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An astounding number of applications were submitted in the last day, suggesting that Brazil is getting closer to opening up a regulated online sports betting market. More than fifty new businesses applied for licenses on August 20, the deadline for submissions, bringing the total number of applicants to 113.
113 businesses submitted applications for licenses by the August 20 deadline, but this amount was less than the 134 businesses that first expressed interest. On May 21, Brazil started to accept applications; one of the first to do so was the Greek operator Kaizen Gaming. A number of Brazilian and foreign gambling businesses then applied after that.
Notable names among the applicants include Betfair, Betsson, Stake.com, Caesars Entertainment, Sportingbet, and bet365. Many of these prominent operators chose to file closer to the deadline to ensure they were fully prepared and well-versed in Brazil’s regulatory framework.
The last three companies to apply on the final day were PUSKAS BET ADMINISTRADORA DE APOSTAS ESPORTIVAS LTDA, G2 NEGÓCIOS DIGITAIS LTDA, and AF TECNOLOGIA E SOLUÇÕES FINANCEIRAS LTDA. These late applicants benefited from having the latest regulatory updates, giving them an edge over earlier submissions.
Despite the deadline, bookmakers who missed the cut will still have opportunities to apply, though their process will be significantly longer, potentially missing the market’s initial launch.
Applicants must adhere to Brazil’s regulatory requirements, including opening a local headquarters and establishing a subsidiary with a Brazilian national holding at least 20% of the share capital. They must also pay a licensing fee and maintain a financial reserve of at least BRL 5 million.
Brazil’s regulated sports betting market is set to officially open on January 1, 2025. Those who applied within the initial window will be positioned to offer their services from day one.
The Brazilian market, historically an untapped opportunity, is expected to experience significant growth. Analysts project that regulated sports betting could generate up to $34 billion in turnover by 2028, highlighting the immense potential of this emerging market.