SBC News Voice of the Sports Betting Industry
OKTO has announced that its strategic portfolio company U4C has been authorised to process payments in Brazil’s Paraiba Lottery.
The move demonstrates the multinational payments provider’s preparation for the evolving regulatory framework in the local betting landscape, expanding its footprint in the Brazilian market as well as strengthening its position across diverse sectors.
Signed into law just before New Year in 2023 by President Lula da Silva, the nationwide betting regulation will usher in one of the world’s biggest online betting markets with significant opportunities for a range of industry stakeholders, payments providers included.
Leonardo Chaves, OKTO’s Country Manager Brazil, said: “As OKTO strengthens its presence in Brazil, we recognise the unique challenges of the market and embrace regulatory readiness to ensure compliance and responsible practices.”
One of OKTO’s primary operations in Brazil, U4C is a registered payments institution with the Central Bank of Brazil. The Central Bank is one of the most significant financial institutions and regulators in Brazil, with its importance underscored by its management of national payments system Pix.
“With Brazil transitioning towards a regulated betting environment, OKTO is well-prepared to navigate this landscape, leveraging its expertise and the capabilities of its strategic portfolio company, U4C that has been granted payment processing rights in Paraiba Lottery,” Chaves continued.
U4C’s authorisation to facilitate payments for the lottery service in Paraíba, encompassing state sports betting, aims to further exemplify the strategic alignment and regulatory compliance of the partnership.
“We are thrilled to announce our authorization to process payments for the Paraiba Lottery, a significant milestone that highlights our shared commitment with OKTO to innovation and regulatory compliance,” added Tulio Ianni, CEO of U4C.
“We look forward to leveraging this authorisation to provide excellent payment experiences for the Paraiba Lottery while staying updated with the evolving regulatory landscape.”
Meanwhile, Greece-based OKTO is also set to share further details at SBC Summit Rio from 5-7 March – joined by the U4C team.
