The sports betting market in Brazil continues to expand steadily, and starting January 1, 2025, new regulatory norms will come into effect. The establishment of a regulated environment aligns with industry’s growth, promoting greater security for consumers and operators.
In light of this development, Leonardo Baptista, CEO and co-founder of Pay4Fun, states:
"Since our foundation in 2018, we have operated in full compliance with the prevailing regulatory norms. Ensuring consumer safety and well-being is essential, enabling everyone to place their bets responsibly and conscientiously."
Secretariat of Prizes and Betting (SPA) ordinance
To address the need for regulatory measures in the sports betting market, Brazil's Secretary of Prizes and Betting, Regis Dudena, issued an ordinance in September. It prohibits sports betting sites and online gambling platforms without proper authorization from the Ministry of Finance, effective October 1.
On October 11, the Ministry initiated the process of blocking unauthorized sites and removing apps from companies operating irregularly. This development offers an opportunity for companies to adapt and support the market's growth, fostering a safer and more responsible betting environment for all.
"Pay4Fun emerges as an ideal partner for operators to adapt to the norms of a regulated market. Since our inception, we have provided solutions that ensure security, agility, and ethical compliance. All of this is crucial for the continued responsible and sustainable growth of sports betting in Brazil," emphasized Leonardo Baptista.
New transactional account for the online betting market
In the first half of 2024, Pay4Fun developed an innovative transactional account to meet the needs of the online betting market. This account fully complies with recent Brazilian payment laws for the sector, published by the Ministry of Finance. It offers essential functionalities, including the use of Pix, benefiting unbanked users who can access the account with prepaid credits.
"With this account, users can register a Pix key to make deposits, transfers, and receive prizes, in addition to making payments via QR Code. This innovation has brought greater agility and convenience, allowing customers to perform transactions both within Pay4Fun’s transactional account and with other banking institutions. Since July 8, the feature has been available for download on the App Store and Play Store," concludes the company’s CEO.
Pay4Fun’s industry leadership and milestones
Founded in 2018, Pay4Fun is the first payment institution in the sports betting sector authorized by the Central Bank of Brazil. The company achieved a remarkable milestone of R$8.1 billion (US$1.4bn) in financial transactions in 2023.
In 2024, Pay4Fun won the Innovation in Payments category at the SBC Awards and secured the 10th position in the GPTW Ranking for Medium-Sized Companies. In 2023, the company received the RA 1,000 Seal from ‘Reclame AQUI’, ranked 3rd as the best financial services company to work for by GPTW, and achieved 2nd place for ‘Payment Innovation of the Year’ at the SBC Awards in Barcelona.
Source: GMB
