Stake in Brazil: SPA/MF Authorization, Prohibition Under MP No. 1.394, and Licenses in Latin America

Stake Brazil Ltda was listed in the SPA/MF registry as an authorized fixed-odds betting operator in Brazil, but Medida Provisória No. 1.394, dated September 25, 2026, prohibited this activity throughout the national territory and stipulated that authorizations expire at the end of a thirty-day period counted from publication. This guide compiles confirmed data about the brand's Brazilian registration, the withdrawal and balance refund mechanisms, and the licenses Stake holds in other jurisdictions. Information about stake.com comes from an archived copy of the terms of use; Brazilian data originates from official federal government pages; and the operator's Colombian pages were also consulted.

Stake's Registration with SPA/MF

The list of authorized companies published by the Secretaria de Prêmios e Apostas of the Ministério da Fazenda recorded Stake Brazil Ltda, CNPJ 56.525.936/0001-90, under the brand Stake with the domain stake.bet.br. The authorization appeared in Portaria SPA/MF No. 263, dated February 7, 2025. After the provisional measure was issued, the Ministério da Fazenda page itself was retitled 'Companies Authorized Until the Effectiveness of MP No. 1.394/2026,' indicating that the registration reflects a condition prior to the prohibition. The CNPJ identifies a Brazilian legal entity, distinct from the entities that operate stake.com and stake.com.co in other jurisdictions.

What MP No. 1.394 Established

Medida Provisória No. 1.394, dated September 25, 2026, prohibited the operation, offering, and advertising of fixed-odds betting lotteries throughout the national territory, whether physical or virtual. The prohibition also extends to offerings by agents based abroad, as stated in the text published on the Planalto portal. The measure took effect on the date of its publication. Fixed-odds betting authorizations expire at the end of a thirty-day period counted from publication. The Brasil sem Bets portal, run by the federal government, confirms that since September 25, 2026, sports betting and online casinos have been prohibited in Brazil. The measure defines a betting operating agent as a legal entity that has received authorization to operate fixed-odds betting.

Withdrawals and Balance Refunds

The Brasil sem Bets portal reported that platforms were required to keep their sites online and allow withdrawals until 11:59 p.m. on October 5, 2026. Those who did not withdraw by that date will have their balances automatically returned by the banks that operate with the platforms between October 9 and 14, 2026. The text of the provisional measure details the procedure: refunds to bettors are carried out by the financial and payment institutions that hold the operating agents' transactional accounts. These institutions have seven days, counted from receipt of the information sent by the operators, to process the refund. Amounts that cannot be returned through this channel are directed to a specific account at Caixa Econômica Federal. The Brasil sem Bets portal advises that anyone who does not receive the funds should contact Caixa Econômica Federal starting October 14. The sources consulted do not provide specific information on the progress of this process on Stake Brazil's part.

Global Operation: stake.com

The domain stake.com is operated by Medium Rare N.V., licensed by the Curaçao Gaming Authority under license OGL/2024/1451/0918, as stated in the site's terms of use. This operation is legally distinct from Stake Brazil Ltda and functions under the jurisdiction of Curaçao. The stake.com terms of use list Brazil among the prohibited jurisdictions, alongside Argentina, Colombia, Mexico, Peru, and dozens of other countries. Residents or persons located in these jurisdictions may not use the service, according to those same terms. The site requires a minimum age of 18 years or the legal gambling age in the user's jurisdiction, whichever is higher. The license issued by the Curaçao authority is valid in that jurisdiction and has no regulatory effect in Brazil.

Colombian Operation: stake.com.co

In Colombia, the domain stake.com.co is managed by Stake Colombia S.A.S., headquartered in Bogotá. The operation functions under Concession Contract No. C2226 of 2025, entered into with Coljuegos, expiring on December 29, 2030. The Colombian site's welcome page states that Stake operates with official authorization from Coljuegos in that country. The entire operation is conducted exclusively in Colombian pesos (COP). The catalog available in the Colombian market includes live casino with dealers, slots, and classic games such as roulette, blackjack, and baccarat, as described on the welcome page itself. The Colombian terms and conditions require a minimum age of 18 years. In case of a complaint, Stake Colombia acknowledges receipt and provides the resolution timeframe, which may not exceed 15 business days, according to the site's terms. This Colombian concession does not authorize operation in Brazil.

Why Foreign Licenses Do Not Apply to Brazil

The provisional measure expressly extends the prohibition to offerings by agents based abroad. This means that no license issued by another country authorizes an operator to offer fixed-odds betting to persons in Brazil. The stake.com terms themselves acknowledge this restriction by including Brazil in the list of prohibited jurisdictions. The Colombian operation, in turn, is restricted to the local market and functions in a different currency. Each of the three operations associated with the Stake brand — Brazilian, global, and Colombian — has its own legal entity, regulator, and territorial scope. Facts verified in one jurisdiction do not automatically apply to the others.

Final Considerations

Stake Brazil Ltda's authorization expires at the end of a thirty-day period counted from the publication of MP No. 1.394, dated September 25, 2026, as stated in the text of the provisional measure. Operations under the Curaçao license and the Coljuegos concession exist in their respective markets, but neither of them authorizes activity in Brazilian territory. Bettors who had balances on the platforms have access to the refund mechanism provided for in the provisional measure and detailed by the Brasil sem Bets portal.