The Special Secretary for Competition and Competitiveness Advocacy, Geanluca Lorenzon, responsible for defining the regulation of sports betting at the Ministry of Economy, highlighted that he understands the segment as having great potential and says he intends to listen to the market for the adjustments to be made after the publication of the presidential decree that will regulate the activity.
“What can we say about regulation? First of all, I ask for patience from everyone regarding the government's movements in the regulation of betting. We are listening to everyone and soon the news will arrive,” said Lorenzon.
He highlighted that the government has its political time and that as soon as the presidential decree that will regulate betting is signed, the Secretariat will deal with the technical regulation, editing the decrees and accessory laws so that the activity has the best international practices.
GMB – Secretary, what assessment do you make about BiS and Afiliados LATAM and the expectations of the sector regarding the regulation of betting?
Geanluca Lorenzon – Brasília has no idea of the innovation, size and potential of the sector. This type of event helps us to take back to Brasília the impression of what this sector is and what it can be. It's very exciting for us to be here. I feel honored to have been invited to make the opening and we are very excited to provide the conditions, as a State, for the safe development of the sector, with predictability and legal certainty.
The betting law provided for regulation in up to four years. We are on the verge of that. How can the market behave from now until the end of the year, wondering if the regulation will arrive on time or not?
Political weather is unpredictable. We depend on political regulations, such as the presidential decree, which has to comply with the entire legal framework. We have until the end of the year for the legal period for the decree to stand. Obviously it must arrive before the last day of the year and as soon as it is up, we, as a regulatory area, will deliver a time frame to give the predictability that the sector deserves, making sure that everyone will have time to adapt to the regulation of the sector and, at the same time, guaranteeing fairness and fair competition for those who will actually enter the regulated market as it is expected to develop in the coming decades.
And in this period will you listen to the market players?
Ever. This government is committed to good international practices for promoting regulatory improvement, which involves continuous contact with market agents to exchange information, suggestions and build regulatory models with responsive, technical and analytical regulation. So, the sector must always feel welcome in Brasilia with our technical team, obviously within all standards, so that we can receive contributions, through public participation, by taking subsidies, always in an open, transparent and predictable way.
Players are already operating in this market. When will they be able to operate within the regulations?
Regulation cannot be so complex as to make all or a good part of the market go irregular. We need to deliver a regulation that has a phase in, and that is realistic. And this is where the conversation with the market makes a lot of sense. To do this, we will essentially rely on benchmarks and practices from other markets. We will have political regulation, given by laws and decrees. Based on this, we will deliver, under the decree, that is, when we get into the specifics, practices that we have already seen in other markets to provide security for the players and provide conditions for competition, efficiency and development, which is our objective as a government, which is to develop Brazil.
Is it the technical regulation itself?
Exactly. This regulation has to follow principles, as in the whole world. We see, for example, in the United States, where there are decrees and laws, made by representatives, they can have greater discretion, but we, as regulators, cannot have. As regulators, we are committed to ensuring that all requirements that regulation must have, with all possible regulatory improvement instruments, are followed.
Understood, Geanluca. The sports betting industry thanks you and hopes this happens as soon as possible...
It's our prediction too and we're excited. This sector, every day we get to know it more, surprises us more and. Getting to know it better, we realize the potential that Brazil can have, which excites us even more.
Source: Exclusive GMB
