In May 2024, the Ministry of Finance established a schedule based on 11 ordinances that will regulate the online betting market, as well as the prizes derived from these games.
The ordinances cover the fight against money laundering and fraud, topics related to one of the most critical aspects of the new legislation: payments made by customers to betting houses. Among the main changes and new obligations are:
Security and compliance in payment methods
Operators must ensure that all payment methods used are secure and comply with Brazilian financial regulations.
Identity Verification
Before processing significant payments, betting houses are required to conduct rigorous identity checks.
Transparency and information to customers
The new legislation requires operators to provide clear information about the costs associated with transactions, including processing fees and taxes.
Paag offers payment solutions for the new post-regulation reality
To comply with the new regulations, betting houses need to update their payment systems and technological infrastructure. This includes implementing more robust security measures and integrating with payment platforms that meet regulatory requirements.
In this scenario, Paag has stood out with products that are emerging as the ideal path for betting houses seeking to adapt to the new legislation, such as Payments, one of the company's main solutions.
With Payments, betting houses can receive payments securely, quickly, intelligently, and in compliance with the new regulations.
The product features the highest technology, ensuring efficiency in the most sensitive areas at the moment. Payments allows betting houses to conduct secure operations, with detection of suspicious transactions, contributing to the prevention of money laundering and other illicit activities.
Automation is another key aspect of Payments, facilitating tasks such as identity verification of bettors.
“We understand the importance of payments for the business. Especially with the new regulation, the impact is significant for betting operators and Bettechs. Our team includes specialists with experience in the leading fintechs in the market. We know how to ensure a fast, intelligent, and uncomplicated financial flow,” says João Fraga, CEO of Paag.
Another factor that has been challenging operators with the new regulation is the time limit for paying bettors. Now, users of betting houses must receive their prizes within 120 minutes after the game in which the bet was placed ends.
Previously, each platform created its regulations, with its deadlines for payment. But from now on, making payments promptly will be a prerequisite for betting houses to operate without legal issues.
Payments is a product that solves this problem, allowing operators to pay bettors within the deadline.
Payments, along with other Paag products, promises to be an excellent ally for betting houses, not only to operate in compliance with the law but also to expand their business.
Source: GMB
