Brazil continues to shape its online gambling and betting markets
Brazil’s Regulatory Policy of the Prizes and Betting Secretariat (SPA) and the Ministry of Finance entered the new regulations for Normative Ordinance No 615 into the country’s Official Diary of the Union today (April 18). Several changes are coming, including a prohibition on credit cards and cryptocurrency for making deposits.
This begins the first stage of the four-part process announced last week by the Ministry of Finance, which implemented Bill 3,626, also known as Law 14,790, that was endorsed by President Luiz Inacio Lula da Silva last December. This first stage continues until the end of April when technical, payment, and security regulations will be published.
Bettors and operators must adhere to numerous stipulations to operate in sports betting and online gaming in Brazil. Among the highlights is the prohibition of payments with credit cards, cash, cryptocurrency, payment slips, or checks.
Electronic transfers will be the only method for withdrawals and payouts, and Brazil’s Central Bank must approve all accounts. Operators are also banned from accepting funds from accounts not registered with the user or third-party transfers.
Institutions authorized by the Central Bank of Brazil are the only entities allowed to act as intermediaries between players and operators in some instances, such as helping winners collect prizes. Payments on winning wagers will be awarded within two hours.
Gaming operators must also provide players with a virtual account that contains details about their betting habits. This is designed to help players gain more control over their finances.
The second stage requires the SPA to publish its policies for anti-money laundering and counterterrorist rules, and stage three is when the SPA will publish regulations for monitoring gambling ads and iGaming security requirements. The final stage will conclude in July.
