Several gambling companies have applied for sports betting licenses in Brazil following the Ministry of Finance’s recent warning. While these companies will likely be unable to launch at the regulated market’s opening, they will not risk legal problems in the country.
Six More Companies Have Submitted an Application
Brazil’s Ministry of Finance just announced that from October 1 any sportsbook company that has not applied for a license will be considered to be operating illegally. This announcement came several months before the launch of the country’s official sports betting market.
Operators that have applied for a license would be able to continue offering their products legally until the end of the year. Once Brazil’s regulated sports wagering goes live, only companies with a license will be able to continue operating.
Brazil closed its initial licensing period several weeks ago, recording 113 license applications. By November, the Prizes and Betting Secretariat will decide which of these companies will be allowed to offer their products.
Soon after the Ministry of Finance’s announcement, however, six more brands have applied for a license. These include the following:
- Amplexus Corporation
- BRX Gaming
- Boa Sorte Prêmios
- JBD Comunicação e Tecnologia
- Nexus International
- Wudy Pay Correspondente de Instituição Financeira
While these brands may not be able to hit the market immediately once regulated betting launches, they can now continue to operate as usual until the end of the year.
Brazil Is Moving Toward Regulation
Brazil’s gambling sector has been steadily moving toward a more regulated future. At first, 134 sportsbooks expressed interest in acquiring a license, although only 113 ended up actually applying for one. With six more operators applying now, the total number has been brought to 119.
Licensees will be expected to pay a licensing fee, as well as following strict rules if they wish to operate in Brazil.
Many experts are excited by the prospects of regulating betting and iGaming in the Latin American country, believing that it has a huge untapped potential and could very well become one of the biggest markets.
As Brazil continues to regulate gaming, it also seeks to protect players from harm. To that end, the Brazilian Federation of Banks just demanded that the government accelerate the ban on using credit cards to pay for online wagering. This demand came amid growing concerns about problem gambling.
