Operators from Brazil and the US have collaborated to form the Brazilian Institute of Responsible Gaming (IBJR) ahead of the nation’s regulation of “fixed odds betting,” scheduled for later this year.
The IBJR unites sports betting sector brands that will contribute to discussing and developing Brazil’s commercial gaming market.
Founding operators include bet365, Flutter, Entain, Betsson, Betway, Yolo, Netbet, KTO and Rei do Pitaco. These founders operate in more than 100 countries combined.
IBJR President André Gelfi said: "The IBJR's mission is to collaborate with all sectors of society that want to learn more about the industry and understand how it can be harmoniously integrated into the Brazilian economy, as it has in other countries.
“We want to help build a safe regulatory environment for customers while financing the public sector, and create a sustainable operating environment for companies.”
Gelfi went on to highlight the advantage of bringing in operators that have experience in regulated markets and the knowledge that they can bring to future conversations.
He said: "The issue of responsibility appears in the name of the institute precisely because this is the mainspring for all actors involved in markets that have successful regulation.
“In these places, sports betting is seen as a source of entertainment that helps preserve the integrity of sport. And it is clear that the sector's sensitive aspects, such as compulsive gambling and money laundering, must be addressed in a forceful, logical, and responsible manner.”
Institute Legal Director Rafael Marcondes spoke on the benefits of advancing regulation in Brazil.
He commented: "The United States and Brazil legalized sports betting in 2018, while in the North American country, regulation has been happening quickly in its various States and bringing positive results, especially when it comes to tax collection, Brazil has fallen behind, allowing the proliferation of companies that are not committed to responsible gaming, which jeopardizes the credibility of the market without providing minimum guarantees to consumers."