Brazil’s Ministry of Finance has announced it will implement fixed-odds betting regulations in four phases that will end in July of this year, iGaming Business reported. The regulations will codify Bill 3,626, which passed last year.
Details of the new ordinance were published in the Official Gazette of the Union.
According to the Ministry of Finance, the Regulatory Policy of the Prizes and Betting Secretariat’s “main objective is to systematically structure the regulatory agenda for fixed-odd betting in the country and represents a considerable advance in the management and supervision of this sector,” adding, “The ordinance offers legal security, guarantees predictability and efficiency to the regulatory process and thus solidifies the foundations for a stable and reliable betting environment in Brazil.”
Objectives are to “establish regulatory actions considered priorities,” “provide legal certainty, predictability and efficiency to the process,” and “provide a stable, current, transparent and attractive regulatory environment.”
The stages of implementation will be as follows:
Stage 1: Until April 2024, technical, payment and security requirements;
Stage 2: Until May 2024, anti-money laundering and anti-terrorist financing policies;
Stage 3: Until June 2024, technical and security requirements; and
Stage 4: Until July 2024, allocation of industry contributions to socially responsible causes.
The gaming sector in Brazil has been calling for progress in this area for years—particularly since December 2023 when President Luiz Inacio Lula da Silva signed the bill into law.
Hugo Baungartner, vice president of global markets at Aposta Ganha, told iGaming Business: “The schedule is reasonable and doable. The ministry of finance just has to assure that all other government departments are on the same page and don’t block the process.”
Roadblocks, such as the attempt to remove iGaming and controversy over tax rates, slowed down legalization. But that is all in the rear view mirror now.
