Interviews

Roundtable: Marketing responsibly within a stricter environment

Published

4 years ago

November 16, 2021

Reading Time: 6 minutes

With emerging markets and countries taking a stricter approach to regulation in recent weeks, the subject of responsible marketing remains high on the agenda.

As an industry we understand the importance of being safe and responsible when engaging with end users with marketing material, but how exactly are operators and suppliers working together to ensure that best practices are maintained on a daily basis?

We asked Daniela Speranza, Head of Compliance at Betsson, Liesbeth Oost, Sustainability Manager at Aspire Global and Peter Christian Noer, Head of Country Managers at Soft2Bet, to discuss the tools and measures that are being utilised to improve the execution of responsible marketing.

Given the increased scrutiny around marketing across multiple regulated markets, do you think more can be done at platform level to support operators in their efforts to be more responsible?

Peter Christian Noer: Yes and no, we believe the responsibility falls on every operator, to ensure its marketing practices are kept in line with regulations. However, the more tools that can be provided the better. Especially in terms of targeting, so that operators can filter out under-age people easily.

It all comes down to data and what opportunities the platform provider has in place, if the system is kept secure and a trusted source of compliant traffic, then increased marketing budgets will be allocated to the platform.

Overall, it is in everyone’s interest that the platform can offer great protection, betting and data tools, although the responsibility of the allocated marketing budget should always fall on the operator.

Daniela Speranza: Yes, ideally platforms would be designed with responsible gambling considerations at their core, making it simpler for operators to achieve their objectives in this sense and comply with their ever-increasing obligations. For example, if platforms were to be tailored to cover market-specific legislation and advertising standards, I believe that it would be easier to protect the end-user, this of course being the ultimate goal of any responsible gambling requirements. The greatest thing about software is that it is plastic, and it can be moulded as we desire. This benefit must be used to our advantage as operators, always subject to the exigencies of the market competition, of course.

Furthermore, artificial intelligence and real-time alerting models can be integrated with platforms to provide efficient monitoring and analyses, enabling operators to interact proactively with players and ultimately providing end-users with the ability to make informed choices.

Liesbeth Oost: With AI and machine learning technology coming on in leaps and bounds in recent years, there’s a lot more that providers can do for operators in this space. For instance, in the world of affiliate marketing, an operator can have dozens of affiliates and the operator is responsible for ensuring each one remains compliant. When platform providers invest in developing the right solution, they have the ability to offer greater oversight on affiliates. This leaves the operator open to a lot less risk, which is a huge step forward, especially as stricter marketing rules are being enforced.

The industry has embraced a lot of different aspects of sustainability such as responsible marketing in the last two years. It’s easy to see how that is becoming more a part of the culture now, and this isn’t purely motivated by a fear of getting fined. Embracing compliance has led to better business, so it is no surprise that doing so with responsible marketing, for which Aspire is a strong advocate, has had a similar impact. It would be fantastic to see those efforts replicated in the wider industry, which could only serve to benefit operators.

What are the key differences between different jurisdictions approach to responsible marketing?

Liesbeth Oost: There are massive differences between jurisdictions. However, one steadily emerging trend is the markets that have regulated most recently seem to be the strictest. In the Netherlands, which has recently introduced its new regulatory framework, penalties on advertising violations result in non-eligibility to apply for a license.

Elsewhere, the US is very serious about each business’ role in the environment and its overall social governance. Embedding a culture of responsible gambling in a newly regulated country bodes well for the future of the market, promoting safer gaming experiences that players can enjoy.

Daniela Speranza: Whilst the intention of responsible marketing measures in different jurisdictions is more or less the same, namely, to reduce rates of gambling addiction and ramp up player protection efforts, especially for vulnerable groups such as problem gamblers and minors, there are key differences when it comes to how different jurisdictions approach it.

Certain measures in jurisdictions which do permit marketing are often similar regarding what can and cannot be included in communications regarding marketing material. For example, requiring ads to be socially responsible, not targeting minors or portraying sexual content.

At Betsson, we believe that advertising is vital for channelisation. Associations like the European Gaming & Betting Association’s (EGBA) are aiming to set long-term standards for gambling advertising content in Europe. Betsson is a member of EGBA and follows its Code of Conduct on Responsible Advertising for Online Gambling with a firm commitment on responsible gambling.

Peter Christian Noer: I wouldn’t say that there are many differences. Overall, they are quite similar with each jurisdiction having a unique trait. For example, some regulators will want a license number included in banners whereas others don’t mind.

The main rules to follow are quite consistent, such as not targeting minors, following good marketing practices, indicating terms associated with offers, offering full terms and including references to responsible gambling helplines or services.

Perhaps one of the biggest differences between jurisdictions is how many disclaimers need to be included. However, in my opinion, this doesn’t serve much of a purpose. In certain jurisdictions, regulators differentiate the number of disclaimers based on the market channel, as some allow for more to be included. However, this allows these regulators to bloat the requirements. I personally fail to see the point of including several disclaimer sentences in marketing messages, no one reads them, and, in any case, they are available online.

What sort of solutions does your company provide in supporting operators with their responsible marketing efforts?

Peter Christian Noer: As an operator ourselves, we mostly rely on the tools provided by partners at our disposal. In general, we maintain a strong level of communication with our provides and external partners.

We also normally work with partners that have operated within the industry before, since they have experience with special regulatory, technical and business requirements. More importantly they’ll also understand that our iGaming industry probably has more restrictions than others.

Since players’ trust is crucial in all markets, it’s also important that we as an operator market ourselves in a responsible and balanced manner. We also ensure that we stay within the guidelines and not go outside of them. Facing courts for marketing violations not only hurts the operator but the industry as a whole. We must acknowledge that we are an easy target and that we should all work collectively to improve the presentation of our offers so that they are clear and fair, otherwise future marketing restrictions will continue.

Daniela Speranza: Betsson understands the importance of identifying early signs of potential gambling-related harm and with this in mind, constantly invests in technology to develop automation and tools to help identify end-users at risk, such as late-night gamblers, chasing losses, heavy spenders, frequent depositors and limits being changed frequently. Our in-house built RG Prediction Tool with the help of various other reports, alerts and escalation processes is in use by a dedicated safer gambling team that is collating all data, analysing, and using the outcomes for interactions and interventions.

Betsson also ensures that marketing and advertising efforts are conducted in a socially responsible manner. Marketing and advertising communications are not aimed at, nor appeal to, underage persons (i.e., any age below the legal age for gambling in any jurisdiction where the communication is targeted) and carry appropriate warnings about underage gambling. By way of example, no logos or names of gambling products or services are found on products intended to be used or worn by underage persons. Advertising is not shown on any websites that children may frequent; YouTube and social media content are age-gated; celebrities or prolific persons are not used in marketing if they are under the age of 25, and persons that are shown, are shown to be gambling responsibly, for example no links to alcohol and gambling together.

The Compliance team is well integrated with the marketing teams and provides guidelines and training so that marketing is responsible and meets the various regulatory standards of moderation. Furthermore, the Compliance team oversees these functions to ensure that published marketing material follows internal guidelines and policies.

Liesbeth Oost: A huge challenge for most operators is how they monitor their affiliate partners to ensure they are always compliant. Overseeing every aspect of how multiple affiliates are performing is a massive task that cannot be done without the support of technology. To help with this, Aspire has partnered with Rightlander, which offers a range of solutions for affiliate compliance monitoring. Through its technology, we can identify affiliates bidding on client brand names, hijacking traffic and using their own tracking codes to intercept traffic.

Significant strides have been made in the world of machine learning and AI, which means that advanced platforms can actively optimise campaigns to a much greater extent and reduce the need for judgement calls on employees’ part. Most importantly for this issue, these tools can monitor a huge number of sites and flag any that may not be compliant in that market in an efficient manner.

Although our operating partners take care of their own marketing and relationships with affiliates, we are equipped to assist them in their operations and provide them with a service that ensures affiliates are not misrepresenting their brand.

Brasil

A necessária contenção dos mercados preditivos no Brasil

Published

2 days ago

May 8, 2026

GamingAmericas.com

a-necessaria-contencao-dos-mercados-preditivos-no-brasil

Filipe Senna, sócio da Jantalia Advogados e secretário-geral da Comissão de Direito dos Jogos e Apostas da OAB/DF, analisa a recente decisão no Brasil de bloquear plataformas de mercado preditivo como Kalshi e Polymarket.

Ele argumenta que a medida reflete um passo regulatório necessário para sanar ambiguidades legais em um segmento que se situa entre ferramentas informativas, sistemas de apostas e derivativos financeiros, reforçando a necessidade de coerência e tratamento igualitário nos mercados regulamentados em constante evolução do Brasil.

Por Filipe Senna

O bloqueio de plataformas de mercado preditivo como Kalshi e Polymarket no Brasil, a partir de medida do Conselho Monetário Nacional (CMN) e de orientação da Secretaria de Prêmios e Apostas (SPA), é juridicamente consistente e segue a mesma lógica já aplicada a operadores de apostas ilegais.

A decisão não nasce de um impulso restritivo, mas da necessidade de preservar a coerência de um mercado que passou a ser regulado de forma mais clara nos últimos anos.

Embora essas plataformas se apresentem como instrumentos de leitura da opinião pública, sua atuação prática vai além do caráter informacional.

Parte relevante dos produtos ofertados se aproxima, e em alguns casos se equipara, às apostas de quota fixa reguladas pela Lei nº 14.790/2023. Eventos esportivos disponibilizados nesses ambientes replicam dinâmicas semelhantes às chamadas bolsas de apostas, o que torna difícil sustentar uma distinção material entre um modelo e outro.

Há ainda um segundo ponto sensível. Algumas dessas plataformas oferecem instrumentos que se assemelham a derivativos financeiros, com ativos vinculados a preços de mercado.

Por operarem fora do país, não se submetem às exigências da Comissão de Valores Mobiliários. O resultado é uma assimetria regulatória relevante, na qual empresas estrangeiras competem em condições mais favoráveis do que operadores que seguem as regras brasileiras.

Nesse cenário, o bloqueio cumpre uma função de proteção institucional, ele resguarda tanto o mercado de apostas quanto o mercado financeiro de distorções concorrenciais.

Empresas que atuam no Brasil com autorização precisam cumprir obrigações rigorosas, que incluem recolhimento de tributos, políticas de prevenção à lavagem de dinheiro e mecanismos de proteção de dados.

Permitir que outras operem à margem dessas exigências compromete a isonomia do sistema.

A medida também tem caráter indutor. Caso essas plataformas desejem atuar no país, deverão se adequar ao enquadramento jurídico correspondente ao tipo de produto que oferecem.

Se a atividade se assemelha a apostas, deve seguir a regulação das bets. Se se aproxima de instrumentos financeiros, deve observar as regras aplicáveis a esse mercado. Trata-se de um princípio básico de organização econômica em setores regulados.

Não há violação à livre iniciativa. No ordenamento brasileiro, a liberdade econômica convive com a necessidade de cumprimento de regras, especialmente em atividades que envolvem risco financeiro e impacto social.

A atuação estatal, nesse contexto, busca garantir que a concorrência ocorra em bases legítimas, sem favorecimento indevido a quem opera fora da jurisdição nacional.

Existe, de fato, um componente informacional nesses ambientes. Mercados preditivos podem oferecer sinais úteis sobre expectativas coletivas.

O problema surge quando esse elemento convive com estruturas que reproduzem a lógica de apostas ou de produtos financeiros de alto risco.

Nesses casos, o usuário deixa de interagir apenas com informação e passa a assumir riscos típicos de jogos de azar ou de operações especulativas.

Um exemplo ajuda a ilustrar essa fronteira. Há mercados em que o participante precisa prever, em intervalos de 5 (cinco) minutos, a variação de ativos como o Bitcoin.

A dinâmica, embora apresentada como preditiva, se aproxima mais de jogos de azar ou de mecanismos semelhantes às antigas opções binárias, cuja natureza sempre esteve associada ao risco elevado e à ausência de proteção adequada ao usuário.

Diante dessa zona cinzenta, a postura adotada pelo regulador é prudente. Interromper a atividade permite aprofundar o debate, definir critérios mais claros e evitar que lacunas normativas sejam exploradas.

Só a partir dessa delimitação será possível discutir, com segurança jurídica, eventual regulamentação futura para esse tipo de plataforma.

O objetivo final é preservar um ambiente econômico equilibrado, em que inovação e livre iniciativa possam coexistir com regras claras. Sem isso, o risco não é apenas jurídico, mas também de credibilidade de todo o sistema.

Filipe Senna
Sócio do Jantalia Advogados e Secretário-Geral da Comissão de Direito dos Jogos e Apostas da OAB/DF. Autor do livro ‘A Regulação da Sorte na Internet’

The post A necessária contenção dos mercados preditivos no Brasil appeared first on Americas iGaming & Sports Betting News.

bets

The necessary containment of predictive markets in Brazil

Published

2 days ago

May 8, 2026

GamingAmericas.com

the-necessary-containment-of-predictive-markets-in-brazil

Filipe Senna, Partner at Jantalia Advogados and Secretary-General of the Gaming and Betting Law Commission of the OAB/DF, analyzes the recent decision in Brazil to block predictive market platforms such as Kalshi and Polymarket.

He argues that the measure reflects a necessary regulatory step to address legal ambiguities in a segment that sits between informational tools, betting systems, and financial derivatives, reinforcing the need for coherence and equal treatment within Brazil’s evolving regulated markets.

By Filipe Senna

The blocking of predictive market platforms such as Kalshi and Polymarket in Brazil, following a measure by the National Monetary Council (CMN) and guidance from the Secretariat of Prizes and Betting (SPA), is legally sound and follows the same logic already applied to illegal betting operators. The decision does not stem from a restrictive impulse, but rather from the need to preserve the coherence of a market that has become more clearly regulated in recent years.

Although these platforms present themselves as tools for gauging public opinion, their actual operation goes beyond an informational function. A significant portion of the products offered approaches—and in some cases is equivalent to—fixed-odds betting regulated under Law No. 14,790/2023. Sporting events made available in these environments replicate dynamics similar to so-called betting exchanges, making it difficult to sustain a material distinction between one model and another.

There is also a second sensitive issue. Some of these platforms offer instruments resembling financial derivatives, with assets linked to market prices. Because they operate outside the country, they are not subject to the requirements of the Securities and Exchange Commission. The result is a relevant regulatory asymmetry, in which foreign companies compete under more favorable conditions than operators that comply with Brazilian rules.

In this context, the blocking fulfills an institutional protective function: it safeguards both the betting market and the financial market from competitive distortions. Companies operating in Brazil under authorization must comply with strict obligations, including tax payments, anti-money laundering policies, and data protection mechanisms. Allowing others to operate outside these requirements undermines the system’s fairness.

The measure also has an inducing character. If these platforms wish to operate in the country, they must adapt to the legal framework corresponding to the type of product they offer. If the activity resembles betting, it must follow betting regulations. If it approaches financial instruments, it must comply with the applicable rules for that market. This is a basic principle of economic organization in regulated sectors.

There is no violation of free enterprise. In the Brazilian legal system, economic freedom coexists with the need to comply with rules, especially in activities involving financial risk and social impact. State action, in this context, aims to ensure that competition occurs on legitimate grounds, without undue advantage for those operating outside national jurisdiction.

There is, in fact, an informational component in these environments. Predictive markets can provide useful signals about collective expectations. The problem arises when this element coexists with structures that replicate the logic of betting or high-risk financial products. In such cases, users no longer interact solely with information but instead assume risks typical of gambling or speculative operations.

An example helps illustrate this boundary. There are markets in which participants must predict, in 5-minute intervals, the variation of assets such as Bitcoin. Although presented as predictive, the dynamic is closer to gambling or mechanisms similar to the former binary options, whose nature has always been associated with high risk and insufficient user protection.

Faced with this gray area, the regulator’s stance is prudent. Suspending the activity allows for deeper debate, clearer criteria to be defined, and prevents regulatory gaps from being exploited. Only after such delimitation will it be possible to discuss, with legal certainty, any future regulation for this type of platform.

The ultimate goal is to preserve a balanced economic environment in which innovation and free enterprise can coexist with clear rules. Without this, the risk is not only legal, but also related to the credibility of the entire system.

Filipe Senna
Partner at Jantalia Advogados and Secretary-General of the Gaming and Betting Law Commission of the OAB/DF (Brazilian Bar Association, Federal District chapter). Author of the book ‘The Regulation of Luck on the Internet’.

The post The necessary containment of predictive markets in Brazil appeared first on Americas iGaming & Sports Betting News.

apuestas

Nuevas reglas del CMN y SPA reorganizan el tablero del iGaming y las apuestas deportivas

Published

3 days ago

May 7, 2026

GamingAmericas.com

nuevas-reglas-del-cmn-y-spa-reorganizan-el-tablero-del-igaming-y-las-apuestas-deportivas

Rafael Brunati y Celso Basílio, abogados de Silveiro Advogados especializados en mercados regulados, derecho corporativo y derecho de la competencia, analizan las recientes medidas adoptadas por el Consejo Monetario Nacional (CMN) de Brasil y la Secretaría de Premios y Apuestas (SPA/MF), así como su impacto en la industria del iGaming y las apuestas deportivas.

En este artículo, examinan cómo el nuevo marco regulatorio redefine los límites entre las apuestas, los instrumentos financieros y los modelos emergentes de mercados digitales, al tiempo que refuerza la Ley N.º 14.790/2023 como pilar central de la regulación del sector.

Por Rafael Brunati y Celso Basílio

El conjunto de medidas adoptadas recientemente por el Consejo Monetario Nacional (CMN) y la Secretaría de Premios y Apuestas del Ministerio de Hacienda (SPA/MF) representa un nuevo capítulo en la consolidación regulatoria del mercado brasileño de iGaming y apuestas deportivas.

Más que una respuesta puntual a los llamados mercados predictivos, las iniciativas señalan un intento más amplio de reorganizar los límites entre apuestas autorizadas, instrumentos financieros y actividades consideradas irregulares en el país.

La Resolución CMN N.º 5.298/2026 prohibió la oferta y negociación de derivados vinculados a apuestas, eventos deportivos, juegos en línea y temas políticos, electorales, culturales o de entretenimiento sin referencia económico-financiera.

En la misma línea, la Nota Técnica SPA/MF N.º 2.958/2026 encuadró las plataformas de mercados predictivos como explotación ilegal de apuestas de cuota fija, lo que derivó en el bloqueo de decenas de plataformas por parte de la Anatel.

El movimiento refuerza de manera clara la centralidad de la Ley N.º 14.790/2023 como marco regulatorio exclusivo para la explotación de apuestas de cuota fija en Brasil.

En la práctica, el gobierno ha comenzado a delimitar con mayor precisión quién puede operar en este mercado y bajo qué condiciones.

Las plataformas que buscaban posicionarse como mercados financieros, contratos de eventos o estructuras tecnológicas alternativas pasaron a ser tratadas materialmente como operadores de apuestas.

El mensaje regulatorio es directo: si el producto compite por el mismo público, utiliza una lógica económica similar a las apuestas y conlleva riesgo asociado a eventos futuros, tiende a quedar dentro del perímetro regulatorio de la SPA.

Desde la óptica regulatoria y de competencia, esto genera un efecto relevante para los operadores autorizados.

Las empresas que invirtieron en licencias, cumplimiento normativo, prevención de lavado de dinero, integridad deportiva, políticas de juego responsable y estructura regulatoria dejan de competir con plataformas que operaban al margen de estas exigencias mediante encuadres jurídicos alternativos. Se produce así un fortalecimiento indirecto del valor económico de la licencia regulatoria otorgada por la SPA.

Al mismo tiempo, este fortalecimiento viene acompañado de un aumento significativo de las obligaciones operativas y de cumplimiento.

Las recientes medidas también reabren un debate importante sobre los límites regulatorios de las llamadas betting exchanges y los modelos peer-to-peer.

La propia Nota Técnica SPA/MF N.º 2.958/2026 reconoce que la negociación entre apostadores y la existencia de precios dinámicos no desnaturalizan necesariamente la condición de apuesta de cuota fija. Esta interpretación es relevante porque acerca los mercados predictivos a las estructuras de bolsas de apuestas ya previstas en la Ley N.º 14.790/2023.

Este punto podría abrir espacio, en el futuro, para modelos regulados de betting exchange en Brasil, siempre que estén dentro del perímetro autorizado por la SPA.

Sin embargo, la regulación operativa de este formato aún no ha sido desarrollada por la autoridad, lo que mantiene un nivel importante de incertidumbre para los operadores interesados en innovación de producto.

Desde otra perspectiva, las medidas también tienden a generar una intensa judicialización. Existen debates relevantes sobre los límites de la competencia del CMN para restringir ciertos tipos de derivados, sobre la actuación interpretativa de la SPA respecto a los mercados predictivos y sobre el bloqueo de plataformas sin orden judicial.

Independientemente del desenlace de estas disputas, lo cierto es que el mercado brasileño de iGaming y apuestas deportivas entra en una nueva fase.

La lógica regulatoria deja de centrarse únicamente en la autorización formal para operar y pasa a incorporar de forma más intensa temas como integridad financiera, protección de usuarios vulnerables, gobernanza de datos, trazabilidad de pagos y supervisión operativa continua.

El sector continúa creciendo, pero ahora dentro de un entorno significativamente más sofisticado —y más exigente. Para los operadores autorizados, esto representa simultáneamente una barrera de entrada para competidores irregulares y un aumento relevante en los costos de cumplimiento. En un mercado cada vez más regulado, la diferencia competitiva tiende a depender menos de la capacidad de ofrecer apuestas y más de la capacidad de operar con seguridad regulatoria, integridad operativa y rápida adaptación a las nuevas exigencias del Estado.

Rafael Brunati, abogado en las áreas de Derecho Societario, Contratos, M&A y Private Equity, así como del sector bancario en Silveiro Advogados, es graduado en Derecho por la Universidad Presbiteriana Mackenzie, posee un LL.M en Derecho Societario por INSPER y es miembro de la Comisión de Derecho Bancario de la OAB/SP.

Celso Basílio, abogado en las áreas de Mercados Regulados, Telecomunicaciones, Contratos y Derecho de la Competencia en Silveiro Advogados, es máster en Derecho por la FGV Derecho SP, posee un LL.M en Derecho de los Contratos por INSPER y es graduado en Derecho por la Universidad Presbiteriana Mackenzie.

The post Nuevas reglas del CMN y SPA reorganizan el tablero del iGaming y las apuestas deportivas appeared first on Americas iGaming & Sports Betting News.