The prospects for regulated online sports betting in Brazil were significantly increased on Wednesday (12 December 2018) when Brazil’s president, Michel Temer, signed into law Provisional Measure No 846/2018 (“PM 846/2018“). Although the official text has not yet been published, the draft of the PM 846/2018 proposed, among other things, to legalise land-based and online fixed-odds sports betting.
Specifically, the relevant provisions grant the Ministry of Finance the power to authorise or licence fixed-odds sports betting operations that should be offered in a “competitive environment” both through retail channels and via “virtual media”. As the Ministry of Finance is a Federal authority, any regulations ultimately issued would apply throughout Brazil.
However, there remains a big question mark over whether the provisions will manifest into a workable licensing regime for the online sports betting market. As it stands, the PM 846/2018 simply tasks the Ministry of Finance to develop the regulations over a 2 year period (a timeframe which can be extended by a further 2 years), so while President Temer’s approval of the measures marks a significant breakthrough, we are some way off a fully implemented regime.