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Brazilians have until 8/31 to comment on fixed odds betting

On July 30, the Brazilian Ministry of Economy launched a public consultation with the objective of collecting suggestions from society about the regulation of the sports betting market.

The type of betting that will be addressed in the consultation is the so-called fixed odds sports bet.

Created by Law No. 13,756 of December 12, 2018, the “fixed odds” bet is where the bettor attempts to predict the outcome of actual events. At the time of betting, it is already defined how much the player can win in case of getting it right.

Commercial exploitation of the sport will take place throughout the national territory, in any physical and virtual distribution channel.

The purpose of the public consultation is to use the information chosen to support its actions and to regulate the legislation.

The focus of the consultation is to establish a regulatory model aligned with best world practices, which is capable of bringing a competitive environment to the Brazilian lottery sector.

Regulation seeks to address issues essential to the future operation of the public service, with the adoption of modern practices of safety, integrity, accountability, corporate social responsibility, fraud prevention and money laundering.

The questionnaires will be consolidated and the results of the public consultation will be published on the ministry of economics website.

Know the public consultation questions

The public consultation form includes 7 questions that will guide the next steps of the Ministry of Economy. The questions are as follows:

1- Considering the intrinsic characteristics of fixed-odds sports betting, in physical and virtual means, and the financial viability issues of the operation, it is understood as appropriate the distribution of the revenue provided for in article 30 of Law No. 13.756, of December 12, 2018? What would be the most appropriate form of legal provision for this distribution? Is there any global jurisdiction with this destination? Justify your answer.

2- What are the means of operating fixed-rate sports betting that can be shared with the regulatory body to provide robust oversight and control elements? Exemplify.

3- Which government agency or state fixed sports betting regulation body can serve as a benchmark for the future operation in Brazil? Justify your answer.

4- What are the minimum market surveillance, control and monitoring processes? How can the market interact with the government? Are there any changes to criminal law or regulations that can help combat illegal gambling?

5- What would make the process more attractive: grant or permission? If concession, what would be the minimum number of companies? Justify your answer.

6- In your evaluation, are there any points in Law No. 13,756, of December 12, 2018, which need adjustment, improvement or correction? What is the suggestion to change this legal instrument? Justify your answer.

7 – Are there any points that you consider essential in the future regulation of fixed odds sports betting? What would be the ideal regulatory model, considering the national legal system? Comment and exemplify.

Repercussion in the Brazilian mainstream media

Globoesporte.com, an important Brazilian media outlet, stressed the importance of public consultation, saying that in the last year, Brazilian gamers moved around R $ 4 billion on websites hosted abroad.

About 500 websites based in different countries already receive bets from Brazilians. Even the largest bookmakers in Europe already have website pages in Portuguese.

In an interview with Globoesporte.com, Alexandre Manoel Angelo da Silva, secretary of the Ministry of Economy, said the government’s biggest concern is the safety of the gamers and the integrity of the sport.

Alexandre also said that the objective of the Ministry’s actions is to insert the Brazilian market with the best practices in the world.

If you want to invest in Brazil, be sure to follow the main news for the regulation of betting in the country through the Pay4Fun blog.

Also, get to know our services and integrate your website with a country with one of the largest profit potentials among gaming markets in the world.