The National Association of Games and Lotteries (ANJL) held a meeting on Wednesday (6), at the Royal Tulip Brasília Alvorada, in Brasília, focused on governance and regulation of the betting market in Brazil.

The objective was to promote a dialogue on integrity, transparency and the sector’s role in preventing money laundering and combating illegality.

The panel was led by ANJL lawyer Giovanna Dias and EtherCity CEO Rodrigo Arrigoni.

During the presentation, Giovanna gave an introduction to the scenario of the illegal market in the country and highlighted one of the main combat actions promoted through the technical cooperation agreement signed between ANJL, the Secretariat of Prizes and Betting (SPA) of the Ministry of Finance and the National Telecommunications Agency (Anatel).

Following this, Arrigoni presented the platform for continuous monitoring of illegal websites developed by EtherCity and explained how the technology works to identify and monitor irregular operations in the digital environment.

At the end of the panel, the ANJL representative highlighted that the initiative represents a concrete measure in confronting the illegal betting market and reinforced the importance of joint action between the private sector and public authorities to guarantee greater security, transparency, and integrity in the regulated Brazilian market.

Rafael Brunati and Celso Basílio, lawyers at Silveiro Advogados specializing in regulated markets, corporate law, and competition law, analyze the recent measures adopted by Brazil’s National Monetary Council (CMN) and the Secretariat of Prizes and Betting (SPA/MF) and their impact on the iGaming and sports betting industry.

In this article, they examine how the new regulatory framework reshapes the boundaries between betting, financial instruments, and emerging digital market models, while reinforcing Law No. 14,790/2023 as the central pillar of regulation in the sector.

ByRafael Brunati and Celso Basílio

The set of measures recently adopted by the National Monetary Council (CMN) and the Secretariat of Prizes and Betting of the Ministry of Finance (SPA/MF) marks a new chapter in the regulatory consolidation of Brazil’s iGaming and sports betting market.

More than a targeted response to so-called predictive markets, these initiatives signal a broader effort to redefine the boundaries between authorized betting activities, financial instruments, and operations considered irregular in the country.

CMN Resolution No. 5,298/2026 prohibited the offering and trading of derivatives linked to betting, sports events, online games, and political, electoral, cultural, or entertainment themes without a financial-economic reference.

In the same direction, SPA/MF Technical Note No. 2,958/2026 classified predictive market platforms as illegal fixed-odds betting operations, leading to the blocking of dozens of platforms by Anatel.

The move clearly reinforces Law No. 14,790/2023 as the exclusive regulatory framework for fixed-odds betting in Brazil.

In practice, the government has begun to draw a sharper line around who can operate in this market and under what conditions.

Platforms that previously positioned themselves as financial markets, event-based contracts, or alternative technological structures are now being materially treated as betting operators.

The regulatory message is direct: if a product targets the same audience, uses similar economic logic to betting, and involves risk linked to future events, it is likely to fall within the SPA’s regulatory perimeter.

From a competitive and regulatory standpoint, this produces a meaningful effect for licensed operators. Companies that have invested in licensing, compliance, anti-money laundering controls, sports integrity, responsible gaming policies, and regulatory infrastructure are no longer competing with platforms operating outside these requirements under alternative legal interpretations.

This indirectly strengthens the economic value of the license granted by the SPA.

At the same time, this strengthening comes with a significant increase in operational and compliance obligations.

The recent measures also reopen an important discussion on the regulatory limits of so-called betting exchanges and peer-to-peer models.

SPA/MF Technical Note No. 2,958/2026 itself acknowledges that betting between users and the existence of dynamic pricing do not necessarily alter the nature of fixed-odds betting.

This interpretation is relevant because it brings predictive markets closer to exchange-style betting structures already contemplated under Law No. 14,790/2023.

This point could, in the future, open space for regulated betting exchange models in Brazil, provided they fall within the SPA’s authorized perimeter. However, operational rules for such formats have not yet been defined by the regulator, leaving a significant area of uncertainty for operators seeking product innovation.

From another perspective, these measures are also likely to generate substantial litigation.

There are important debates regarding the limits of the CMN’s authority to restrict certain types of derivatives, the SPA’s interpretative role regarding predictive markets, and even the blocking of platforms without judicial orders.

Regardless of the outcome of these disputes, the fact is that Brazil’s iGaming and sports betting market is entering a new phase.

Regulatory logic is no longer focused solely on formal authorization to operate, but increasingly incorporates issues such as financial integrity, protection of vulnerable users, data governance, payment traceability, and continuous operational supervision.

The sector continues to grow, but now within a significantly more sophisticated—and more demanding—environment. For licensed operators, this simultaneously creates a barrier to entry for unregulated competitors and increases compliance costs.

In an increasingly regulated market, competitive advantage is likely to depend less on the ability to offer bets and more on the capacity to operate with regulatory security, operational integrity, and rapid adaptation to new state requirements.

Rafael Brunati is a lawyer specializing in Corporate Law, Contracts, M&A, Private Equity, and Banking Law at Silveiro Advogados.

He holds a Law degree from Universidade Presbiteriana Mackenzie, an LL.M in Corporate Law from INSPER, and is a member of the Banking Law Commission of the São Paulo Chapter of the Brazilian Bar Association (OAB/SP).

Celso Basílio is a lawyer specializing in Regulated Markets, Telecommunications, Contracts, and Competition Law at Silveiro Advogados.

He holds a Master’s degree in Law from FGV Direito SP, an LL.M in Contract Law from INSPER, and a Law degree from Universidade Presbiteriana Mackenzie.

Lula links Novo Desenrola to compulsory block on betting platforms

The Brazilian government announced a deep overhaul of its debt renegotiation programme.

The Novo Desenrola Brasil, introducing a measure that directly affects the operation of online betting platforms in the country.

President Luiz Inácio Lula da Silva confirmed that any citizen joining the initiative to settle debts will be automatically barred from accessing betting sites for one year.

The measure takes effect next Monday and aims to prevent the financial breathing room generated by discounts of up to 90% and reduced interest rates of 1.99% per month from flowing back into the gambling market.

The decision was accompanied by pointed rhetoric from the president on the impact of bets on the budgets of low-income families earning up to five minimum wages.

“It is not fair that women have to work even harder to pay their husbands’ gambling debts,” Lula said.

The block will apply only to the 84 operators authorised by the Ministry of Finance. Lotteries and illegal sites fall outside the scope of the measure.

Despite the government’s narrative framing betting as a driver of household debt, recent data from the Secretariat of Prizes and Betting and LCA Consultoria Econômica offer a more analytical picture.

In 2025, the regulated market recorded a GGR of R$37 billion, representing just 0.46% of total household consumption.

53.3% of bettors spending up to R$50 per month.

Specialists argue the financial impact does not justify the diagnosis that the sector alone is responsible for the record 29.7% of household income committed to debt.

Brazil closes three-day technical meeting on sports integrity

The Brazilian government concluded the II National Technical Meeting on Combating Sports Results Manipulation in Brasília.

The three-day event brought together the Ministries of Finance, Sport and Justice and consolidated the main interinstitutional forum for sports integrity policy.

A highlight was the announcement of a suspicious betting analysis system developed by the Federal Police, designed to organise strategic data and support complex fraud investigations.

The government also launched the second edition of the National Manual on Combating Sports Results Manipulation.

The formalisation of the National Prevention and Anti-Manipulation Policy (Portaria 1/2026) was presented as a concrete output of the working group.

Secretary Daniele Cardoso said the measure turns integrity into a state public policy.

The meeting also announced the first distance-learning course on the topic from the National Police Academy.

The presence of Federal Police Director-General Andrei Rodrigues and representatives from UNODC underlined the international dimension of the cooperation framework.

ANJL questions Desenrola 2 block and points to contradictions

A debtor with R$20,000 in credit card debt who bets R$50 per month will be blocked from licensed betting platforms under Desenrola 2, but will retain access to banks and finance companies charging even higher interest rates.

That asymmetry is at the centre of the critique from the Associação Nacional de Jogos e Loterias (ANJL), which represents licensed betting operators in Brazil.

The association acknowledges the government’s intent but flags what it calls “extremely relevant” contradictions.

Studies from Pay4Fun and LCA Consultoria indicate that betting expenditure is not among the main drivers of household debt in Brazil.

The primary causes, the ANJL argues, are the revolving credit card and overdraft interest rates that Desenrola 2 does not restrict.

The association’s most concrete concern is operational: bettors blocked on the 84 licensed platforms are likely to migrate to the thousands of illegal sites still operating in the country.

This would strengthen a segment with no commitment to the financial or mental health of users.

The ANJL says it supports measures that combat the perception of betting as easy money or investment.

Its position is that such initiatives must be proportional to the real causes of household indebtedness.

Latin American iGaming lawyers make their mark at the world’s most important gaming law conference

A panel featuring five gaming law specialists from five countries was one of the highlights of the International Masters of Gaming Law (IMGL) Spring Conference, held April 29 to May 1 at the Ritz Carlton Pentagon City, in Arlington, Virginia.

The IMGL is an invitation-only association of 300+ members, including private practice attorneys, Chief Legal Officers of the world’s largest gaming firms, and advisors to national regulators.

Its biannual conferences are considered the premier forum for intellectual exchange and networking in global gaming law.

Neil Montgomery, from Montgomery, one of the most recognised names in iGaming law across the region.

They shared the panel with Tomás Enrique García Botta, Luis Portela de Carvalho, Jaime Rivera-Emmanuelli and Juan Camilo Carrasco.

They were representing Argentina, Portugal, Puerto Rico and Colombia, respectively.

Montgomery described the reception as strong: “Very pleased to see the panel I spoke on being acclaimed by those watching,” he said after the closing session.

“This was a great conference. Thanks to the organizers for another impeccable experience. See you next in Paris.”

The prominence of a Latin American bloc at IMGL reflects the region’s growing regulatory weight in the global debate.

Brazil, Colombia and Argentina are home to some of the most active licensing processes in the world over the past 24 months.

Their legal specialists are now claiming space in forums historically dominated by European and North American voices.

The next IMGL conference takes place in Paris.