Brazil’s Ministry of Finance has declared that unlicensed gambling operators must cease operations in the country by October 1.
Brazil has long had gambling companies work in a largely unregulated gray market, but is underway with plans to launch a federal, regulated gambling market, which is set to launch on January 1, 2025.
just two weeks to shut down before facing legal consequences
That means that companies who have failed to apply for a license and are still operational have just two weeks to shut down before facing legal consequences.
Companies already operating will be able to continue to do so provided they have already applied for a license. Regis Dudena, General Secretary of the Secretariat for Betting and Prizes, said: “We will maintain the adaptation period until the end of December only for those who have already demonstrated that they want to act in accordance with the law, and in accordance with Brazilian rules.”
113 companies have applied for gambling licenses ahead of the 2025 launch, which require a payment of R$30m ($5.48m) to be submitted before the end of 2024. Brazil has already begun cracking down on payments received by operators that are not compliant.