Brazilian lawyer calls for unified approach to combat illegal betting

The Director at Brazil’s Securities and Exchange Commission (CVM), Marina Copola, believes current enforcement efforts against unregulated online betting platforms are largely ineffective.

“We’re melting ice every day,” she said, referencing the ongoing battle to shut down illegal operators who often reopen under a different website domain.

CVM is Brazil’s financial markets regulator, responsible for investor protection and supervision of securities markets. The remarks echo recent cases, such as the one faced by Flutter-owned NSX Group about lacking proper safeguards.

Copola also argued that isolated stop orders and takedowns issued against illegal platforms won’t stop repeat offenders. “These companies close one platform and launch another identical one right after,” she said.

Good to know: There is currently an ongoing inquiry on illegal betting in Brazil expected to happen until June, marked by high-profile testimonies, stating the Senate’s effort to regulate the market

Copola emphasized the need for a multidisciplinary response, calling for collaboration across government agencies, regulators and financial institutions.

“You can’t fight these activities with a single shot,” she warned. “We need to join forces.” She also commented there was an exponential growth in online betting since the pandemic, particularly among younger users attracted by gamified experiences. 

As highlighted by recent moves to improve betting regulation and increase anti-fraud training efforts in collaboration with international integrity firms, the statement adds to already set consternations from Brazilian authorities.

Carlos Mendez

Writer

Odds tell a story long before the result does. When bettors learn to read that story properly, betting becomes a matter of discipline and value rather than emotion or guesswork.

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