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CHELTENHAM FESTIVAL ‘DEAD CERTS’ SUPPLIED BY PADDY POWER EXPERTS RUBY WALSH, TONY MULLINS, LYDIA HISLOP AND FRANK HICKEY
Panel discusses the tips and tricks when fluttering during the festival, with one horse tipped to “walk to the line” in Tuesday’s Champion Chase
Ahead of the Cheltenham Festival next week, Paddy Power brought together some of the sports’ biggest names to discuss their favourites and tips for each day during the Ultimate Cheltenham Preview Night.
The Paddy Power panel included:
- Cheltenham’s most successful jockey, Ruby Walsh
- Group one trainer, Tony Mullins
- Journalist and broadcaster, Lydia Hislop
- Paddy Power trader, Frank Hickey
With a full week of jam-packed racing on the cards, the racing experts gave a race-by-race breakdown of the ones to watch, including for main event, the Gold Cup.
CHELTENHAM DAY ONE TIPS:
Expect an open race for Tuesday’s Supreme Novice Hurdles. Tony Mullins, tips this to be “the most informative race for the next three of four years”
Tony Mullins says…
“This is a hell of a race, it’s the best Supreme Novices Hurdle that I’ve ever seen. Not just in a few years, but ever. You have Sir Gerhard, Constitution Hill, Dysart Dynamo, Jonbon and Kilcruit.”
“There’s five top class horses unexposed. It doesn’t get any better than that. I’ve never seen a bunch of horses like it.”
“This race is going to tell you a lot about the top-class horses for the next for the next few years.”
“I’d find better bets [to place money on] during the week, because this is a race [the Supreme Novices Hurdle] that’s going to benefit Paddy Power far more than the punters.”
“I’m most looking forward to the Supreme [Novices Hurdle]. If they [the horses] all turn up, it’s going to be the most informative race for the next three or four years.”
Ruby Walsh says…
“Dysart Dynamo and Sir Gerhard are the two that are deadly split, they are the ones to ride, and they will be split.
“I believe whichever one goes to the Ballymore [Novices Hurdle] will win it. But whichever one runs here [at Cheltenham] might win. They Ballymore is much weaker race.”
“I think this is a cracking race, as people have already said.”
“I think if Dysart Dynamo were to run here, this race is made for him.”
Lydia Hislop says…
“For the Supreme Novice Hurdles, I’d also throw in Mighty Potter [as a potential winner]. In a strongly run race, I think he could be finishing off very strongly.”
Frank Hickey says…
“Constitutional Hill had looked very good, and times are good. But on a heavy testing ground, it doesn’t always work out.”
“For me, Sir Gerhard will win. He blew me away, even with his sloppy jumping at Leopardstown. He is by far the most interesting of them all.”
“If he [Sir Gerhard] runs in the Supreme Novices Hurdle, he will win it and then Dysart Dynamo will win the Ballymore Novices Hurdle.”
Ruby Walsh predicts Stormy Island to take the Mares Hurdle after returning to Willie Mullins’ stable…
Ruby Walsh says…
“It’s Stormy Island that will win it for me, she was very good at Fairyhouse last year.
“She was brought back to Willie Mullins’ stable this year then was great at Fairyhouse, won at Punchestown and she’s run well at the festival in the past. I do think this is the weakest Mares Hurdle she’s run in.”
CHELTENHAM DAY TWO TIPS:
Ruby Walsh and Tony Mullins both earmark Shishkin as the banker of the week at Wednesday’s Champions Chase…
Ruby Walsh says…
“Shishkin will win this race.”
Tony Mullins says…
“Shishkin will walk up to the line again [and win]. There’s no evidence to say that anything different could happen.”
Tiger Roll actually might not will be calling it a day at Cheltenham’s Cross Country…
Frank Hickey says…
“This race is probably the one to sweeten Tiger Roll up for the Grand National. That must be the thinking.”
Tony Mullins says…
“Could you imagine if Tiger Roll runs here, but not in the Grand National? I’ve seen crazy things, but that would have to be the craziest move of all time to do so.
“We have the next potential Red Rum. Can you imagine having the only horse [Tiger Roll] for 40 years, who could potentially win a treble Grand National not running because he has a lighter weight? It’s very funny [to think about].”
CHELTENHAM DAY THREE TIPS:
Mares Novice Hurdle splits the opinions of all four experts…
Lydia Hislop says…
“At his very best, Klassical Dream is the best horse in the Paddy Power Stayers Hurdle and he’s going to either completely blow out or run really well. He’s at a reasonable price at 4/1. If he turns up and runs a good race, he wins but there is a possibility he completely blows out.”
MARES NOVICE HURDLE – THE EXPERTS HAVE THEIR SAY…
Ruby Walsh predicts… Champ
Tony Mullins predicts… Paisley Park
Frank Hickey predicts… Sporting John
Lydia Hislop predicts… Klassical Dream
CHELTENHAM DAY FOUR TIPS:
Ruby Walsh and Tony Mullins earmark last year’s Gold Cup runner-up to win this time around…
Frank Hickey says…
“I don’t think A Plus Tard will turn it around. I’ve never been a fan of him to be honest and he wasn’t good enough last year.”
Lydia Hislop says…
“I don’t see why I just can’t have Protektorat. He’ll make mistakes in the early stages and he won’t be able to hold his position.”
“I like Galvin at 6/1, not so much at 7/2. In the back of my mind, I’m worried about the toll that the Gold Cup takes on horses that are coming back.”
Tony Mullins says…
“I’m going for A Plus Tard for all the reasons that Frank says he can’t win. I thought he was brilliant in Haydock, he was beaten at Shorthill by the joint favourite, he was very unlucky last year. Everything points to A Plus Tard.”
“Frank is a very good analyst but everything he says about why A Plus Tard will get beaten, is why I think he will win! One of us will be wrong.”
Ruby Walsh says…
“I agree with Tony, I’d ride A Plus Tard. Galvin had a brilliant run at Christmas and A Plus Tard was in the wrong place the whole time and it’s very easy to turn that result around.”
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Event will bring together leaders and experts at a time of high visibility for the sector
With an expected 20% increase in attendance, BiS Brasília reaches its second edition in a scenario of strong prominence for the sports betting market in Brazil.
Regulatory advances and growing public interest have placed the sector at the center of strategic discussions, boosting the event’s relevance this year.
Held at the Royal Tulip Brasília Alvorada, the gathering will bring together experts, executives, and authorities to discuss market trends, challenges, and opportunities, with a focus on innovation, integrity, and the sustainable development of the industry.
“The BiS Brasília arrives at a decisive moment for the Brazilian market, bringing together leaders to discuss the paths of regulation, innovation, and sustainable growth of iGaming and sports betting in the country.
It will be a strategic opportunity to promote qualified dialogue and strengthen an increasingly professional and transparent ecosystem,” explains Flávio Figueiredo, co-founder of BiS SiGMA.
Based in the federal capital—epicenter of Brazil’s main political and economic decisions—the event reinforces Brasília’s role as a convergence point for the different stakeholders involved in shaping the new regulatory landscape.
This edition is expected to consolidate itself as a milestone in the maturation of the debate on the legality of betting in Brazil.
About BiS Brasília
In its second edition, BiS Brasília is an event dedicated to the iGaming and betting ecosystem, promoting dialogue between the private sector, government, and society on the development of the regulated gaming, casino, and lottery market in Brazil.
The event brings together business leaders, authorities, and experts to discuss strategic topics such as Brazilian regulation, taxation, integrity, innovation, responsible gaming, compliance, AML / anti-money laundering, licensing, sports integrity, government relations, advertising, and CONAR.
BiS SiGMA South America is part of the event portfolio of SiGMA World Group, one of the leading global platforms for B2B business and event organization focused on the gaming and betting industry.
The post BiS Brasília projects growth and boosts betting debate in Brazil appeared first on Americas iGaming & Sports Betting News.
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.
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.
The post New CMN and SPA rules reorganize the iGaming and sports betting landscape in Brazil appeared first on Americas iGaming & Sports Betting News.
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