BRAZIL REQUIREMENTS FOR OPERATORS INTERESTED IN SPORTS-BETTING
Michel Reznik, Head of LatAm Desk at 4H Agency, has prepared a high-level overview of guidelines for online gaming operators issued by the Brazilian Ministry of Finance on 27 October 2023. These guidelines present a roadmap for both players’ rights and operators' obligations.
Interested operators are required to submit the official documents that present their legal structure, fiscal discipline, labor practices, economic and financial standing, as well as technical qualifications.
Foreign corporations will be required to establish a branch in Brazil and present evidence of their legal establishment. Their systems will need to adhere to technical and operational criteria, be certified and ultimately approved by the Ministry of Finance.
Operators must offer 24/7 customer support in Portuguese at no cost to the user. In an effort to combat money laundering and terrorism financing, operators will be required to appoint personnel in charge of financial management, data protection, complaint resolution services, operational safeguarding of the betting infrastructure, and adherence to ethical standards and regulations.
Further requirements mentioned in Decree 1330/2023:
● Make fixed-oddsfixed odds bets their main business activity.
● Provide evidence of the legal origin of their share capital.
● Maintain corporate governance reflecting the business's nature and risks.
● Register on the digital platform as per Decree No. 8,573 from November 19, 2015.
● Join sports integrity monitoring organizations, either nationally or internationally.
What’s next for interested operators?
The decree mandates that interested parties must file an initial expression of interest within a 30-day period if they intend to seek a license for such activities. At the time of publication of this article (November 9th, 2023), companies are still in time to register, with the deadline to declare their intentions being November 26th, 2023.
It’s important to note that this is treated as a statement of interest, and it does not bind the Ministry of Finance to authorize the operation of a company’s services. It will, however, prioritize the authorization process for interested operators who complied in time.
For any interested operators who wish to be first in line for their registration, they will need to contact the Ministry of Finance to submit their statement of interest and have all the proper documentation ready.
INTERESTED IN COLLABORATION?
Obviously, in case you would have any questions or require additional clarifications to the above, we would be happy to speak with you!
Contacts us on sayhi@4h.agency
Michel Reznik, Head of LatAm Desk at 4H Agency, has prepared a high-level overview of guidelines for online gaming operators issued by the Brazilian Ministry of Finance on 27 October 2023. These guidelines present a roadmap for both players’ rights and operators' obligations.
Interested operators are required to submit the official documents that present their legal structure, fiscal discipline, labor practices, economic and financial standing, as well as technical qualifications.
Foreign corporations will be required to establish a branch in Brazil and present evidence of their legal establishment. Their systems will need to adhere to technical and operational criteria, be certified and ultimately approved by the Ministry of Finance.
Operators must offer 24/7 customer support in Portuguese at no cost to the user. In an effort to combat money laundering and terrorism financing, operators will be required to appoint personnel in charge of financial management, data protection, complaint resolution services, operational safeguarding of the betting infrastructure, and adherence to ethical standards and regulations.
Further requirements mentioned in Decree 1330/2023:
● Make fixed-oddsfixed odds bets their main business activity.
● Provide evidence of the legal origin of their share capital.
● Maintain corporate governance reflecting the business's nature and risks.
● Register on the digital platform as per Decree No. 8,573 from November 19, 2015.
● Join sports integrity monitoring organizations, either nationally or internationally.
What’s next for interested operators?
The decree mandates that interested parties must file an initial expression of interest within a 30-day period if they intend to seek a license for such activities. At the time of publication of this article (November 9th, 2023), companies are still in time to register, with the deadline to declare their intentions being November 26th, 2023.
It’s important to note that this is treated as a statement of interest, and it does not bind the Ministry of Finance to authorize the operation of a company’s services. It will, however, prioritize the authorization process for interested operators who complied in time.
For any interested operators who wish to be first in line for their registration, they will need to contact the Ministry of Finance to submit their statement of interest and have all the proper documentation ready.
INTERESTED IN COLLABORATION?
Obviously, in case you would have any questions or require additional clarifications to the above, we would be happy to speak with you!
Contacts us on sayhi@4h.agency
