Government creates department to oversee sports betting.
According to the Treasury, the new body will authorize the distribution of prizes, the operation of lotteries, actions to combat money laundering, and the prevention of compulsive gambling.
By Agência Brasil - Brasília
The Ministry of Finance has created the Secretariat of Prizes and Bets, which will be responsible for the regulation and oversight of fixed-odds sports betting, known as... bets, and online games.
According to the department, the secretariat will also be responsible for authorizing the distribution of prizes and gifts, operating lotteries, combating money laundering, monitoring the market, and preventing compulsive gambling.
The department will have three sub-departments and 38 professionals assigned to it.
In December 2023, President Luiz Inácio Lula da Silva signed into law the legislation regulating bets, fixed-odds sports betting where the bettor knows exactly what the return rate will be at the time of placing the bet.
The measure taxes companies and bettors and sets rules for operating the service, as well as determining how the revenue will be shared.
The law covers virtual betting, physical betting, real-life sporting events, online gambling, and virtual online gaming events.