All bets are off as Brazil reckons with its online gambling boom
Brazil is taking its first steps in the process of regulating online gambling companies, known locally as simply “bets,” amid concerns over the social and economic impacts of betting. In September, the Finance Ministry confirmed that 96 companies had complied with new regulatory requirements, allowing them to continue operating in the country.
The 500 to 600 platforms that did not comply are now deemed illegal and are forced to cease operations.
This regulatory push has been long in the making.
While almost all forms of gambling had been prohibited in Brazil for decades, in 2018, then-President Michel Temer signed legislation to legalize fixed-odds sports betting. The law stipulated that regulations should be in place by 2022, but former President Jair Bolsonaro’s government (2019-2022) came and went without resolving the issue.
When President Luiz Inácio Lula da Silva came into office in 2023, discussions started on how to regulate the market, leading to the creation of a new office within the Finance Ministry. This department oversees existing public lotteries and the regulation of fixed-odds betting markets, including sports betting and online casino games, and is tasked with preventing money laundering and other illicit activities.
The shift…
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