Government creates secretariat to monitor sports betting – News of Brazil
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The Ministry of Finance created the Secretariat of Prizes and Bets, which will take care of the regulation and inspection of fixed-odd sports betting, known as bets, and online games.
According to the ministry, the secretariat will also be responsible for authorizing the distribution of prizes, gifts, exploration of lotteries, actions to combat money laundering, market monitoring and prevention of compulsive gambling.
The secretariat will have three sub-secretariats and 38 professionals.
In December 2023, President Luiz Inácio Lula da Silva sanctioned the law that regulates bets, fixed-odd sports bets in which the bettor knows exactly the rate of return at the time of the bet.
The measure taxes companies and bettors and defines rules for operating the service, in addition to determining the sharing of revenue.
The law covers virtual betting, physical betting, real sports-themed events, online gaming and virtual online gaming events.
Source: Agência Brasil
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