SBC News Brazil forms Secretariat to supervise duties & conduct of 'Bets' market

Brazil forms Secretariat to supervise duties & conduct of ‘Bets’ market

Brazil has advanced the launch of a regulated federal sports betting marketplace in 2024, as the Ministry of Finance fulfills the key requisite of forming a ‘Special Secretariat’ to monitor and report on market activities.

Detailed via a decree published by the Ministry of Finance, the Brazil ‘Bets’ marketplace will be supervised by the ‘Secretaria de Prêmios e Apostas (SPA)’ – the ‘Secretariat of Prizes and Betting’.

The decree detailed that the Secretariat’s primary function is to support the Ministry of Finance, in its duties as the principal authority governing the laws of Brazil’s federal sports betting marketplace.

As cited: “SPA will work within the Ministry of Finance to enhance its structure and improve government actions in regulating the fixed-odd betting market, online games, and fulfilling legal duties related to lotteries and commercial promotions.”

The principal remit of the SPA will be to monitor and report on gambling activities, and to supervise the market conduct of licensed operators.

Key areas of supervision include monitoring and preventing money laundering, conducting market surveillance, establishing responsible gaming policies, and overseeing communication, advertising, and marketing activities to prevent compulsive gambling and protect vulnerable groups.

The duties and performance of the SPA will be overseen by “eight governors, each with specific responsibilities related to Brazil’s economic and financial governance.”

The Ministry of Finance published an ‘operating framework’ detailing that the SPA will be led by three ‘Sub Secretariats’ that will lead an initial team of ’38 professionals’ to establish Brazilian gambling’s new supervisory body.

The SPA will also have further responsibilities, such as reporting to the Ministry of Sports to ensure sporting integrity, including the monitoring of result manipulation in sporting events and overseeing transfers to athletes, clubs, and sports administrative entities.

On 2 January, President Luiz Inácio Lula da Silva sanctioned Law No. 14,790/2023. Commonly referred to as ‘Bets,’ the law addressed taxation, commercial exploitation, revenue distribution, and sanctions, as well as defining the Ministry of Finance’s regulatory and supervisory roles.

The Ministry of Finance has previously communicated that it had received over 140 applications of interest from foreign and domestic businesses stating their interest to join the Bets marketplace.

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