Brazil delays casino legalization to 2025
Initially scheduled to take place on December 4, the casino legalization bill, known as Bill 2,234/2022, is now delayed to 2025.
The bill aims to regulate gambling and...
Betway to depart from the Brazilian market
The online betting and gaming company Betway has announced its plan to depart from the Brazilian market ahead of Brazil’s regulated market’s debut.
When Brazil announced the launch of the regulating betting market starting January 1, 2025, Betway, a subsidiary of the Super Group, was one of the 24 companies that entered Brazil’s Betting Management System (Sigap) under the Secretariat of Prizes and Betting (SPA) of the Ministry of Finance and had the chance to operate during a transition period through 2024.
However, later, Betway decided not to apply for a permanent operating license in Brazil, which is essential if the company wants to have its operations in Brazil. Now, Betway’s Brazilian website displays a message to users about its exit. Players are informed that the company will no longer pursue a regulated offering in Brazil, inviting account holders to request withdrawals of their balances by November 13.
Super Group President and Chief Commercial Officer, Richard Hasson, commented:
“Brazil is obviously being spoken about a lot across the industry at the moment. That’s a market where we are not currently proceeding in line with all markets that we look at. We want to ensure that we can identify the same path to profitability once we go live. Competitors are basically focused on Brazil, which is why we’re not up to that. So I think we picked our battle, and that’s what you do.”
Companies exiting Brazil
Betway is not the only company that wants to exit the Brazilian market. Other famous companies, such as Arena Esportiva and Vera & John, will also be exiting Brazil. Strict compliance requirements and high costs, such as the $5.3 million licensing fee set by Brazil, make smaller companies exit the country.
FAQs
Is gambling legal in Brazil?
Many forms of land-based gambling are illegal in Brazil.
What is the legal gambling age in Brazil?
The legal gambling age in Brazil is 18.
Brazil sets $5.2M entry fee for betting operators
The SPA, the government’s Secretariat of Prizes and Bets, has officially started to notify approved operators about the entry fee of $5.2 million.
Operators now have 30 days...
