On July 2, 2024, Bill (PL) 456/2024 was approved, establishing a municipal lottery in the city of São Paulo. Therefore, the new legislation provides for bookmakers and concessions for online betting companies. Mayor Ricardo Nunes appointed a group of specialized companies, including Pay4Fun, to carry out a market study.
Initially, covering assessments of demand, market and operational and regulatory data. Pay4Fun is a pioneer in the sports betting sector, authorized by the Central Bank of Brazil.
Recently, the company also received permission to process lottery payments in the State of Paraíba. The CEO and co-founder of Pay4Fun, Leonardo Baptista, highlighted the importance of the project.
“We are recognized for security and efficiency in processing online transactions. Participating in the development of the lottery project for the largest city in Latin America reinforces our commitment to building a professional market with clear rules for all sectors”, says Baptista.
Legal advice
Therefore, to ensure compliance with regulatory rules, Pay4Fun will rely on legal consultancy from FGO Legal, specialized in the online gaming market.
Ricardo Alegransi, lawyer at FGO Legal, explained the importance of this consultancy. “This consultancy is crucial to ensure that the São Paulo lottery and betting market operates within the standards established by the Central Bank. Thus, guaranteeing transparency and security for everyone involved.”
Therefore, Pay4Fun, known for its experience and pioneering spirit in the sector, is in charge of leading the technical studies necessary for the implementation of the new municipal lottery.
The collaboration with FGO Legal aims to ensure that all operations comply with strict regulatory standards, guaranteeing a safe and transparent environment for the São Paulo betting market.
About Pay4Fun
Founded in 2018, Pay4Fun is the first payment institution to operate in the sports betting sector with authorization from the Central Bank of Brazil. Operating with more than 500 integrated websites in the entertainment segment, the company reached the mark of R$2.6 billion in financial transactions in 2022.
Pay4Fun was considered the Best Payment Method for Latin America in the awards promoted by SAGSE 2022 and chosen as the Best Payment Method at the Brazilian iGaming Awards.
In 2023, the company won the RA 1,000 seal from Reclame Aqui, 3rd place as the best financial service company to work for in GPTW and 2nd place in the SBC Awards, in Barcelona, as payment innovation of the year.
About FGO Legal
Founded by experts with more than 20 years of multidisciplinary career, FGO Legal is an office specialized in developing personalized solutions in strategic legal topics.
In addition, it offers consultancy for national and foreign companies. FGO Legal’s partners have worked in large corporations, which enriches the firm’s expertise. Since 2020, FGO Legal has worked in several areas.
Firstly, the office stands out in mergers and acquisitions (M&A) processes. Secondly, he has experience in fintechs and payment methods. In addition, the office works in capital markets, tax consultancy and public tenders.