Who Bets Online? A Multidimensional Analysis of Demographic, Financial, and Psychosocial Predictors in Brazil’s Emerging Gambling Market

Brazil has rapidly become one of the world's largest online betting markets, raising public health and consumer-protection concerns in a newly regulated environment. Using data from a nationally representative Brazilian survey, the 2023-2024 X-Ray of the Brazilian Investor (N = 10,305), this study examined demographic, digital, financial, and psychosocial correlates of fixed-odds online betting participation. Logistic regressions showed that participation was most strongly associated with younger age, male sex, and constant internet use. Compared with adults aged 60+, respondents aged 18-34 had substantially higher odds of betting (OR = 7.30, 95% CI [5.38, 10.08]); men also had higher odds than women (OR = 2.32, 95% CI [2.04, 2.63]), as did constant internet users compared with non-users (OR = 4.62, 95% CI [2.53, 9.48]). High-risk/high-complexity investment profiles were also positively associated with betting (OR = 1.86, 95% CI [1.28, 2.68]), whereas saving was negatively associated (OR = 0.76, 95% CI [0.66, 0.88]). Findings suggest that regulatory strategies in emerging betting markets should prioritize youth exposure, digital accessibility, and intersections between gambling and speculative financial behavior.