By Gustavo Vicenti
April 11, 2024
Ministry of Finance Defines Regulatory Agenda for the Betting Market
In another step towards the realization and consolidation of the regulations provided for by the New Betting Law (Law 14.790/2023), the Ministry of Finance published Ordinance SPA/MF No. 561, of April 8, 2024, which instituted the Regulatory Policy of the Secretariat of Prizes and Bets of the Ministry of Finance and the Regulatory Agenda for the year 2024, establishing a schedule for the implementation of measures until the end of the first half of this year.
To this end, the Ordinance provides four phases of execution:
Phase 1 (until April):
– Requirements and procedures related to the recognition of the operational capacity of certifying entities of betting systems used by fixed-quota betting lottery operators, and of live game studios and online games that may be made available to bettors;
– General rules to be observed in payment transactions carried out by agents authorized to operate the fixed-quota betting lottery modality in national territory;
– Technical and security requirements of the betting systems used by the operating agents for the exploitation of the fixed-quota betting lottery modality;
– Rules, conditions and opening of the procedure for requesting authorization to operate fixed-quota betting throughout the national territory.
Phase 2 (until May):
– Policy, procedures and controls aimed at preventing and combating Money Laundering, Terrorism Financing, Proliferation of weapons of mass destruction and other frauds related to the commercial exploitation of fixed-quota betting; and
– Set of rules to be observed by authorized operators for compliance with legal provisions and guarantee of bettors’ rights.
Phase 3 (until June):
– Technical and security requirements of online games that may be made available to bettors by authorized operating agents;
– Rules and procedures for monitoring and inspection of the commercial exploitation of the fixed-quota betting lottery modality; and
– Procedure for applying administrative sanctions to the commercial exploitation activity of the fixed-quota betting lottery modality.
Phase 4 (until July):
– Regulation of actions aimed at promoting responsible gambling, regarding measures, guidelines and practices to be adopted for prevention of pathological gambling within fixed-quota betting, rules for monitoring and prevention of bettor indebtedness and reinforcement of responsible advertising rules; and
– Procedures for making payments to the legal recipients consigned in §1-A of art. 30 of Law No. 13.756, of 2018.
If you want to know more about the regulatory and legal developments related to the bets market in Brazil, do not hesitate to contact our partners claudio.barbosa@kasznarleonardos.com and felipe.monteiro@kasznarleonardos.com.
Last by Gustavo Vicenti
July 2, 2024
Life Sciences’ Brazil Global Guide 2024 is now available
We are pleased to announce our collaboration on the Chambers and Partners Life Sciences 2024 Global Practice Guide! Our partners Priscila Kashiwabara … Life Sciences’ Brazil Global Guide 2024 is now available
May 27, 2024
New Rules and Conditions for Obtaining Authorization for the Commercial Exploration of Sports Betting
On May 22, 2024, the Secretariat of Prizes and Bets of the Ministry of Finance (SPA/MF) published Ordinance No. 827/2024, which regulates … New Rules and Conditions for Obtaining Authorization for the Commercial Exploration of Sports Betting
April 22, 2024
New Rules for Payment Transactions by Fixed-Odds Betting Operators in Brazil
In a further step towards regulating the new Betting Law (Law No. 14,790/2023), Normative Ordinance SPA/MF No. 615, of April 16, 2024, … New Rules for Payment Transactions by Fixed-Odds Betting Operators in Brazil