The second day of the Brazilian iGaming Summit featured a lecture by Iuri Ribeiro da Silva e Castro, Undersecretary of Advocacy for Competition and Competitiveness at the Ministry of Economy. Iuri said that his area awaits the signing of the presidential decree regulating sport betting in order to deal with the accessory regulations that will continue the process of implementing and starting the operation of sports betting.
“Meanwhile, we have been studying the regulations of various jurisdictions, such as England, Malta, Colombia, the United States, Portugal and Buenos Aires, Argentina, in order to learn more about examples of international success. With this, we want to achieve the best international practices. We still have to consult all Brazilian laws so that the regulation of sports betting is in accordance with them,” he commented.
According to Iuri, the Ministry of Economy's Office of Advocacy for Competition and Competitiveness is in the process of creating “something important and we want, with this, to contribute to Brazil so that the activity is well regulated.” Therefore, according to him, the group that has been carrying out these studies has been listening to many players in the sector in order to understand the needs of the market.
“We recognize the importance of the Brazilian iGaming Summit to give us even more information and tools to reach a regulation that effectively meets the needs of the market and the country. Therefore, I hope that in the short term we will have a new event like this one to discuss the regulation of the sector already operating.”
The questions of those present focused precisely on the deadline and how the sector will be after the December deadline of this year if the regulation does not come out.
The Undersecretary stressed that it is not possible to give a date for the signature of the presidential decree and that the body has already consulted the competent legal bodies as to the direction, but that so far they have not reached a conclusion on the continuity of the unregulated operation. “The law already exists and this is a reality. It remains for us to work on regulation,” he defined.
Source: Exclusive GMB
