Brazil: Implemented Law on Fixed-Odd Betting including authorisation of goods and services (3626/2023)

On 30 December 2023, Brazilian legislative project 3626/2023 on Fixed-Odd Betting, including authorisation of goods and services, was implemented after approval by the President. The law introduces authorisation requirements for fixed-odd betting involving a discretionary process overseen by the Ministry of Finance to establish a regulated and competitive landscape. To be eligible, entities must adhere to specific criteria and national interests, operating exclusively under Brazilian laws with local headquarters. Operational standards encompass financial, operational, and experience requirements, ensuring the capability and responsibility of digital betting platforms. Stringent policies and internal controls are mandated, covering bettor assistance, anti-money laundering measures, responsible gambling, and betting integrity to uphold ethical and responsible operations. Administrative procedures for obtaining authorisation are conducted electronically, with existing operators granted a timeframe for adaptation to updated legal and regulatory requirements, ensuring compliance across all platforms. The implemented law becomes known as Law 14790/2023.