Brazilian lawyer Neil Montgomery unpicks all the technicalities of the latest sports betting laws in conversation with Gambling Insider
At the end of 2023, Brazil finally enacted Law 14.790, to help in its bid to secure a ‘zero-tax deficit’ this year. Of course, to generate maximum revenue from gambling, it made sense to continue the regulation of sports betting and iGaming – not least because iGaming represents the largest portion of revenues for operators in Brazil.
By the new law, iGaming is broadly defined as all games of chance, offered in a virtual environment where the player knows exactly what the odds are, and what the multiplying factor is on the return of their bet. Land-based casinos are now the only prohibited form of betting in Brazil. Although we are waiting on ordinances to further detail what games will be allowed in Brazil, the ordinances will not, legally, be able to change any definitions.
So far, three ordinances have been released. The first one was Ordinance 300 dealing with the accreditation of testing labs. The second came out at the end of April– 615 – which deals with payment methods. We’re just waiting for nine or 10 other ordinances to be released. The third came out in the beginning of May – 722 – dealing with the technical requirements for gaming websites. Lawyer Neil Montgomery, of Montgomery & Associados, speaks exclusively to Gambling Insider to tell us more…
Read the full article at https://www.gamblinginsider.com/magazine/875/nothing-is-free-analysing-brazils-sports-betting-laws
