The Secretariat of Awards and Prizes (SPA), the gambling regulator in Brazil, has published rules related to payments within the gambling industry in the country.
Back in December, the Chamber of Deputies in Brazil approved the bill that would regulate online sports betting and regulations for it are planned to be finalized in July.
This latest ordinance from the SPA underlines that any contributions and withdrawals by bettors, as well as the payment of prizes by those operating the betting services, must do so by means of electronic transfer such as through instant payment (PIX), available electronic transfer (TED), debit or prepaid card or bank transfers.
An operating agent will not be allowed to accept financial contributions through methods such as cash, credit cards, virtual assets or other types of cryptoassets and a number of others.
The ordinance also mentions how prizes won by bettors will have to be paid within 120 minutes from the moment the real sports event or virtual online gaming event comes to an end.
An operating agent is also not allowed to “grant, in any form, an advance, advance, bonus or prior advantage, even if merely as a promotion, publicity or advertising, for placing bets.”
This week has seen some significant other news in the region with Pragmatic Play launching with PixBet in Brazil in order to continue its expansion across LatAm, while Big Brazil has partnered with NeoGames to collaborate on the Caesars Brazil brand.
