Even though Caixa already remitted the BRL30 million ($6 million) licensing fee in August 2025, the government-owned bank will not commence its sports betting activities until the following year.
Under pressure from Lula, who is running for re-election by attacking the industry, the institution stays under the president’s influence and has delayed the start of operations until 2027.
Besides the opposing pressure, the state-owned bank has additionally faced criticism from the Federal Court of Accounts (TCU) for squandering public money, as well as from the Brazilian Federation of Lottery Companies (Febralot), which seeks to join this significant market.
Since paying the licensing fee, Caixa had been getting ready to roll out its betting service, and the bank’s president even declared that he anticipated raising BRL2.5 billion in 2026.
The original plan was to begin operations in November of last year, but due to the administration’s unhappiness with claims that sports betting and online gambling were causing household debt, Caixa halted the launch.
During a World Cup year, the bank intended to go live ahead of the event, but pressure from Lula and his supporters persisted, and Caixa once more abandoned the launch, asserting that “its strategic choices follow technical, legal, and sustainability standards, always in accordance with the federal government’s directives, and that it continuously and responsibly examines market prospects in line with the regulatory framework.”
Drop in lottery income
Also in 2025, the bank claimed that lottery income had dropped by 50% after the introduction 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 funds. Running its own betting service could restore the state bank’s finances, but political pressures proved stronger than Caixa’s business plan.
In an effort to discredit the launch of Caixa’s betting platform, Health Minister Alexandre Padilha himself even suggested that the initiative to create a betting platform via Caixa Econômica Federal was “rumor” and “media speculation.”
But this was not mere speculation, as Caixa applied to the Secretariat of Prizes and Bets (SPA), satisfied all conditions to secure the license, and after approval, made a payment of BRL30 million for the authorization, which encompasses three brands: BetCaixa, Megabet, and XBet Caixa.
Moreover, although the bank denies it, it also signed a contract with Playtech for the turnkey delivery of its award-winning gaming platform.
Last year, during the earnings call for the first half of 2025, Playtech CEO Mor Weizer stated that the company had finalized a deal with one of Brazil’s leading operators, without explicitly naming Caixa.
“I cannot share any specifics yet, but we are in advanced discussions with what we believe will be one of Brazil’s biggest operators,” Weizer said. “They have market access and are already well established. They are not yet active in online betting and gambling, but they definitely represent a very substantial opportunity for Playtech.”
TCU watching Caixa
In late March, the TCU launched an inquiry into Caixa’s delay in starting its operation. The minister responsible for the case, Jhonatan de Jesus, indicated there are signs of wasted public resources, considering that CEF (Caixa Econômica Federal) paid the licensing fee eight months earlier and has not yet begun operations.
Febralot has been granted standing in the proceedings underway at the TCU and points out that Caixa’s postponement of its betting service is one of the factors preventing higher revenue for its members (over 13,000 lottery retailers nationwide). According to the entity, the loss for its affiliates is BRL6 million per year because the operation has not been launched.
The Court of Accounts has already cautioned that the delay in launching the operation constitutes a waste of public funds and a breach of the principle of economy.
Minister de Jesus requested explanations from Caixa regarding the failure to operate its betting service. The bank must provide technical, administrative, and factual justifications for not starting the operation.
Caixa will also need to present the launch timeline, as well as the compliance, integrity, security, and Responsible Gaming criteria in the operation’s business model.
Caixa’s statement
In a statement, Caixa said:
“Caixa declares that it continuously assesses opportunities to operate in the fixed-odds betting market responsibly and in compliance with the regulatory environment.
“To date, no platform operation agreements have been signed, nor is there any obligation to pay fines related to this matter.
“Caixa emphasizes that its strategic decisions are founded on technical, legal, and sustainability criteria, always in line with the Federal Government’s directives.”