The Ministry of Finance published an ordinance in the “Diário Oficial da União” this Tuesday; companies will stop accepting bets on October 1st, but will remain online until October 10th for withdrawals
The Ministry of Finance has announced that, as of October 1, 2024, fixed-odds betting companies that have not requested authorization to operate in Brazil will have their activities suspended throughout the national territory. The measure was published in DOU (Official Gazette of the Union) this Tuesday (17.Sep.2024) through the ordinance of the Prizes and Betting Secretariat (SPA-MF) No. 1,475/2024. Here is the full (PDF – 102kB).
According to the regulation, only betting companies that are already in operation and that have requested authorization by the date of publication of the ordinance (September 16, 2024) will be able to continue operating until the end of December. As of January 1, 2025, the regulated betting market will come into effect in Brazil, and only companies that comply with the laws and regulations established by the Ministry of Finance will be able to operate legally.
The Secretary of Prizes and Bets at the Ministry of Finance, Regis Dudena, explained that the measure aims to protect bettors and curb illegal activities. “We want to protect the mental, financial and physical health of bettors, preventing the actions of companies that use sports betting and online gaming as a means of committing fraud and money laundering”said Dudena.
Authorized companies must pay a fee of R$30 million to begin their operations and, from January onwards, will be required to comply with all established rules, including measures to combat fraud, money laundering and abusive advertising.
For betting companies that have not yet applied for authorization, the deadline has already expired. However, they must keep their websites available until October 10th so that bettors can withdraw their deposited funds. After this date, unauthorized websites and applications will be taken offline.
The Ministry of Finance will intensify dialogue with other government institutions, such as the Ministry of Justice and Public Security, the Central Bank and the National Telecommunications Agency, to ensure compliance with the new rules.
#Government #suspends #betting #sites #request #authorization