Betfair has become the latest company to pay the 30 million BRL (£3.9 million) fee required for a license to operate in Brazil’s regulated market by 2025.
After submitting their application, the company received approval by meeting all the conditions set forth by the Ministry of Finance and its Secretariat of Prizes and Bets (SPA).
Reports from SBC Noticias indicate that Betfair had to demonstrate technical proficiency in the industry, maintain a minimum level of social capital, implement strong security measures, and promote responsible gambling among other criteria.
Kimberly Daly, Betfair’s General Director, emphasized the significance of this milestone for the company. She noted that they are meticulously adhering to the new industry standards to secure their operational license, enabling them to function across Brazil.
“It’s a further testament to our dedication to fostering the responsible growth of the online betting sector in Brazil. We are thrilled to progress in our journey, which started six years ago, enhancing the entertainment experiences we offer to our Brazilian clientele and sports fans,” Daly added.
Betfair plans to provide services through its brands Betfair Sports, Betfair Exchange, and Betfair Casino.
Furthermore, Betfair highlighted its role as a founding member of the Brazilian Institute of Responsible Gaming (IBJR). They are partnering with the Institute to influence the creation of robust and updated regulations that align with international standards.
The aim is to issue federal licenses by the end of the year, permitting companies like Betfair, that have fulfilled all prerequisites, to commence legal operations from January 1, 2025.
Betfair joins the ranks of Superbet, an international operator based in Bucharest, as one of the initial companies to secure a federal license.