Brazilian regulator receives more than 100 operating license applications
This follows the recent establishment of fixed-odds operation rules and regulations.
More than 100 applications have been filed for iGaming licenses in Brazil following the establishment of ordinance 1,207, a document that lays out the rules and regulations for fixed-odds betting operators.
The country has received 114 applications for iGaming licenses.
The Prizes and Betting Secretariat of the Ministry of Finance in Brazil recently published the new ordinance, which primarily focuses on the technical requirements fixed-odds betting must meet for their online gaming and live gaming studios.
According to the new ordinance, fixed-odds betting operators are now required to possess a license from an organization that is recognized by the Prizes and Betting Secretariat. Operators must also present a payout that lists all the winning outcomes prior to the start of bets.
Other recently established regulatory requirements include guidelines that will apply to Brazil’s sports betting and iGaming platform and are to be used by fixed-odds lottery operators.
The technical requirements state that “Operating agents shall maintain the betting system and the respective data in data centers located in Brazilian territory, in compliance with the provisions of law.”
Going forward, certificates that have been issued to operating agents need to be renewed annually under the conditions of the latest published requirements. Certificates must also be renewed “whenever there is inclusion, alteration and exclusion of critical components.”
Sports betting operators that want to gain licensing in Brazil have 30 days to register their interest, according to the published document. Along with the outlined deadline, the Ministry of Finance included information regarding official outlines for bettors’ rights.
Operators must include documents that reflect legal qualification if they wish to register, along with technical qualification, economic qualification, fiscal regularity and labor.
Foreign operators must have a Brazilian subsidiary prior to qualifying to offer sports wagering services. Those companies would also need to provide proof of their incorporation before gaining an authorization for an operating license.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
