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A complete list of rules for sportsbook operators looking to take part in the developing regulated sports betting industry in Brazil has been made public by the Ministry of Finance of that nation. The Senate is presently reviewing the new regulatory framework, which has already been adopted by the lower house. Within 30 days, operators who are interested in joining this market must indicate their desire.
By means of Ordinance No. 1,330, the Ministry of Finance has delineated certain crucial guidelines for operators of sportsbooks. Important topics like payment methods, marketing guidelines, and ethical gaming practices are covered by these rules. Companies must pay BRL30 million ($6 million) for a three-year license in order to operate lawfully in Brazil.
The rule that forbids giving favors to businesses connected to players, sports officials, or directors of national teams is one noteworthy policy. The purpose of this regulation is to reduce conflicts of interest, particularly in light of the most recent soccer match-fixing incidents.
Operators need to put in place safeguards to stop people under the age of eighteen from using their platforms in order to encourage responsible gaming. Time-out periods, loss restrictions, self-exclusion choices, and daily time limits are some of these methods. These programs seek to lower addiction rates, safeguard Brazilian customers, and promote responsible gaming.
Strict advertising laws are being introduced under the new legislation, especially in areas close to colleges and other educational facilities. Promotional content in these locations cannot imply that gambling improves one’s financial situation or leads to personal achievement. Additionally, it is against the law for operators to permit players to make use of outside payment processors. Advertising in the sector must always emphasize social responsibility and awareness, with the tagline “Play Responsibly.”
The regulatory framework has garnered substantial criticism for its taxing adjustments, while being a major step forward in boosting player safety and responsible gaming. The proposed 18% tax rise has drawn criticism from the Brazilian Institute of Responsible Gaming, which feels it will hinder the expansion and competitiveness of the country’s sports betting sector and may even benefit operators in the gray market.
The new laws take effect immediately since they are government ordinances, so there isn’t much time for discussion. It is now on to Brazil to properly enforce these laws and make sure that those who break them and operate illegally are penalized quickly.