Brazil outlines online sports betting rules
Firms will have to pay $4.4m licence fee to operate in country after new bill revealed
Brazil’s Secretariat of Evaluation, Planning, Energy and Lottery (SECAP) has published rules pertaining to online sports betting in Brazil, including details of a $4.4m (£3.6m) licence fee for operators.
The proposal suggests that the Ministry of the Economy will establish a deadline for operators to comply with the new rules within six months.
The Brazilian government will not place a limit on the number of licences that can be issued, each of which will be valid for five years.
The regulatory body will have 30 days to review any documents submitted by operators and notify the interested party to submit the final documents. A decision on operating licences must be made within 60 days of the submission.
It has also been proposed that any company wishing to operate in Brazil will need to have a footprint in the country.
Licences will be produced on number of bets an operator takes and its share capital rather than specifically setting a minimum amount of capital the company owns.
Responsible gambling messaging and ethos is compulsory for all firms wishing to do business in Brazil.
H2 Gambling Capital has estimated that gross gambling revenue (GGR) in the region could reach $1bn (£797.97m) by 2026.