Its not uncommon for an online game to go through some teething issues when its first released and the Brawl launch hasnt been rosy. While its been hard for people to be able to find a battle, the games Spectator mode in which you can bet coins on other matches being played, has been missing for some people. Nintendo had originally told people to wait 24 hours after first logging on and it would appear, but that wasnt the case for many. However it now seems Nintendo has got it ironed out, but you will still have to wait 24 hours. Well, Importers and Americans will.
Source: GoNintendo