It’s Official! Government Gives Green Light for Betano, Sportingbet, Rei do Pitaco, and Other Betting Platforms to Operate in Brazil

Written by Roberta Souza

Published on 05/10/2024 at 09:23

Updated on 05/10/2024 at 09:24

Foto: Reprodução e créditos Pereira e Mallmann Advogados

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Ministry of Finance Releases List of Approved Sites to Continue Operating in Brazil Until December 2024

The Ministry of Finance announced on last Tuesday (1st) the official list of authorized online betting companies to continue operating in Brazil until the end of 2024. The list includes 193 sites linked to 88 companies, all of which started the process for definitive authorization by September 17. Among the most well-known platforms are Betano, Sportingbet, and Rei do Pitaco, which can now legally operate in the country, according to InfoMoney.

These platforms are part of a broad regulation process aimed at controlling and legalizing sports betting activities in Brazil, offering greater security for both bettors and the market. According to Law 14.790/2023, companies that obtain authorization must pay a fee of R$ 30 million to operate up to three brands for a period of five years.

Clarifications from the Government and the Ministry of Finance on Unauthorized Sites

Despite the regularization of several platforms, the federal government is also intensifying actions against sites operating illegally. According to the Minister of Finance, Fernando Haddad, about 600 betting sites will be prohibited from operating in Brazil in the coming days for presenting irregularities or not complying with the requirements established by the new legislation. The Ministry recommends that users with deposits on these irregular platforms withdraw their funds by October 10.

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Ongoing Authorization Process

The Government and the Ministry of Finance are working to conclude the analysis process of authorization requests by December 2024. During this period, all companies that submitted their requests by the stipulated deadline will have their documents and requirements reviewed by the authorities. The expectation is that, with complete regulation, the online betting market in Brazil will be more secure and transparent.

In addition to the R$ 30 million fee for obtaining the license, companies must also follow a series of guidelines established by Law 14.790/2023, which sets the rules for the legal operation of sports betting platforms in the country. The regulation aims to ensure the integrity of operations, protect consumers, and combat fraudulent or illegal practices.

Penalties for Illegal Sites

Starting in January 2025, companies that continue operating in Brazil without proper authorization will face severe punishments. Among the penalties provided for by the new legislation are fines that can reach R$ 2 billion per violation, in addition to the permanent suspension of their activities in the national territory.

This regulation represents a significant advancement for the sports betting market in Brazil, which has been rapidly growing in recent years but operated in a legal gray area. Now, with the regularization, the government hopes to ensure greater control over the sector, including tax collection and combating fraud.

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It’s Official! Government Gives Green Light for Betano, Sportingbet, Rei do Pitaco, and Other Betting Platforms to Operate in Brazil

Ministry of Finance Releases List of Approved Sites to Continue Operating in Brazil Until December 2024

Clarifications from the Government and the Ministry of Finance on Unauthorized Sites

Ongoing Authorization Process

Penalties for Illegal Sites

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It’s Official! Government Gives Green Light for Betano, Sportingbet, Rei do Pitaco, and Other Betting Platforms to Operate in Brazil

Ministry of Finance Releases List of Approved Sites to Continue Operating in Brazil Until December 2024

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Penalties for Illegal Sites

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