To guide the implementation of the Football corporations (SAF), the Executive Management of the Securities and Exchange Commission, linked to the Ministry of Finance, edited Guidance Opinion CVM 41/2023, which sets out the guidelines for the institution and functioning of the associated companies to football clubs.
In the document, there is an entire chapter on the sports betting sector, which indicates that the segment is on the body's radar regarding its existence and how the activity should be viewed.
Chapter 8.2 defines sports betting and its relationship with football:
“Sports betting sites have multiplied, in Brazil and around the world, and this universe is getting closer to the world of football, especially in the form of club sponsorships. Although, for the most part, they are located in other countries, betting sites are able to reach Brazilian citizens through the internet and it is increasingly common for them to join and succeed here.
It is important to note that sports betting is not an investment and does not have characteristics that could classify the numerous betting possibilities as securities, or the companies responsible for their websites as issuers of securities.
Thus, the CVM reinforces that it has no competence over the activity of sports betting sites and that:
Source: GMB
