sports directors, referees and athletes;
• People diagnosed with gambling addiction, which is a compulsive gambling disorder.

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