iGaming News #002: new betting portal in Brazil
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The Prizes and Betting Secretariat has recently updated its website to offer a space dedicated exclusively to fixed-odds betting. This update aims to facilitate access to essential information for all of us working in this dynamic market.
What's new?
Updated Legislation
All the ordinances and regulations issued by the Ministry of Finance are now available in an organized manner. This includes the new rules regulating fixed-odds betting, offering a clear view of what is in effect.
Authorization Highlights
One of the most useful additions is the Authorization section. Here, you can find:
?? List of Certified Entities: Find the institutions officially certified by the Ministry of Finance. This list is essential to ensure your operation complies with all regulatory requirements.
?? Authorization Ordinance Attachments: The necessary annex models for requesting authorizations are available in the correct format for completion. This simplifies the submission process and helps ensure you don't miss any important details.
?Frequently Asked Questions (FAQ):
The most exciting new feature is the FAQ channel, with a comprehensive set of 17 questions and answers covering crucial topics for the fixed-odds betting sector. Here are some important highlights:
?? Nationality Requirements: Explains that the requirement for a Brazilian partner can be met by both individuals and Brazilian legal entities.
?? Outsourcing Customer Service: Allows customer service in Brazil to be outsourced, provided the operator designates a director responsible for customer service.
?? Residence of Administrators: Establishes that statutory administrators responsible for accounting, financial, integrity, compliance, customer service, ombudsman and relations with the Ministry of Finance must reside in Brazil.
?? Submission Format of Declarations: Defines that all declarations must be submitted exclusively in Portuguese.
These points are essential for operators seeking to comply with new regulations. Be sure to check the FAQ channel on the Prizes and Betting Secretariat Portal to see all the updates in full.
Transition Regime: keep an eye on the deadline
Operators who submit their authorization requests by August 20, 2024, will have their licenses issued by December 31, 2024, allowing for a smooth transition and the start of operations from 2025. After this period, requests will be analyzed within 150 days from the protocol.
From January 1, 2025, legal entities operating in Brazil without proper authorization will be subject to relevant penalties.
SIGAP Public Consultation Portal?
In addition to these updates, the Betting Management System (SIGAP) has launched a new public consultation portal for applications ??. This portal allows you to check the status of license applications in one place, providing transparency and easy access to information for all interested parties.
So far, only one company has submitted its application, but more operators are expected to take advantage of the offered transition regime.
To access this information and explore more, visit the Prizes and Betting Secretariat website and the SIGAP Public Consultation Portal.
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If you have any questions or need more details on how these changes may affect your operation, we are here to help!
Regulatory Agenda of the Ministry of Finance ??
Phase I - publication until April 2024:
Phase II - publication until May 2024:
?? Money Laundering and Other Offenses Ordinance - awaiting publication
?? Rights and Obligations Ordinance - awaiting publication
Phase III - publication until June 2024:
?? Online Gaming Ordinance
?? Supervision Ordinance
?? Sanctioning Action Ordinance
Phase IV - publication until July 2024:
?? Responsible Gaming Ordinance
?? Social Destinations Ordinance
?? Stay tuned for our upcoming editions and keep following us for more updates and valuable insights.