Sports Betting in Brazil Receives Approval12/31/1969 - Por: Juliana
On December 12, 2018, Law No. 13.756/18 (resulting from Provisional Measure 846/2018) was enacted. Amongst other issues that the Law addresses, it creates a structure for sports betting, the first step towards the legalization of gaming and betting in Brazil.
The Brazilian market for electronic betting on sports events is estimated at around R$ 4.3 billion (US$ 1.17 billion) but is currently operated solely by foreign websites.
The new structure for sports betting created by Law 13.756/18 is named ‘fixed-quota betting’: bets on real events with sporting themes, in which the amount the person placing the bet can win if their prediction is correct is defined at the time the bet is made. This structure will be exclusively operated in a competitive environment, with the possibility of it being commercialized in any physical or virtual (online betting) commercial distribution channels.
The revenue collected from the sports bets, be it physical or virtual, will go towards payment of the winner’s prize, as well as to social security, the National Public Security Fund, education and sporting entities operating in the area of football.
The Ministry of Finance will be responsible for the authorization and concession of the fixed quota betting lotteries as well as for regulating the activity within two (2) years, a period of time that can be extended for another two-year period, counting from the date of the publication of the Law (13-Dec-2018).
The members of the Gaming and Sports Law Departments of Felsberg Advogados are accompanying the developments surrounding Law 13.756/18 and drafting more detailed materials on the situation.
We are at your entire disposal to clarify any doubts on this issue that you may have.
This article is intended solely to provide information and does not contain any form of opinion, recommendation or legal advice from Felsberg Advogados in relation to the issues addressed.