Caixa Econômica Federal (CEF) released its results for the first quarter of 2026, reporting net income of BRL3.5 billion ($700 million) compared to the same period in 2025.
Caixa Loterias raised BRL5.97 billion in Q1 2026. This is a meager result considering that last July, CEF raised the price of bets by 21.7% on average.
Caixa noted that the “positive” result was due to a series of rollovers. In just two rollover draws, Mega-Sena raised nearly BRL248 million. This mode accounts for nearly 40% of bets, while Lotofácil represents 35% of total revenue.
Given this reality, it is high time for Caixa to review its product portfolio, which consists of 12 different types of lotteries. Since just two of them account for nearly 75% of the bank’s revenue, the state-owned bank should reconsider some of the other 10 lotteries.
Revenue fell by nearly 31% compared to Q4 2025
In addition to the average 21.7% increase in lottery prices — which significantly undermines the notion of a “rise” in revenue for the first quarter — Caixa reports in its financial statement that total revenue for the first quarter of 2026 was 30.7% lower than the figure recorded in the fourth quarter of 2025.
Caixa Loterias is a major source of funding for promoting social development in Brazil. In Q1 2026, BRL3.2 billion was allocated to authorised beneficiaries for use in the Federal Government’s social programmes in the areas of social security, sports, culture, public safety, education and health. If revenue had followed the same trend as other games operated in Brazil by sports betting and online gaming companies, CEF would indeed have been justified in reporting the result in question.
Carlos Vieira, Caixa President, announced in several interviews that the state-owned bank would enter the sports betting and online gaming market. The expectation was to generate approximately BRL7 billion in 2026. The company was authorised to operate three brands but has not yet launched its betting platform. This represents forgoing revenue that could exceed by nearly 30% the total collected by the 12 sports in the CEF catalog.
Launching a bet offer could improve results
However, President Lula has been holding back Caixa’s plans to launch its sports betting and online gaming platform. It was originally expected to go live in the second half of 2025. Due to political pressure, CEF postponed the launch to the first half of 2026. Now, it has been postponed again, this time to early 2027.
While Caixa delays the launch of its betting service for political reasons, lottery retailers have been calling for the bank to enter the business. It would be a way to ensure the survival of the network, which consists of more than 13,000 lottery retailers.
In addition, the Federal Court of Accounts (TCU) has also been questioning Caixa. According to the Court, the bank is wasting funds by having paid BRL30 million for the concession without launching the operation.
Especially in a World Cup year, Caixa’s conduct in the sports betting sector appears irresponsible. The decline in revenue since 2025 is more than just a warning sign for the state-owned bank. It is a clear indication that CEF must review not only the profile of its currently available lotteries. It must embrace sports betting as a means of securing the revenue that it is required to allocate to the Brazilian government’s social programmes.
Original article: https://igamingbusiness.com/lottery/caixa-loterias-q1-revenue/
