Fixed-odds sports betting is becoming a reality in Brazil. The Brazilian President Jair Bolsonaro has now formally designated government agencies to oversee the launch. He signed the Decree No 10,467. As per the decree, the National Bank for Economic and Social Development (BNDES) and the Ministry of Economy would be now responsible for realizing sports betting legalization in the country.
The decree includes Investment Partnership Program (PPI), that would offer private operators to offer to wager to local punters. This comes after the privatize management of the LOTEX instant win lottery.
As per the decree issued by the President, BNDES would oversee the execution and monitoring of the privatization process.
The Ministry of Economy on the other hand coordinates and monitors the betting legalization process and related studies, projects, surveys, and investigations.
The Secretary of the Ministry of Public Policy, Planning, Energy, and Lottery (SECAP) is going to oversee the crafting of betting regulation as per the decree. Early this year, SECAP, said that the betting licenses could be restricted to 30.
Well, the move to legalize the gambling market has been moving inch by inch. The land-based casino legalization and legal wagering both are moving but with glacial speed. There isn’t any timeline available even now when sports legalization would become a reality in Brazil. However, it is believed that President Bolsonaro has now an action hand and would like to move quickly on it.
The pandemic has slowed down the economic growth of the country and Brazil would like to capitalize on the gambling market, experts believe. Even though it moved in snail speed in the past years, it is expected to speed up in 2020.
However, operators have been preparing for the moment and working behind the scene. Betsson has already acquired a majority stake in Brazilian race betting operator Suaposta. In June, it was rebranded as Betsson Suaposta and the domain was redirected to betsson.com.br. This has been done for brand recognition before the gambling legalize.
Out of the total 20 teams of the popular Brazilian Serie A Football clubs, 14 have some partnership with the bookmakers.
Betsul, Casa de Apostas, NetBet, Marjo Sports are few of the names that have linked deals with the clubs. Galera Group in fact signed a five-year deal with Corinthians worth R$40mn ($7.4mn).