Brazil has taken the first step towards regulating sports betting. The South American giant’s Chamber of Deputies has created a Permanent Subcommittee on Sports Betting Regulation, which was installed on May 21, Games Magazine Brasil reported.
Its exact remit has yet to be determined, although most expect it to ensure fair play and prevent sports betting match fixing. Deputy Luciano Vieira, who authored the creation of the regulator, declared, “Therefore, the sport is the most valued in the nation, moving billions annually. According to the CBF (The Brazilian Football Confederation), football alone moves around 0.75% of the country’s GDP. However, this market has been under attack and this compromises the sport’s credibility and discourages Brazilian fans.”
He added, “The intervention of the State in this matter is necessary to prevent fans from losing interest in attending events, to avoid financial harm to Brazilians from manipulated bets, and to prevent a decline in the economy due to the contraction of the sports market.”
Much of the preliminary work has been done by sports betting legislation approved by Brazil’s National Congress and signed by its president late in 2023. Sports betting has been put under the jurisdiction of the Ministry of Finance’s Secretariat of Prizes and Betting (SPA).
Several match-fixing scandals have occurred in Brazil in recent years and the Senate is investigating soccer corruption.
