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The Brazilian Ministry of Finance has launched a month-long public consultation on sports betting regulation to seek guidance on regulating betting services.
The consultation concerns the sports betting legislation signed into law by President Michel Temer in December 2018. MP-846 bill authorised online and retail fixed-odds sports betting under the authority of the Ministry of Finance.
It asks respondents to share views on several queries related to competition practices, regulatory models, size of the market, number of licensed incumbents and standards.
A recent GamblingCompliance report estimated that Brazil with its 212 million residents could generate annual revenue of $1b or more from the online and land-based betting market, with online betting accounting for up to 70% of it.
The bill signed by President Temer gave lawmakers until 2020 to come up with regulations. However, it includes the option to extend the deadline by a further two years if progress is not made by then. Also, after agreement, the regulations will have to be re-approved by Congress despite MP-846’s approval.
The public consultation closes on August 31. Interested parties are invited to submit feedback via a questionnaire to apostasdequotafixa@fazenda.gov.br.
