Betting Regulation in Brazil.
The Secretary of Prizes and Bets at the Ministry of Finance, Regis Dudena, highlights the new regulation of fixed odds betting in Brazil, emphasizing the need for control to protect bettors and prevent crimes. From October 1st, unauthorized operations will be suspended.
The Brazilian federal government has begun a new phase of control over fixed-odd betting companies, known as bets. From October 1st, those that do not request authorization to operate will have their activities suspended. This measure reflects an effort by the Ministry of Finance to regulate a sector that, according to the Secretary of Prizes and Bets, Regis Dudena, has been marked by illegal practices and lack of supervision.
Dudena claims that the lack of regulation has caused serious problems. He highlights that Law No. 14,790, of December 2023, provides essential guidelines for the sector.
In an interview with Agência Brasil, the secretary stated that the regulation aims to create a safe environment for bettors and companies.
Industry Approval and Expectations
With the new legislation, companies that already operate in Brazil will have the opportunity to regularize. The standard procedure for authorization analysis is 180 days, but companies that requested authorization by August 20th will have a response later this year.
Furthermore, the secretary highlighted that the government is aware of the social concerns surrounding gambling addiction. “It is crucial to protect bettors, regardless of their social class. The regulations provide for specific measures for each bettor profile, aimed at financial security and mental health”, he stated.
Challenges and Final Measures
With the ban on the use of credit cards, which represents less than 5% of bets, and the predominance of Pix as a payment method, Dudena believes that the changes will be beneficial for controlling the sector. Studies indicate that the improvement in Brazilians’ income is being absorbed by spending on betting, which raises concerns among retailers and experts.
In response to this, the Prizes and Betting Secretariat (SPA) is already in contact with platforms and social networks to combat advertising from unauthorized companies. The legislation already establishes specific guidelines for betting promotion, which cannot mislead consumers.
Final Considerations
Dudena concludes that the government is committed to making the betting sector safe and transparent. “Betting should be seen as entertainment, not as a means of getting rich.” he stated. With the implementation of the new rules, the Ministry of Finance hopes to obtain more accurate data on the betting market, which will facilitate the fight against crimes such as fraud and money laundering.
Source: Brazil Agency
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