The online sports betting market in Brazil stands out with the list of 134 companies that showed interest in operating in the regulated market, submitted to the Ministry of Finance.
Among them are well-known names such as Grupo Globo, Kwai, and even Caixa Econômica Federal, responsible for national lotteries.
Biggest challenge are unregistered betting companies
Since the release of online betting in 2018, during Michel Temer’s government, regulation has faced obstacles under the management of Jair Bolsonaro. Therefore, with the Lula government, the objective is to boost the regulatory process, aiming to bring clear rules and effective supervision to the sector.
Faced with the challenges and to establish solid regulation, the Ministry of Finance plans to define requirements for interested companies.
In addition to criteria such as having headquarters in Brazil, it is expected that a minimum share capital will be stipulated, possibly between R$25 million and R$40 million.
The obligation to declare betting exploitation is another measure on the agenda. So, with the expected period of six months for companies to adapt to the new requirements, experts believe that this is enough time.
However, the variety in social capital declarations indicates that some companies will need adjustments to comply with Treasury regulations.
The future of betting in Brazil
Analysis of the list reveals surprising diversity, from companies with minimal share capital to holding companies and advertising agencies.
In addition to the already established Bet365 and Sportingbet, the list includes major players such as Grupo Globo, Kwai, and even MGM, the latter representing an arm of the famous Las Vegas resort and casino.
Caixa Econômica Federal also expressed interest, seeking to explore sports betting, unlike its work in lotteries.
Therefore, the effective regulation of online sports betting in Brazil is not only a challenge, but a great opportunity for the country.
It is worth remembering that President Lula signed the decree creating the Prizes and Bets Secretariat this Wednesday (31), another relevant step towards consolidating the Brazilian market.
