In a decisive move, Brazil’s Ministry of Finance released Ordinance No. 1330 recently, laying down a comprehensive framework of requirements for prospective sports betting operators. This initiative comes as Brazil readies itself for the inception of a fully regulated betting market. Companies keen on tapping into this burgeoning market are now given a 30-day timeframe to declare their interest, a step aimed at streamlining the authorization procedure.
The ordinance meticulously outlines several prerequisites. Operators are mandated to set up dedicated customer service hubs. Those applying for licences are expected to uphold the industry’s ethical integrity and adhere to both ethical and legal benchmarks. Operators should be vigilant, identifying and swiftly reporting any anomalous or suspect transactions to the Financial Activities Control Council (COAF).
Furthermore, operators are entrusted with the responsibility to instate robust measures promoting safe gambling. This includes offering a suite of tools for customer protection such as setting constraints on betting duration and monetary losses, initiating cooldown periods, and availing options for self-exclusion.
Interestingly, the ordinance stipulates that sports betting licences will remain out of reach for companies where professional athletes, coaches, referees, or executives of national sports squads hold positions such as shareholders or directors. It’s a prerequisite for aspirants to possess a subsidiary located within Brazil.
The ordinance takes a stringent stance against third-party payment solutions, emphasizing that advertising efforts should echo social responsibility tenets. Operators keen on making their mark can submit their interest, inclusive of a duly filled form and declaration, to cogel.apoio@fazenda.gov.br.
In related news, Senator Angelo Coronel, representing the Partido Social Democrático from Bahia, was appointed as the rapporteur for Brazil’s sports betting legislature, Bill 3,626/2023 by the Senate Economic Affairs Commission earlier this month. Coronel, known for his advocacy of gambling legislation, has tabled amendments targeting the legalization of varied gaming formats within Brazil. Another intriguing development is the Senate’s Sports Commission (Cesp) putting forth 54 proposed modifications, spearheaded by ex-footballer Romário de Souza Faria.
Tags: #SportsBetting #Brazil #RegulatedMarket #OperatorRequirements #COAF #GamblingLegislation
