Brazil’s Ministry of Finance announced that 89 operators will be permitted to offer their products by the end of the year. The country had previously announced that the period from October 1 to December 31 will be a transitional phase during which only those serious about doing business in Brazil will be allowed to operate.
Brazil had warned offshore companies that they must exit the country after October 1, unless they have submitted an application for a license.
Now, 89 operators will be allowed to continue running a total of 193 brands by the end of the year. The Ministry of Finance’s Secretariat of Prize and Bets (SPA) published a list of these brands, which included the likes of bet 365, Betano, Betway, Betsson, Entain, Flutter, LeoVegas and Superbet, among other notable names.
Regis Dudena, chief of the SPA, noted that the decision to only allow the respectable brands that are serious about doing business in Brazil would protect vulnerable audiences from harm.
Those who have yet to apply for licenses will have their websites removed from October 11.
The current list of 89 operators, however, does not represent the definitive list of companies that have been authorized to do business in Brazil once regulated betting goes live. Companies that wish to operate until January 1, however, will be required to pay $5.5 million for a license.
For context, some 113 operators had applied for a betting license before the official application period closed. After that, a few more companies heeded the government’s warning and likewise submitted applications.
As online sports betting and iGaming inch closer to becoming a regulated reality in Brazil, certain groups have raised concerns about a potential spike in problem gambling rates. To that end, lawmakers just introduced two separate bills that would protect local audiences from harm.
Additionally, banking companies urged the government to outlaw betting on credit, arguing that otherwise, more players would be prone to spending more than they can afford.
The banking sector was also concerned about the potential shifts in spending the legalization of betting could lead to.
