This week, the Blask Index revealed that Iowa experienced a significant increase in betting demand, climbing 54.3%. Following Iowa were Colorado with a 44.1% rise, Mali at 43.4%, Singapore up 42.3%, and Arkansas, which saw a 34.8% boost. Conversely, Switzerland faced the most substantial decline, dropping 51.7%, followed by Brazil with a 20.6% decrease, Botswana at 15.2%, Alberta at 14.2%, and Madagascar at 13.8%.
The fall in Brazil's betting demand correlates with the enforced closure of the regulated betting market under Provisional Measure 1,394.
The Blask Index for Brazil measured 155.3 million in September 2026, nearly matching figures from September 2022, which stood at 158.7 million. This adjustment occurred over a span of just four months, culminating from a notable decrease in just three weeks. The impacts of the betting ban became apparent gradually, resembling a staircase rather than a sudden drop-off. This trend is best illustrated by examining three consecutive Fridays: the day the decree was signed, the following Friday, and another one after that.
On September 25, the day of the decree, President Lula signed Provisional Measure 1.394, which prompted the shutdown of new deposits. Brazil's Blask Index that day was recorded at 5.71 million, comprising 5.41 million from local operators (94.83%) and 294.9 thousand from international operators (5.17%). This marked a 20% decline compared to the pre-ban average for Fridays, although the market still demonstrated characteristics of a licensed environment.
The next day saw a significant demand spike to 8.05 million—a 41% jump, making it the peak day for the period. Local operators accounted for 7.55 million (93.83%), while international operators brought in 496.5 thousand (6.17%). This surge was primarily driven by news surrounding the brand bans that had just been enacted. However, this spike was short-lived; by Sunday, local demand plummeted to 3.41 million, while international demand stood at 405.2 thousand, increasing the international share to 10.63%.
On October 2, one week after the decree, the index had dropped to 1.24 million, comprising 959 thousand from local operators and 282 thousand from international ones. Over the span of one week, the total had decreased by 78% since the decree, with local demand plummeting by 82%, whereas international demand saw minimal movement (declining only 4%). The international share rose to 22.7% as local operators dwindled.
By October 9, after licensed sites ceased operations on October 6, the index further fell to 1.01 million, showing local demand at 725 thousand and international demand again similar to the previous week at 283 thousand. This represented a 19% decrease from October 2 and an 82% decline compared to the day of the decree. The international share increased to 28.1%.
Local demand for Brazilian betting fell sharply, while international demand remained stable—indicating that as local markets vanished, international brands gained a more significant share.
Brazil's monthly Blask Index peaked at around 240 million in April and May 2026 but has seen a downward trend since, dropping each month: 236 million in June, 192 million in July, 170 million in August, and finally 155 million in September, reflecting a 35% decline from May's peak. The latest figure for September 2026 returns to the level recorded in September 2022 (158.7 million), which includes only the onset of the ban, indicating that October numbers are likely to fall lower. The week of October 5–11 posted the lowest weekly level since July 2021, with October 9 noted as the lowest Friday during that same timeframe.
In a separate report, data from Blask indicates that while Bet365 retained its title as the leading brand in iGaming globally for projected revenues in Q3 2026, FanDuel briefly surpassed it in September. Bet365 maintained first position in Blask's Competitive Earning Baseline (CEB) ranking, but its lead over FanDuel shrank dramatically from $102 million in Q2 to just $48 million in Q3—a 53% reduction. Both companies experienced a decrease in their potential revenue quarter-on-quarter, with Bet365 declining by 8.0% and FanDuel by 5.6%. The shift narrowed predominantly due to Bet365's losses. In September, FanDuel recorded $651 million in projected revenue, surpassing Bet365's $619 million. This marked a notable change at the top of a ranking that had otherwise remained stable.
The global iGaming market was projected to reach $59.1 billion in Q3 2026, down 2.1% from the previous quarter. The top 10 operators accounted for about 22% of the CEB, compared to 22.5% in Q2. Even amidst the overall decline, leading brands largely retained their market positions.
DraftKings was the only major operator among the top four to demonstrate quarterly CEB growth (+1.3%), closing the gap with third-placed Bovada from $201 million in Q2 to $89 million in Q3. Betano, in fifth place, also experienced a 4% increase in its CEB. The Q3 ranking for the first seven brands mirrored that of Q2.
Other notable changes included a 14% decline for Rainbet—the most significant decrease among the top 10—and 1xBet overtaking Stake, reversing a $7 million disadvantage in Q2 into a $20 million lead in Q3. Despite a backward step for both Bet365 and FanDuel in September, they preserved their positions in first and second throughout the full quarter.
The results from Q3 indicate an escalation in competition among leading iGaming brands without notable alteration to the rankings. Bet365 maintained its lead on the central estimate, albeit FanDuel's September performance suggests how quickly the standings can shift. DraftKings' growth coupled with Betano's expanding presence signifies that while the overall market may contract, individual operators can still gain traction. Upcoming quarters will reveal whether the fluctuation in the rankings between Bet365 and FanDuel is a temporary shift or represents a longer-term trend.
In Singapore, Blask reported a sharp 42.3% increase in iGaming demand during the week of October 5-11, resulting in a demand of 713,709 compared to 501,550 the prior week. This surge coincided with the Singapore Premier League's return from the FIFA international break. State operator Singapore Pools accounted for most of the demand increase, which peaked on October 9 before the weekend fixtures began. Other gambling brands tracked by Blask in Singapore showed minimal activity during this period.
On another front, Stake's reprieve in Brazil was short-lived. A federal appeal resulted in the suspension of the injunction that allowed Stake Brazil to operate until October 25. On October 8, a São Paulo federal court ruled in favor of Stake Brazil Ltda., permitting it to keep stake.bet.br active until the date; however, the following day, that decision was suspended at the request of the federal government, leaving Stake, once again, in the same position as other licensed operators in Brazil—offline.
While the court did not rule on the constitutionality of the ban, it did emphasize the implications of the injunction, asserting Stake's ability to operate was incongruent with the enforced closure of other licensed operators. Stake’s exemptions had been limited, allowing operations only until October 25, during which it could not promote its services. The legality of the ban remains an open question, but demand for Stake surged sixfold to about 99K on October 9 before dropping back down, yet still remaining above previous levels. Prior to the ban, Stake commanded a 0.1% market share in Brazil, ranking 62nd among 512 tracked brands.
With the court's ruling, Stake Brazil has now lost its temporary exemption, and Brazil's licensed betting market remains inactive. The next vital date to watch is October 25, when existing authorizations under Provisional Measure 1.394 will expire, as the government has indicated it will appeal recent rulings while seeking to uphold the ban against all licensed operators.
