FanDuel to broaden its product offering in Brazil
FanDuel, a Flutter Entertainment group, has inked a long-term deal with Grupo Global to expand its daily fantasy sports offerings to Brazil.
Users will be able to get their hands on the offering via Grupo Global’s Cartola FC fantasy sports business, which operates under the Cartola Express name.
Grupo Global, a Brazil-based prominent media corporation, has its news, sports, and entertainment programming reach 99.6 percent of the country’s population.
Amy Howe, FanDuel’s CEO, stated:
“In Cartola FC, Grupo Globo has created a pioneer in the Brazilian fantasy sports industry, providing millions of players with exposure to a first-class entertainment hub that is interwoven throughout a wide sports media portfolio. With this new effort, we can contribute to that achievement by bringing FanDuel’s established product competencies and cutting-edge services. We’re excited to be a part of this effort, which will provide players with a new service and usher in the next chapter of fantasy sports in Brazil.”
The country’s Secretariat of Evaluation, Planning, Energy, and Lottery issued a third referendum on fixed-odds sports betting in February 2020, delaying the creation of a regulated market owing to a shift in methodology.
Originally, all candidates who met the licensing requirements were expected to get one. However, during the February consultation, the structure was revised to a tender approach with a limited number of licenses accessible.
Newton Filho, Entretenimento (a Cartola Express Operator) CEO,went on to say:
“Daily fantasy sports is a rapidly expanding source of entertainment in Brazil, and Cartola Express has the ability to carry this to another level. We’re happy to rely on FanDuel’s professionalism, which has been a pioneer in this industry in the United States for more than ten years, and we’re convinced that our users will profit from their knowledge.”
In August 2020, President Jair Bolsonaro will pick managers to supervise the tender process. signed legislation incorporating it into the country’s Investment Partnership Program.
The Brazilian government passed a regulation modification to Chapter 30 of Law 13,756 in July 2021, which saw gambling taxes applied on gross gaming revenue rather than turnover.
Tax is determined after winnings, taxes on winnings, and social security contributions are paid out under the new system. Previously, taxes were gathered at a rate of 3% of turnover, which the Chamber of Deputies approved this June