Brazilian regulations on sports betting
Brazil has the fifth largest population, and the ninth largest economy in the world, the country could easily be a significant market for sports betting. With a population approaching almost 220 million, Brazil's online sports betting market could be worth over $1.15bn, as Senator Flexa Ribeiro pointed out. Although Brazilian online sports betting has been largely unregulated until now, online sportsbooks were legal. Attempts to ban online gambling prove how prevalent it is. The government in Brazil tried to ban online gambling payments way back in 2006, 2008, and most recently in 2010. Thus far, all attempts have failed. Furthermore, the Senate attempted to ban online sportsbooks in 2011. That measure also failed to gain sufficient support. The Brazilian Senate passed a bill in 2015 that proposed to regulate and tax online sportsbooks, and additionally creating two new lotteries.
Legal Grey Area
Former Brazilian President Dilma Rousseff vetoed the bill in 2015, and so far, online sports betting operates in a legal grey area. Although Brazilians love betting on sports events, there are not that many legitimate online sportsbooks in Brazil. Until now, Brazilian gamblers have accessed international online bookmakers that accept real money players from Brazil.
Regulations for online sports betting in Brazil
Online sportsbooks that cater to Brazilian bettors need to include South American and European football betting options. A legitimate Brazilian sportsbook provides betting on Jiu-Jitsu in mixed martial arts. Several Brazilian fighters participate in the MMA; therefore, sportsbooks will need to offer bet options on the UFC, as well as, the other significant MMA associations. Other popular sports in Brazil include South American and NBA basketball, along with horseracing. Sportsbooks will need to have all online sports bets in the Portuguese language. Sites should also support online transactions in Brazilian Reais.
New sports betting legislation
The Brazilian Congress finally approved the Provisional Measure (MP) 846. It was subsequently signed into Law 13,756/2018 in December 2018 by the President. The law authorises online sports betting and land-based betting, however, legislation is yet to receive specific enforcement regulations enabling licenses to be granted to private betting operators. The Brazilian Ministry of Finance will be the new regulator for legal sports betting on the country. It is...