Betfair has become the latest operator to pay the 30 million BRL (£3.9 million) licensing fee to enter Brazil’s regulated betting market, set to launch in 2025.
After submitting its license application, the company secured approval by meeting all requirements established by the Ministry of Finance and its Secretariat of Prizes and Bets (SPA). To qualify, Betfair demonstrated technical expertise in the sector, sufficient social capital, robust security systems, and a commitment to promoting responsible gambling, among other criteria.
Kimberly Daly, General Director of Betfair, emphasized the significance of this milestone saying that this is a very important moment for Betfair. She highlighted the company’s adherence to Brazil’s new industry regulations to ensure licensure and operate nationwide.
Betfair will provide its services under the Betfair Sports, Betfair Exchange, and Betfair Casino brands. Additionally, the company underscored its role as a founding member of the Brazilian Institute of Responsible Gaming (IBJR) and its collaboration with the organization to support the creation of regulations aligned with international best practices.
Brazil aims to issue federal licenses by the end of this year, enabling compliant operators like Betfair to begin legal operations on January 1, 2025.
After submitting its license application, the company secured approval by meeting all requirements established by the Ministry of Finance and its Secretariat of Prizes and Bets (SPA). To qualify, Betfair demonstrated technical expertise in the sector, sufficient social capital, robust security systems, and a commitment to promoting responsible gambling, among other criteria.
Kimberly Daly, General Director of Betfair, emphasized the significance of this milestone saying that this is a very important moment for Betfair. She highlighted the company’s adherence to Brazil’s new industry regulations to ensure licensure and operate nationwide.
Betfair will provide its services under the Betfair Sports, Betfair Exchange, and Betfair Casino brands. Additionally, the company underscored its role as a founding member of the Brazilian Institute of Responsible Gaming (IBJR) and its collaboration with the organization to support the creation of regulations aligned with international best practices.
Brazil aims to issue federal licenses by the end of this year, enabling compliant operators like Betfair to begin legal operations on January 1, 2025.
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