Brazil's sports betting regulations are in effect until mid-2021
According to estimates by local experts and made available by BNL Data Brazil could have a regulatory framework for sports betting next year. The report revealed that the government is planning to establish a regulatory framework for fixed odds betting, where all participants in an event will know the prizes in advance, with full sports betting legislation expected to be signed off in June next year.
Concession model
According to the Undersecretary for Health and Human Services. Prizes and draws Ministry of Economy Waldir Eustáquio Marques Júnior, industry, which is expected to generate up to 770 million dollars per year, would allow investors to enter the market in the second half of 2021.
The ministry has set its sights on a concession model instead of the original model where operators would be mandated to offer activities as recommended National Prosecuting Authority (PGFN).
Undersecretary Marques Junior justified the delay in the regulatory framework process by stressing the importance of legal guarantees for the operation. He argued that Law 13756 approved in December 2018. It failed to address some important issues, including regulatory sanctions, and the updated version of the regulation is intended to provide the regulator with a range of penalties and sanctions to discipline operators who breach the agreements set out in their concession contracts.
Fixed odds sports betting
Sports betting remains a controversial issue in a country that has considered gambling illegal since 1946 and made gambling and betting a criminal offense under by decree z by operation of law 3 686/1941 . Since the signing Acts 13,756/2018 It is widely accepted that fixed odds sports betting has become legal.
After the August President Jair Bolsonaro signed the bill proposed by Ministry of Economy, to include sports betting in your brazilian wallet the Investment Partnership Programme (IP) , sports betting will also be included in PPI i National Privatisation Programme (NPP).
Added to PPI sports betting as a means of boosting businesses and stimulating growth to partially offset the impact of the coronavirus outbreak on the national economy, which has declined by 1,5% in the first quarter 2020 r.
It will be launched as a public lottery service called "fixed odds betting" and PPI would make it easier to find private sector investors, with the whole process overseen by National Bank for Economic and Social Development (BNDES) and Ministry of Economy.
