Brazil’s Chamber of Deputies has approved a landmark ruling to regulate gambling and iGaming. This bill was introduced in July 2023, with the nation’s President, Lula da Silva, raising it with hte goal of legalising country-wide sports betting. This followed a previously unsuccessful attempt to under the former President. There are high expectations in store for Brazil’s fledgling gambling market, and operators are eagerly poised to break into the scene and get started.
This also means that sports clubs – which include Brazil’s many successful soccer teams – can sign sponsorship deals with betting companies. The level of integrity written into the bill helped it get voted in by the Chamber of Deputies. A lengthy list of rules and regulations is wrapped up at the heart of this bill, making it clear that Brazil’s leadership is eager to hit the ground running as safely and securely as possible.
Betting on Brazil
On the subject of integrity, the CEO of the International Betting Integrity Association, Khalid Ali, spoke highly of the bill and its progressive steps forward:
‘This is an historic moment for sports betting in Brazil and is a major step forward in the fight against match-fixing. IBIA welcomes the adoption of specific betting integrity provisions in the law, which the association has been campaigning for since discussions on regulating sports betting began in 2018. A number of Brazilian market focused operators have already joined IBIA, and we look forward to engaging with other operators intent on offering well-protected sports betting products to Brazilian consumers via IBIA’s world leading integrity network.’
In what’s being called an ‘unprecedented situation’, the Brazilian people are on the verge of being given open access to regulated, governed betting markets. That includes traditional establishments and online sports betting markets. Likely, it’ll also include esports betting markets, as the competitive gaming community in Brazil is a passionate and dedicated one.
There are plenty of boxes to tick for operators looking to get involved with this newly regulated market. For instance, operators looking to qualify for a betting license in Brazil ‘must have a Brazilian partner that holds a minimum of 20% of the company’s capital in the country.’ There are also calls for these operators to have ‘appropriate cybersecurity systems’ in place, ensuring their platforms are as resilient as possible.
One such organisation, KTO Group, which is headquartered in Malta, spoke positively of the bill. The company’s ‘KTO Brazil’ brand is expected to make waves in the space, and the CEO of the firm couldn’t be happier:
‘KTO is excited to announce that the long-awaited regulation of the Brazilian market for online sportsbooks and casinos has been successfully implemented. This milestone reflects a well-executed regulatory framework that effectively addresses key concerns within the industry. We are extremely pleased with the outcome and commend the authorities for their diligent efforts in achieving this.’
It’s now a waiting game as the legislation unfolds and takes hold.