The Secretariat for Prizes and Bets (SPA) of the Ministry of Finance is the agency responsible for regulating, authorizing and monitoring the fixed-odds betting market in Brazil. As part of its activities, the agency has sought partnerships and entities focused on transparency and also on combating match-fixing, having signed agreements with entities that deal with the issue of match-fixing.
Now, SPA is also joining the National Strategy to Combat Corruption and Money Laundering (ENCCLA), with the aim of expanding its scope of action in regulating the so-called 'Bets' in Brazil.
One of its functions, in regulating, authorizing and monitoring the sports betting and online gaming market, is precisely compliance with the Law to Combat Money Laundering and Financing of Terrorism (Law 9.613/2018).
Currently, ENCCLA has 90 public institutions belonging to the three branches of government (Executive, Legislative and Judiciary) and the Public Prosecutor's Office, covering the federal, state and, in some cases, municipal spheres, in addition to civil society entities.
The fixed-odds betting market is in the final phase of the adaptation process, which will end on December 31, 2024. As of January 1, 2025, only companies that have obtained authorization will be able to operate in Brazil.
These companies will need to comply with regulations established in two laws and ten normative ordinances, one of which is specific to combating money laundering and terrorist financing.
Source: GMB
