Yesterday, 12 December, the Senate approved the Bill of Law 3626/23, commonly referred to as the “Betting Bill of Law“. The key modifications compared to the original text from the House of Representatives are as follows:
Furthermore, betting operators must have at least one Brazilian partner holding a minimum of 20% of the company’s capital. Partners and shareholders are prohibited from holding stakes in Brazilian Football Joint-Stock Companies (SAFs), professional sports organizations, or acting as directors of Brazilian sports teams, as well as in financial and payment institutions that process transactions resulting from fixed-odds betting.
Finally, the authorization fee has been maintained at R$ 30 million (thirty million reais), valid for five years and applicable to up to three commercial brands (URLs), in contrast to the previous proposal from the House of three years for a single brand.
Now, Bill of Law 3626/23 will return to the House of Representatives for the review of these amendments.
Our legal team at Bichara and Motta Advogados are attentively monitoring the regulation of the betting industry in Brazil, offering legal advice to multiple market participants.
For further information, please visit: www.bicharaemotta.com.br.