Regulation
Brazil at 18 months: what the SPA regime got right
A data-driven look at licensing volume, channelisation and tax receipts since the federal jurisdiction opened in January 2025.
26 Jun 2026 · 7 min read
Eighteen months into Brazil’s regulated jurisdiction, channelisation into licensed operators has reached an estimated 74%, ahead of early forecasts.
Analysts point to PIX integration and a workable licence fee structure as the decisive factors, while enforcement against unlicensed brands has ramped through 2026.