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About Emerald Glory 7s
Andrew Gonzalez, founder of prediction market infrastructure startup ParlayX, believes the ability of small teams to provide liquidity is one of the sector’s defining features. “Anyone can be a market maker,” he said. “You have these two- or three-man shops.”
Jefferies described market makers as the ecosystem’s “liquidity backbone”. They post executable bids and offers, manage inventory and provide prices when customer activity is heavily weighted to one side.
The analysts estimated that an operator capturing a one-cent spread and managing its exposure successfully could generate net economics of approximately $1.69 on a $100 trade. Returns are not guaranteed: adverse price movements and unresolved inventory can offset or exceed income from spreads, rebates and liquidity incentives.
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What the president didn’t address is the tax revenue from betting.
In 2025, Brazil collected almost BRL10 billion ($1.97 billion) in tax revenue from the licensed sector. In the first seven months of this year alone, BRL8.7 billion generated by the activity was delivered to public coffers. The Federal Revenue Service itself estimates that the sector should reach BRL16 billion in revenue during 2026.
Besides revenue collection, another concern is legal and economic. Companies have paid over BRL2.5 billion for licences since the sector’s regulation. Certainly, the end of the activity would lead to litigation to recover the amounts paid and compensation for investments made. Furthermore, the revenue from betting is already included in the Annual Budget Law and the Budget Guidelines Law, which define the priorities for federal government spending.
About Emerald Glory 7s
Entain emphasised offshore operators do not employ the same player protection measures and anti-money laundering standards that licensed companies must.
The company also highlighted its own research that suggests over 80% of consumers cannot “confidently distinguish” licensed operators from unlicensed ones.
Stella David, Entain’s CEO, called for the government to move ahead with the ban immediately, arguing clubs were already aware of the planned changes.
