A decree prepared by the Ministry of Economy determines that sports betting houses will need to pay R$ 22.2 million to receive an authorization to operate in the national territory. The license will be valid for five years and will be used by companies that operate both physically and online.
The proposal establishes that international players wishing to operate in the domestic market will have to have a branch in Brazil with proven financial capacity to support the activities.
Bookmakers will be required to have at least one legal representative, an accounting representative, a compliance specialist and an ombudsman working in Brazil. According to Metropoles, professionals and partners of companies in the sector will need to have a clean record to obtain a license from the government.
In addition, operators that are already in Brazil will have a period of six months to adjust to the new rules. The documentation is already with the Civil House and awaits the signature of the President of the Republic, Jair Bolsonaro. However, the text may still undergo some changes.
Ministry of Economy promotes changes before approval of bookmakers regulation
Jair Bolsonaro is expected to sign the decree aimed at regulating the Brazilian sports betting market in May. Therefore, the Ministry of Economy is promoting a real musical chairs before approval of the rules.
Responsible for the decree, Waldir Eustáquio Marques Júnior will leave the command of the Undersecretary of Awards and Sweepstakes and will work in the Special Secretariat of Productivity and Competitiveness. Marques has been a member of the Ministry since 2007 and received an award in London (ING), on the 13th of April, due to his work in the gambling market.
Iuri Ribeiro Castro will assume the former post of Waldir Eustáquio Marques. Castro worked for many years at Caixa Econômica Federal and was sworn in as general coordinator of lottery regulation of the Ministry of Economy at the end of 2021.
