Brazil President Signs Privatization Decree For Sports Betting

• Brazil president Jair Bolsonaro signs Decree No. 10,467 which brings regulated sports betting to the countries legislation.
• Per the decree, the National Bank for Economic and Social Development (BNDES) and the Ministry of Economy are responsible for sports betting in Brazil.

BRASILIA, Brazil – Gamblers in South America are now one step closer to having regulated sports betting in Brazil after president Jair Bolsonaro signed Decree No. 10,467.

The decree puts the National Bank for Economic and Social Development (BNDES) and the Ministry of Economy in charge of overseeing the launch of fixed-odds sports betting.

This is a realization of the sports betting legislation that was approved by the former Brazil president Michel Temer back in 2018.

One Step Closer

Those betting on sports in Brazil will soon be able to wager at local operators thanks to President Bolsonaro’s new decree.

The BNDES and the Ministry of Economy, after being granted the project, have already begun taking the steps to fully realize the sports betting legislation.

The two committees have started the privatization process of the Caixa Economica Federal lotteries, which is the department that will issue out betting licenses to operators.

Per the Decree No. 10,467, the public lottery service will provide the qualifications for fixed-stakes betting.

The original law, that was signed into legislation in December of 2018, is Law No. 13,756. This decree simply acts upon the law that was already approved.

The committee in charge of creating the specific sports betting regulation requirements is the Ministry’s Secretary of Public policy, Planning, Energy, and Lottery (SECAP).

The current plan is to issue out no more than 30 betting licenses countrywide. This limitation is for both land-based and online sportsbooks.

Brazil Finally Moving

With the sports betting legislation being signed in December of 2018, and not being acted upon until August of 2020, Brazil has not been moving the fastest when it comes to legal sports betting.

Because of the historically slow pace the country has been on, it is unlikely to expect sports betting to launch this year. There has been no launch window, let alone launch date, announced following the decree.

Even with no clear indication of a time frame for regulated sports betting in Brazil, this decree and subsequent committees working on sports betting is a good sign for the future of the betting market in Brazil.

News tags: Brazil | Brazil Sports Betting | Jair Bolsonaro | Michel Temer | Partnership and Investment Program | PPI | Privatization | sports betting