Although Caixa has already paid the BRL30 million ($6 million) licence fee in August 2025, the state-owned bank will not launch its sports betting operations until next year.
Under pressure from Lula, who is seeking reelection by criticising the sector, the institution remains under the president’s control and has postponed the kickoff of operations until 2027.
In addition to the opposing pressure, the state-owned bank has also been criticised by the Federal Court of Accounts (TCU) for wasting public funds, as well as by the Brazilian Federation of Lottery Companies (Febralot), which wants to enter this important market.
Since the licence fee was paid, Caixa had been preparing to launch its betting service, and the bank’s president even stated that he expected to raise BRL2.5 billion in 2026.
The initial idea was to start operations in November of last year but given the government’s discontent with information that sports betting and online gambling were to blame for household debt, Caixa suspended the launch.
In a World Cup year, the bank intended to go live before the tournament, but pressure from Lula and his allies continued, and Caixa once again abandoned the launch, claiming that “its strategic decisions observe technical, legal, and sustainability criteria, always in line with the federal government’s guidelines, and that it analyses market opportunities constantly, responsibly and in line with the regulatory environment.”
Decline in lottery revenue
Also in 2025, the bank claimed that lottery revenue had fallen by 50% following the launch of the regulated market for sports betting and online gambling. As a result, the government itself lost revenue, since 48% of gross tax collection is transferred to public coffers. Operating its own betting service could replenish the state bank’s coffers, but political pressures were stronger than Caixa’s business strategy.
In an attempt to discredit the launch of Caixa’s betting platform, Health Minister Alexandre Padilha himself went so far as to claim that the project to create a betting platform through Caixa Econômica Federal was “speculation” and “media commentary.”
But this was no mere speculation, since Caixa applied to the Secretariat of Prizes and Bets (SPA), fulfilled all the requirements to obtain the licence and, once approved, made a payment of BRL30 million for the authorisation, which includes three brands: BetCaixa, Megabet, and XBet Caixa.
Moreover, although the bank denies it, it also signed an agreement with Playtech for the turnkey delivery of its award-winning gambling platform.
Last year, at the earnings call for the first half of 2025, Playtech CEO Mor Weizer stated that the company had closed a deal with one of Brazil’s main operators, without explicitly mentioning Caixa.
“I can’t disclose any details yet, but we are in advanced negotiations with what we believe will be one of Brazil’s largest operators,” Weizer said. “They have access to the market and are already very well established. They are not yet active in online betting and gambling, but they undoubtedly represent a very significant opportunity for Playtech.”
TCU eyeing Caixa
In late March, the TCU began an investigation into Caixa’s delay in launching its operation. The minister in charge of the case, Jhonatan de Jesus, indicated that there are signs of wasted public resources, considering that CEF (Caixa Econômica Federal) paid the licence fee eight months before and has not yet started operations.
Febralot has been granted standing to the proceedings underway at the TCU and points out that Caixa’s delay in launching its betting service is one of the reasons preventing an increase in revenue for its members (more than 13,000 lottery retailers across Brazil). According to the entity, the loss for its associates is of BRL6 million per year because of the operation not being launched.
The Court of Accounts has already warned that the delay in launching the operation constitutes a waste of public funds and a violation of the principle of economy.
Minister de Jesus requested explanations from Caixa for the failure to operate its betting service. The bank must provide technical, administrative, and factual justifications for failing to start the operation.
Caixa will also need to present the launch schedule, as well as the compliance, integrity, security, and Responsible Gaming criteria in the operation’s business model.
Note from Caixa
In a note, Caixa said:
“Caixa states that it continuously evaluates opportunities to operate in the fixed-odds betting market in a responsible manner and in accordance with the regulatory environment.
“To date, no platform operation agreements have been signed, nor is there any obligation to pay fines related to the matter.
“Caixa emphasises that its strategic decisions are based on technical, legal, and sustainability criteria, always in accordance with the Federal Government’s guidelines.”
Original article: https://igamingbusiness.com/sports-betting/caixa-postpones-launch-betting-platform-2027/
