iGaming regulations for sportsbooks are advancing in Brazil, with the official start of licensing processes that will allow these companies to operate in the country legally. In this sense, always attentive to changes in the regulatory scenario, relevant iGaming startup Oddsgate remains alongside its partners, especially those already at the forefront of this new context.
By rigorously addressing all regulatory requirements, the company aims to lead by example, offering continuous support and positioning itself as a safe haven for its associates, navigating the complex paths of regulation while ensuring that all steps are taken within the law.
With an attitude that values integrity, data protection and updated certifications, Oddsgate is proud to encourage and congratulate those on the front line of Brazilian regulation, especially customers and partners.
A UNIQUE OPPORTUNITY TO STRENGTHEN THE MARKET
The company reinforces this stance and commitment. That’s why Oscar Madureira, Chief Legal Office (CLO) at Oddsgate, states: “It’s with great enthusiasm that we announce that Oddsgate welcomes the new regulations in Brazil’s sector very positively. We’re prepared to work closely with regulatory authorities, local operators and other interested parties to ensure our platform continues to comply with all legal and regulatory requirements while providing excellent customer service.”
The team recently conquered a new certification, the GLI-33, and now is celebrating the growing list of bookmakers already starting Brazil’s regulatory process. Emphasizing the importance of other companies following this same path, Madureira adds: “We believe that the regulatory movement in Brazil represents a unique opportunity to strengthen the market, providing a safe and fair experience for all users.”
Since December 2023, when Law 14,790/23 was enacted in Brazil, some iGaming and sports betting companies have been working to obtain the necessary permissions to operate in the country. However, in August 2024, with the closing of the licensing application period, companies that were candidates to operate legally came to light under evaluation of their compliance with the established criteria.
BENEFITS OF LEGALIZATION
The first permits are set for January 2025 as part of the Government’s efforts to regularize the sector and ensure transparency and security under the new Ministry of Finance regulations.
The benefit of this regularization is for everyone, as Madureira points out: “We’re confident that the regulation will bring significant benefits to the industry and create a more transparent and safe environment for Brazilian consumers. Furthermore, this regulatory evolution will allow companies like ours to invest more confidently in Brazil, creating new jobs and promoting economic growth.”
As in any licensing and certification process, Brazilian legislation imposes strict criteria. Bookmakers must meet requirements for legal qualification, tax and labor regularity, suitability, economic-financial and technical qualification, and pay a fee of R$30 million, valid for five years.
Oddsgate raises the flag of possibilities. The CLO says: “We look forward to exploring the new opportunities that the Brazilian market presents and continuing to contribute to developing a responsible and sustainable online betting sector in the country.”