Pay4Fun, the first payment institution authorized by the Central Bank that operates in the sports betting sector, has just launched “Raio X” a document that details the payment ordinance SPA/MF n°615/2024 published by the Prizes and Betting Secretariat of the Ministry of Finance, with a description of the payment flow, management of bettors’ resources and operational processes for the financial security of the market Bet.
Responsible gaming is the main objective
Thus, the Payment Ordinance published by the Prizes and Betting Secretariat of the Ministry of Finance aims to combat money laundering and guarantee the security of transactions in the betting market, in addition to increasing the transparency of financial transactions in the sector.
So, for Leonardo Baptista, CEO and co-founder of Pay4Fun, the measure aims to guarantee responsible gaming. “You don’t bet money you don’t have hoping for results to pay on your credit card. We consider the federal government’s measure to encourage responsible gambling and avoid gambling disorder to be very important and necessary”, says the executive.
Pay4Fun is one of the main payment platforms for online betting in Brazil prepared to comply with the new rules. The company already offers its customers the option of paying by electronic transfer, authorized by the Central Bank of Brazil, with the most diligent practices on the market.
“Therefore, the entry into force of the Ordinance also serves as a warning to betting payment companies. “Questionable practices and loopholes in legislation that were previously common will no longer be tolerated,” says Camila Caresi, director of governance, risks and Pay4Fun compliance.
“Thus, companies that wish to continue operating in the Brazilian market will have to adapt to the new rules and invest in robust payment solutions. Failure to comply with the rules will result in severe sanctions, including the suspension or even revocation of the license to operate. ”
Pay4Fun infographic on changes for Bets in Brazil
With regard to payments, below are the main changes that bets will have to adapt to in Brazil.
Separate accounts for greater protection
Bookmakers will also have to have separate transactional accounts at financial institutions authorized by the Central Bank of Brazil. Therefore, this measure aims to ensure that bettors’ money is safe and protected.
Prizes paid within 2 hours
Winning bettors will receive their prizes within 120 minutes after the event ends. But if the bookmaker does not have enough money to pay the prizes, it must use money from its proprietary account.
Bookmakers with more responsibility
Bookmakers cannot offer bonuses or advantages to encourage betting, nor have agreements with financial institutions to offer credit to bettors. Furthermore, betting advertising must also be responsible and cannot encourage gambling addiction.
But for payment institutions that are prepared for the new requirements, the Ordinance opens up a world of opportunities. The online betting market in Brazil is still growing, so the greater the security and transparency of the Ordinance’s rules, the greater the growth of the sector in Brazil.
