Caixa has already paid a BRL30 million ($6 million) license fee in August 2025 but will delay its sports betting operations until 2027. This decision follows pressure from President Lula, who is critical of the sector as he seeks reelection. The state-owned bank, which operates under the president's control, opted to postpone its launch amidst external criticism from the Federal Court of Accounts (TCU) regarding the potential waste of public funds and from the Brazilian Federation of Lottery Companies (Febralot), which aims to enter the sports betting market.
Initially, Caixa prepared to roll out its betting service after paying the license fee, with expectations of generating BRL2.5 billion by 2026. The original launch date was set for November of last year, but it was pushed back due to government concerns linking sports betting and online gambling to rising household debt.
Although the bank aimed to introduce its service ahead of the World Cup, ongoing pressure from Lula and his allies led to another postponement. Caixa stated that its strategic decisions align with technical, legal, and sustainability criteria, adhering to government guidelines while continuously analyzing market opportunities.
Despite plans for launching, Caixa experienced a 50% decline in lottery revenue in 2025 following the introduction of a regulated sports betting and online gambling market. This drop affected government revenue, as 48% of gross tax collection supports public finances. While operating its own betting service could alleviate some financial strain, political pressures outweighed Caixa's business strategy.
Health Minister Alexandre Padilha attempted to undermine the launch of Caixa's betting platform, calling it "speculation" and "media commentary." However, Caixa had applied to the Secretariat of Prizes and Bets (SPA), met all required steps for license approval, and completed the BRL30 million payment, encompassing three brands: BetCaixa, Megabet, and XBet Caixa.
Although Caixa denies it, reports suggest the bank signed an agreement with Playtech for the delivery of its gambling platform. Playtech's CEO, Mor Weizer, revealed in a recent earnings call that the company was negotiating with a major Brazilian operator without naming Caixa. He noted that this operator has significant market access and represents a major business opportunity for Playtech.
The TCU initiated an investigation in late March regarding Caixa's delayed launch, with minister Jhonatan de Jesus indicating potential waste of public resources since the license fee was paid eight months earlier without operations commencing. Febralot's involvement in the TCU proceedings highlights that Caixa's inaction is preventing revenue growth for over 13,000 lottery retailers across Brazil, estimating losses of BRL6 million annually to its members due to the non-launch of the betting service. TCU has warned that the delay constitutes a waste of public funds and violates economic principles.
Minister de Jesus has requested explanations from Caixa about its operational delay, requiring a schedule for launch and detailed justifications concerning compliance, integrity, security, and responsible gaming within the business model.
In response, Caixa stated it continuously evaluates opportunities to operate in the fixed-odds betting market responsibly and in line with regulatory frameworks. The bank emphasized that no operational agreements for platforms have been finalized, nor are there obligations for penalties related to this matter. Caixa reiterated that all strategic decisions consider technical, legal, and sustainability factors while adhering to federal guidelines.
