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Brazil grey-market betting sizing and fiscal-migration study, produced under exclusive commission by a research institute and academic coordinator: estimated unlicensed share of the sector (41-51 percent), parallel-market revenue band (26-40 billion reais) and modelled annual tax-revenue loss (up to 10 billion reais), a consumer brand-recognition failure measure (78 percent of bettors cannot tell a licensed platform from an illegal one), and a fiscal simulation showing how a 15 percent deposit levy is absorbed by licensed operators only, with Colombia and Belgium used as comparator cases. Secondarily, first-party audience engagement data from the group's betting and football content estate, which is the acquisition channel through which Brazilian bettors are reached.