Brazil betting M&A accelerates as Esportes da Sorte moves to acquire Apostou.com

Brazil’s regulated betting market continues to consolidate as operators race to secure scale in the world’s fifth-largest betting market, with the acquisition of Apostou.com by HS Gaming Participações, a subsidiary of Esportes Gaming Brasil, now under review by Brazil’s Administrative Council for Economic Defense (CADE) under Public Notice No. 464.

Esportes Gaming Brasil has held a definitive license from the Secretariat of Prizes and Betting since 2025. Two of its three brands are currently among the country’s 10 largest betting operators, according to Blask’s rankings for the first quarter of 2026.

In addition to the Esportes da Sorte brand, the group operates Lottu and Onabet. Esportes da Sorte is ranked sixth, and Onabet is ranked 10th. Betano leads the market, followed by Bet365.

The transaction gives the Esportes da Sorte Group control of Apostou.com, the operator of BETBR Loterias. BETBR Loterias is licensed by the Secretariat of Lotteries and Betting, known as SPA, and has an established position in Brazil, including a physical presence in Paraná. The deal also covers the operator’s two other brands, B1BET and BRBET.

The growth of Brazil’s regulated betting market has made acquisitions a focus across the sector. In the first five months of 2026, regulated operations generated nearly BRL6 billion ($1.2 billion) in revenue for Brazil. That total came from a 12% levy on betting operators’ gross gaming revenue, alongside corporate taxes including IRPJ, CSLL, PIS and Cofins. The scale of the market has increased interest among larger operators in acquiring smaller brands.

Before obtaining its national license, the group had already pursued a route into the market through ST Soft Desenvolvimento de Programas de Computadores Ltda. In 2024, before receiving its federal SPA license, Esportes da Sorte acquired a controlling stake in ST Soft, which held a Loterj license and owned another brand also named Apostou. That brand had been accredited by Loterj since 2023.

The earlier transaction gave the group a presence in the national market while it awaited federal approval, at a time when companies licensed by Loterj were operating nationwide based on the understanding that Loterj’s servers were centralized in Rio de Janeiro.

The Apostou.com acquisition places Esportes da Sorte alongside other operators that have used M&A to expand in Brazil. Flutter Entertainment acquired a controlling stake in Betnacional, which Blask ranked seventh, while already operating Betfair in the country. ANA Gaming, owner of the 7K, Cassino, and Vera brands, has also expanded through acquisitions, recently finalizing its purchase of Aposta Tudo after previously taking control of Donald Bet and Ponto Bet.