Betfair has taken a significant step in Brazil by paying the 30 million BRL (£3.9 million) licensing fee to operate within the country’s regulated market starting in 2025. This move comes after it received initial approval in line with the Ministry of Finance’s guidelines and the Secretariat of Prizes and Bets (SPA).
As reported by SBC Noticias, Betfair had to demonstrate its technical expertise in the industry, show evidence of minimum social capital, implement stringent security measures, and promote responsible gambling practices, among other criteria.
Kimberly Daly, Betfair’s General Director, noted the importance of this development for the company, emphasizing that Betfair is diligently adhering to new industry regulations to secure the license required to operate nationwide in Brazil.
She remarked, “This is a crucial milestone for Betfair, showcasing our dedication to the responsible progression of the online betting industry in Brazil. We are thrilled to advance further in our journey, which began six years ago, allowing us to continue offering our Brazilian customers and sports fans the finest entertainment experience.”
Moreover, Betfair highlighted its role as a founding member of the Brazilian Institute of Responsible Gaming (IBJR), collaborating with the Institute to “influence the creation of comprehensive and contemporary regulations” aligned with international standards.
The plan is to issue federal licenses by the end of this year so that companies fulfilling all necessary criteria, such as Betfair, can commence legal operations from January 1, 2025. Betfair, along with Superbet, a multinational company based in Bucharest, is among the first to secure the federal license.