Brazil has authorized 71 licenses in a major step toward launching its regulated sports betting market. At a meeting on December 12, Regis Dudena, the head of the Brazil SPA, provided this information. The approvals are part of a continuous process; 114 applications that were filed by the original deadline of August 20 are still being reviewed.
Final Steps for Operators
While Dudena refrained from revealing the names of the successful applicants, he confirmed that these operators have been contacted for final evaluations. Brazil’s regulated betting market is set to launch on January 1, 2025. To ensure readiness, operators must complete several compliance steps before this date.
“The final requirements here, in addition to some technical requirements such as certification of their betting system, are mostly related to financial matter, such as full capital, creation of a reserve account, and payment of a concession fee,” explained Dudena.
Notices have already been issued to the 71 approved operators by Brazil’s Ministry of Finance. They now have 30 days to meet these financial and technical requirements.
Out of the approved operators, 16 have already paid their concession fees, contributing BRL480 million to the Ministry of Finance. Each licensee must pay a R$30 million concession fee to secure their position in the market.
The remaining applications continue to undergo evaluation as Brazil prepares for the highly anticipated launch of its regulated betting industry. With this development, the country is taking bold steps to align with international standards and establish a robust framework for the sector.
The post Brazil Approves 71 Betting Licenses Ahead of 2025 Market Launch appeared first on iGaming.org.