razil’s upper legislative body approved on Monday Medida Provisoria (MP) 846, legislation that details the division of federal lottery revenue and allows for the operation of online sports wagers in Brazil. The bill now requires the president’s signature to become a law.
Now, the country’s authorities have to choose an operation scheme for this gambling modality.
Two days after this important step, especially for operators and suppliers interested in the Brazilian market, Edgar Lenzi, BetConsult’s founder and director, shared with Yogonet his views on the effects of this measure and also explained the steps to be taken towards regulation.
“Even after the executive’s approval, there will also be a need for the Ministry of Finance to decide how and when to start the operation of sports betting in Brazil,” he clarified.
According to Lenzi, there are three possible models to implement sports wagers in Brazil:
“In our opinion, and also according to our strategic partners from Justen, Pereira, Oliveira & Talamini Law Firm, option 3 seems to be the model more in line with what the government-elect stands for, following a more liberal and free market and competition incentive lines.”
The Ministry of Finance will have 2 (two) years - renewable for the same period - to regulate operations and choose a model. “However, we believe that this regulation will happen ASAP. It wouldn't make sense for the elected government and for the future Minister of Justice and Public Safety to support the approval of the PM, aiming for the lottery resources, if they didn't intend for the matter to be regulated shortly,” he concluded.