Brazil Could Have Regulated Sports Betting By July 21

According to reports from local analysts, the sports betting industry in Brazil may be regulated as soon as mid-2021. In a report shared by BNL Data, it was revealed that Jair Bolsonaro’s government would establish a regulatory system for fixed odds, in which players would know the prizes in advance. The full regulation is set to be signed next June.

Waldir Eustáquio Marques Júnior, Undersecretary of the Ministry of Economy’s Prizes and Draws, predicted that in the second half of 2021, investors will join the fledgling sector and that the industry could produce up to $770 million per year.

In addition, the Ministry would, following the advice of the National Treasury Attorney’s Office (PGFN), select a concession model instead of one that would as originally intended, allow operators.

As decided earlier this year the Investment Partnerships Program (PPI) and the National Privatization Program would also include sports betting (PND).

Marques Júnior minimised the effect of a delay in the regulation process, claiming that providing legal guarantees is essential for the operations. According to the Undersecretary, Law 13,756 passed in December 2018 did not resolve important issues, such as the likelihood of sanctions being controlled. It is likely that the new legislation will contain fines and penalties for businesses that violate the concession contract agreements.