Brazil’s Ministry of Finance has unveiled plans to establish the regulatory policy of the Prizes and Betting Secretariat (SPA), the government agency that will serve as the regulatory authority of the country’s nascent betting market.
Outlined in a new ordinance published in Brazil’s Official Gazette of the Union, the implementation process will unfold in four distinct stages, with completion slated for July 2024.
The ordinance establishes that the SPA will be a division within the Ministry of Finance tasked with formulating and disseminating the forthcoming regulations in accordance with prescribed guidelines.
“The ordinance offers legal security, guarantees predictability and efficiency to the regulatory process, and thus solidifies the foundations for a stable and reliable betting environment in Brazil,” the Ministry said in a statement.
With a focus on providing clarity regarding the legal framework, the SPA will prioritize the enactment of key measures throughout the implementation process.
The rollout will be executed in the following stages:
- Stage one – Expected completion by the end of April 2024
- Stage two – Expected completion by the end of May 2024
- Stage three – Expected completion by the end of June 2024
- Stage four – Expected completion by the end of July 2024
During the initial stage, regulations pertaining to technical specifications, payment procedures, and security requirements for operators will be published. Additionally, guidelines outlining the application process for obtaining licenses to conduct fixed-odds betting operations are set to be released in April.
In the second stage, the SPA will unveil its anti-money laundering and anti-terrorist financing policies, along with protocols addressing the prevention of fraudulent activities. Furthermore, rules safeguarding bettors’ rights and ensuring compliance with legal provisions will be articulated.
Stage three will witness the announcement of technical and security prerequisites for online gaming, alongside the formulation of protocols for monitoring gambling advertisements.
The final stage will encompass delineating procedures for allocating industry contributions toward socially responsible endeavors.
“This measure’s main objective is to systematically structure the regulatory agenda for fixed-odd betting in the country and represents a considerable advance in the management and supervision of this sector,” the statement added.
Finance Minister Fernando Haddad has yet to appoint a president for the SPA, who is set to oversee a group of 38 experts in the regulation of the betting market. The appointment has become a contentious issue for the Ministry of Finance to resolve, complicated by the bipartisan interests in Congress over which party should have control over the agency.
Original article: https://www.yogonet.com/international/noticias/2024/04/15/71721-brazil-sets-regulatory-agenda-for-betting-regulation-targets-end-of-july-for-implementation
