Brazil
New Brazil Regulation Will Open Up Multibillion-dollar Betting & Gaming Market
Today’s new online gambling regulation in Brazil could lead to a market worth US$4.9 billion in annual revenue, according to a report by Vixio.
After many years of anticipation, Brazil’s Ministry of Finance today published an ordinance that will allow operators to apply for licences to offer sports betting and online gaming in a country of 200m+ people.
This could make Brazil the largest regulated online gambling jurisdiction globally, surpassing markets like Australia, France and New Jersey.
James Kilsby, and Chief Analyst for Vixio GamblingCompliance, said: “Today’s ordinance confirms that Brazil is set to complete its transition into a fully regulated market for online gambling over the course of the second half of 2024, with initial licences and new legal prohibitions becoming effective right at the start of next year.
“Operators will have to decide quickly whether and how to proceed, however, as only those who apply within 90 days seem assured of receiving their licence, if their applications are successful, before the market is launched. The industry will also be hoping for additional clarity from the regulator within this initial application period, with critical policy questions regarding local investment partners, permissible forms of online gaming and the scope of a prohibition on bonuses among several issues that are yet to be fully resolved.”
