Brazil publishes necessary requirements for potential sports betting operators
The new guidelines give companies 30 days to register their interest.
The nation of Brazil has released Decree 1330, a document outlining the requirements for sports betting operators to set up shop within the county. The Ministry of Finance published the requirements in the Official Gazette.
Sports betting operators that are interested in obtaining 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 wishing to register must include documents that reflect legal qualification, technical qualification and economic qualification, as well as 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 incorporation before gaining an authorization for an operating license.
Companies applying for licensing will need to have designated personnel in place in the areas of operational security, integrity, accounting, data security, ombudsman and staff assigned to compliance. The document laid out these requirements in an effort to prevent money laundering and anti-terrorism.
The document also lays out specific rights bettors have, along with RG and fixed-odds betting guidelines, AML and non-negotiable stipulations for potential operators to offer their products to Brazilian players.
Sports betting operation, as defined by Decree 1330, states that “sports betting must be in a competitive environment and can be marketed through any distribution channels, both physical and online.”
Decree 1330 summarized requirements for sports betting platform, which must meet operational and technical specifics. In addition, the platforms would need to be certified by a lab that is recognized by the Ministry of Finance.
Approved operators must provide customer service at no cost 24 hours a day, seven days a week. All customer services must be offered in Portuguese, per the document’s requirements.
The decree outlined provisions beyond sports betting to include those covered by fixed-odds betting, as well as lottery rigging and commercial exploitation of the lottery.
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