Caixa Econômica Federal collected R$ 11.6 billion from lotteries in the first half of 2025, representing a 6% decrease compared to the same period in 2024, when the volume reached R$ 12.3 billion.
If this trend continues throughout the second half of the year, 2025 will mark the first year without revenue growth since 2018. This data comes from reports by the state-owned bank.
The change coincides with the start of the regulated betting market in the country and a legal offensive by Caixa against online lottery group bets.
According to Estadão, Caixa attributes the drop in revenue primarily to the lower number of accumulated prizes in lotteries. The bank states that it is closely monitoring market dynamics.
Interrupted growth trajectory
The revenue of Caixa Loterias has accumulated successive increases since 2018. To maintain this trajectory, the result for the first half of 2025, of R$ 11.6 billion, would need to grow by at least 23%, something unprecedented in the period. The historical series shows this evolution:
- 2018: R$ 13.8 billion
- 2019: R$ 16,7 billion
- 2020: R$ 17,1 billion
- 2021: R$ 18,5 billion
- 2022: R$ 23,2 billion
- 2023: R$ 23,4 billion
- 2024: R$ 25,9 billion
With the reduction in lottery revenue, the amount of social transfers, which corresponds to 47% of the revenue from lottery games, also fell. In the first half of 2025, R$ 5.46 billion was allocated to sports, education and social security programs, a decrease of 8.2% compared to the first half of the previous year.
How the regulated betting market impacts lotteries.
The regulated betting market began operating in Brazil in January 2025. The betting law was enacted in December 2023, after approval by Congress. During 2024, the Ministry of Treasury regulated the sector and detailed the rules for its operation.
Betting sites have started operating on websites with the “bet.br” domain and are now required to comply with legal obligations, such as combating fraud, money laundering, and abusive advertising. This new segment is emerging as a relevant factor in the dynamics of the gaming market.
Political tensions and legal offensive
President Lula (PT) was angered by Caixa’s plan to launch a betting platform. Lula and the company’s president, Carlos Vieira, are expected to discuss the matter. The bank had planned to announce the betting platform in November.
The government has been advocating for increased taxation of “billionaires, banks, and betting companies”—the “BBB Tax”—to improve tax fairness.
Furthermore, lottery betting intermediaries act on behalf of clients before the state bank and direct bettors to Caixa Econômica Federal (the Brazilian state-owned bank), since the bets end up being registered at the lottery outlets.
According to a study conducted by the Getulio Vargas Foundation (FGV) in 2022, the activity of lottery pools increased Caixa’s revenue by an average of R$ 556 million per year.
Caixa’s official position
Read the official statement from Caixa below:
“Caixa Loterias closely monitors the dynamics of the sector and market movements that impact its business lines. The performance in the first half of 2025 was mainly due to the lower number of accumulated prizes this year compared to the same period in 2024. This trend did not continue in subsequent months, which will be disclosed in due course in the next Caixa Loterias Management Report. “.
