Sports betting sites that have not registered will be taken down in the coming days.
The Ministry of Finance released on Tuesday a list of online betting companies authorized to operate in Brazil. Nationwide, 89 companies, owning 192 platforms, have applied for approval from the ministry to operate in the country and are thus in compliance. The government also disclosed the names of six companies registered regionally, with states, each one responsible for a single website. Of these, five are from Paraná and one from Maranhão.
These companies will be authorized to operate in Brazil until December 31. At the end of this transition period, the Ministry of Finance will release the final list of companies and websites that will be authorized to operate from January 1, 2025, when Brazil’s regulated betting market will commence.
The ministry said that websites not included in the list can no longer accept bets. These sites will remain online for the next ten days “solely to facilitate bettors’ requests for the return of funds deposited in their names with these companies,” according to an official statement.
The announcement also said that, from October 11, these sites will begin to be taken down with the assistance of telecoms regulator Anatel. “Even after this date, it will remain the responsibility of the website operators to ensure that bettors can withdraw any deposits they are entitled to,” the statement said.
According to Minister Fernando Haddad, it’s important to be mindful of the negative effects that can be caused by sports betting and to address the issue from a social perspective.
“No one makes money from gambling. People lose money. It’s a game of chance,”
the minister said on Tuesday.
Sports betting platforms began to be legalized in 2018, but the regulation process has been delayed. Last year, Congress passed a bill to regulate the sector. Throughout this year, the Ministry of Finance issued decrees detailing these rules. The process is expected to be completed next year.
Last week, a study by the Central Bank revealed that Brazilians spend between R$18 billion and R$21 billion per month on sports betting. The discovery of the market’s size has reinforced discussions on enhancing regulation, which also focuses on combating the use of platforms for illegal activities, such as money laundering.
Source: Valor International