New Regulations and Deadline for Fixed-Odds Betting License Applications
On August 20th, the 90-day period for submitting applications for the federal license to operate fixed-odds betting, which would guarantee approval by the Prizes and Betting Secretariat of the Ministry of Finance (SPA/MF), in accordance with Article 23 of SPA/MF Ordinance No. 827/2024, ended. A total of 113 applications were submitted.
On August 21st, SPA/MF published the Ordinance No. 1,309, which establishes the relocation of public officials from other units of the Secretariat to the Sub secretariat of Authorization. This measure aims to manage the large volume of authorization requests and ensure that the analysis deadline is met by November 18th, 2024.
Companies still interested in applying for the federal license but have not yet submitted their requests will have their applications analyzed by SPA/MF within the 150-day period established by Article 16 of Ordinance No. 827/2024. These companies may begin operations within 30 days after the conclusion of the analysis. Therefore, in theory, anyone applying for authorization as of August 21st, 2024, if their request is approved, could start operations within up to 180 days.
The Sports, Gaming & Betting team at Souto Correa is closely monitoring SPA’s actions and is available to provide more information and clarifications on the matter. Additionally, our Public Law & Regulatory, Compliance, Consumer & Product Liability, Corporate Law and M&A and Tax teams are also involved and ready to offer comprehensive support, reinforcing our full-service approach.