BETS Market and Ordinance 1.330

On October 27, 2023, the Ministry of Finance published Ordinance No. 1,330, which establishes general rules on the sports betting market, the so -called "Bets". The main objective is to promote users security in order to promote responsibility for using platforms and ensuring the protection of personal data of gamblers.

as provided for in the ordinance, national or foreign companies, provided that they are established in the Brazilian territory and aim to operate in the sector, may request the Ministry of Finance authorization to act in the commercial exploitation segment of fixed quota bets . In addition, those responsible for accounting, data security, ombudsman, operational security of the betting system, integrity and compliance should be indicated, and the accumulation of functions is prohibited.

In addition, the measure prohibits the granting of licenses to individuals, or to legal entities whose board has, among others, people involved in corporations of football or sports organizations, professional athletes, commission members Technical, referees or leaders of Brazilian sports team.

Regarding security promotion and prevention of financial crimes, acting companies should develop internal policies for the assessment and monitoring of risk involvement in money laundering, terrorism financing and proliferation of weapons of Mass Destruction, as well as the need for communication to the Financial Activities Control Board (COAF) when signs of money laundering.

Regarding consumer rights, betting information on sites should allow clear and accurate understanding by gamblers, and should contain information that instruct users on how to make bets, as well as form, place of Receipt and the financial balance existing in the gambler's account. The regulation will be in charge of two specific secretariats, which are part of the Ministry of Finance and the Ministry of Sports.

In short, the measure adopted by the Ministry of Finance responds to the advancement of the betting market in Brazil, starting a regulation process to ensure a safe environment for users. Thus, companies operating in the Brazilian fixed quota betting market will have to readjust their policies and structures to act regularly in the national territory.