Brazil to suspend betting firms with no authorization request amid 'gambling pandemic'
BRASILIA, Sept 17 (Reuters) -Brazil's government will suspend the operations of fixed-odds betting companies in October if they have not yet applied for authorization, as part of efforts to kick off the sector's regulation, which will formally begin next year.
"This is related to a pandemic that has taken hold in the country, this issue of psychological addiction to gambling, and we need to start addressing it," Finance Minister Fernando Haddad told reporters.
“We see an urgent need to bring order to this and to work with the Health Ministry because we’re receiving many reports of health problems related to it," he added, noting that the line between entertainment and addiction is thin.
Haddad stressed that the government must protect families, which includes banning bets made via credit cards or loans -issues that will be further tackled.
Earlier on Tuesday, the ministry said that starting next month only companies that have applied for authorization to operate in fixed-odds betting will be allowed to continue their activities.
Approved companies will be required to pay a 30 million reais ($5.45 million) fee to the government this year, and starting in January, they must comply with rules to combat fraud, money laundering, and abusive advertising.
In 2018, Brazil passed a law allowing online fixed-odds betting, permitting bookmakers to offer odds on sports event outcomes. However, the necessary sector regulation was never implemented.
Since then, internet sports betting firms, including bet365, Betano, and Betfair, have boosted their presence in Latin America's largest economy, gaining visibility by sponsoring major soccer clubs.
Last week, the world's largest online betting company, Flutter FLTRF.L announced the acquisition of a 56% stake in NSX Group, the operator of Brazil's Betnacional, for around $350 million, as it seeks to expand in the soon-to-be regulated market.
($1 = 5.4997 reais)
Reporting by Marcela Ayres, Editing by Franklin Paul
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