Number of women in Brazil’s betting market reaches 51%, exceeds that of men for the first time

For João Fraga, CEO of Paag, a techfin company providing technological solutions for the iGaming sector, this increase represents an opportunity to expand the market to an audience that differs from the traditional male demographic.

“Sports betting has always been designed with a male audience in mind. The growing participation of women shows that the industry needs to evolve. Adapting products, communications, and user experiences for this audience is not just necessary — it’s strategic for anyone looking to grow meaningfully in a regulated market,” said Fraga.

According to the study, most female bettors are between 18 and 39 years old, have a college education, belong to the middle class, and are primarily located in São Paulo, Bahia, and Rio de Janeiro. Additionally, 85% of these women use mobile devices to access betting platforms, and 65% prefer football as their main betting category.

70% of respondents view betting as a form of entertainment or social interaction, while the remaining 30% see it as an investment opportunity.

This trend, coupled with research from B3 (the Brazilian Stock Exchange), which found that the number of women investing in variable income assets grew by 85% between 2020 and 2024, shows that women are increasingly seeking financial autonomy and carving out space in the investment arena.

Despite the risk of financial loss, female bettors tend to display a more cautious and responsible profile compared to men.

While 40% place bets weekly, a significant portion (37%) sets a weekly limit of R$200 (US$35.5), and they are more likely to use self-control tools to avoid compulsive gambling.

Another sign of caution is their information-seeking behavior before betting: most of them rely on sports news (20%), their own knowledge and experience (19%), or insights from acquaintances (16%).

Within the sports betting ecosystem, female participation has also proven important in the companies that provide technology to the sector.

Elisa Mussolino, Strategic Projects Manager at Paag, highlights women’s increasing presence in the fintech and tech industry and discusses the main challenges women still face in the field: “Being in this space means navigating a challenging yet opportunity-rich environment. It represents a journey of perseverance, continuous learning, and overcoming obstacles — many of which involve breaking down gender stereotypes.”

“Women in this space can become powerful agents of change, contributing to more creative, inclusive, and innovative solutions. I believe our ways of thinking and making decisions will become increasingly valued, adding real value to companies in these sectors,” she added.

Overall, the study reveals a market and representation gap that must be addressed through marketing campaigns and platform interfaces that aim to attract more female users.

To achieve this, it is essential to break the notion that iGaming — especially when tied to sports — is inherently male-dominated.

Source: GMB