Brazil Publishes Guidelines for Sports Betting and iGaming Licenses; Sets December 2024 Compliance Deadline

May 25th, 2024
Back Brazil Publishes Guidelines for Sports Betting and iGaming Licenses; Sets December 2024 Compliance Deadline

On May 21, 2024, Brazil's Ministry of Finance's Secretariat of Prizes and Betting (Gaming Authority) published Ordinance No. 827/2024, outlining the general rules for the authorization procedure for fixed-odds betting operations. This new regulation sets forth the requirements for legal entities to obtain a license to operate, specifying minimum documentation and deadlines.

Key Requirements and Documentation

The Ordinance mandates that only legal entities incorporated under Brazilian law as limited liability companies (sociedade limitada) or corporations (sociedade anônima) with headquarters and administration in Brazil are eligible to apply for authorization. The license, valid for a five-year term, requires a payment of BRL 30 million and permits the operation of up to three commercial brands through electronic channels. Existing legal entities in Brazil must comply with these new regulations by December 31, 2024.

The required documentation includes:

Legal Qualification: Companies must present corporate documents and statements identifying controllers, qualified participants, administrators, and ultimate beneficiaries, along with registration of financial institutions or payment providers.

Fiscal and Labor Compliance: Evidence of compliance with tax and labor obligations must be provided through certificates from federal, state, and municipal authorities.

Integrity Verification: This involves submitting statements regarding the reputation and lawful origin of resources, along with clearance certificates, including criminal records and disciplinary history.

Financial Qualification: Companies must provide a bankruptcy clearance certificate, financial statements for the last two fiscal years, proof of a minimum financial reserve of BRL 5 million, full payment of the minimum share capital of BRL 30 million, and a minimum net worth of BRL 30 million.

Technical Qualification: This requires a technical certificate for the betting system issued by a recognized laboratory, confirmation of internal control policies (e.g., anti-money laundering, responsible gaming), evidence of gaming knowledge from at least one control group member, a description of customer support, and proof of registration with

Authorization Procedure and Compliance

Companies interested in fixed-odds betting in Brazil can now submit their requests. The Gaming Authority has up to 150 days to review the documentation and make a decision. If the application is approved, the company must make the necessary payments and provide any missing proof. If denied, the applicant can file an administrative appeal within ten days.

Applications submitted within 90 days of the Ordinance's publication will be prioritized for assessment, with approvals guaranteed by December 31, 2024, provided all legal requirements are met. The authorized betting operator must keep all required documentation up to date throughout the authorization period, with the Gaming Authority able to request proof of compliance at any time. Companies that fail to secure a license by January 1, 2025, will face penalties.

The Ministry of Finance is moving through a four-stage process to finalize regulations, with some sources suggesting licenses may be issued in the fourth quarter of 2024, although there are concerns about potential delays. A higher headcount at the Secretariat of Prizes and Bets (SPA) is expected to help meet the ambitious deadline.

Eligibility and Technical Requirements

To secure a license, applicants must be headquartered in Brazil, with foreign companies required to have a local subsidiary with at least 20% Brazilian ownership. This structure needs to be in place before applying for a license, as any corporate changes will prompt a review.

Applicants must provide evidence of legal and financial compliance, including a clean criminal record for all key personnel and proof of a financial reserve of at least BRL 5 million. They must also submit technical certification for their betting systems, with provisions allowing offshore datacenters that meet specific cooperation agreements with Brazil.

Future Steps and Industry Contributions

The Ministry of Finance plans to announce technical and security requirements by the end of June, followed by final rules on industry contributions to socially responsible causes by the end of July. Funds are expected to be paid into a central account and distributed to various government agencies and charities.


"Brazil’s Ministry of Finance publishes ordinance to regulate authorization proceeding for fixed-odds betting",, May 22, 2024.

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