What makes Brazilians gamble in bets? Empirical evidence from ANBIMA's investor X-Ray for 2024 and 2025
Published:
Feb 9, 2026
Volume:
24
Keywords:
Bets
Sports betting
Financial behavior
ANBIMA Investor X-Ray
Abstract
The rise of sports betting platforms in Brazil has raised concerns about their impact on socially and economically vulnerable groups. This study investigates the main factors associated with the propensity and frequency of betting, based on data from ANBIMA's Raio-X do Investidor 2024 and 2025. Using logistic and Random Forest models, we sought to identify how the variables of age, income, financial stress, and digital access influence this behavior. The results reveal that younger individuals with lower incomes and under greater financial stress are more likely to bet and to do so frequently. The economic motivation to gamble was the most relevant predictor in distinguishing between levels of gambling frequency, revealing a distorted perception of betting as a supplement to income. The findings highlight the need for public policies on protection, financial education, and advertising regulation to prevent the worsening of inequalities and the risks associated with this practice.
How to cite
Aureliano Angel Bressan, Daniel Pereira Alves de Abreu. What makes Brazilians gamble in bets? Empirical evidence from ANBIMA's investor X-Ray for 2024 and 2025. Brazilian Review of Finance, v. 24, n. 1, 2026. p. e202602. DOI: 10.12660/rbfin.v24n1.2026.97144.
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