Inquiring gaming operators: What impact do adjustments to Brazil's online gaming laws have on gaming platforms?
The iGaming industry in Brazil is set for a significant shift, with the implementation of new regulations that will legalise fixed-odds betting operations related to sport events and online games. These changes, outlined in Law No. 14,790 passed on December 30, 2023, will be the topic of discussion in a bi-weekly Q&A series hosted by Sumsub.
Ricardo Mendivelso, the Business Development Manager at Sumsub, will lead the discussion about these regulations. The Q&A series is intended to provide answers to questions about regulatory compliance, verification, and automated solutions.
Foreign companies seeking to operate in Brazil's new iGaming market must comply with specific regulatory requirements. Key among these are local licensing and authorization, technical certification, responsible gaming measures, compliance with regulatory oversight, and alignment with Brazilian market specificities.
Operators must obtain official authorization from Brazilian regulatory authorities to legally offer online gaming and sports betting services. Platforms need certification such as that from Gaming Laboratories International (GLI) to ensure they meet Brazilian technical standards for integrity, security, and fairness.
Responsible gaming measures are crucial, as Brazil is increasingly focused on this area with ongoing legislative attention. Operators must implement protocols to address problem gambling, including self-exclusion mechanisms and stringent deposit limits.
Companies must also cooperate with Brazilian regulators like the Secretariat of Prizes and Betting and adhere to regulations on advertising, anti-money laundering (AML), and know your customer (KYC) processes. Providers often tailor platforms with local-language support, payment integrations with the Brazilian financial system, and adherence to data portability and consumer protection principles consistent with Brazilian regulations.
While the exact list of required verification checks is yet to be finalized, companies are required to implement AML measures, including KYC checks and ongoing checks. The regulations require companies to uphold integrity, responsibility, and honesty standards.
The Q&A series will be held every other Thursday and will be posted on The Sumsuber and Sumsub's social media platforms. This week's Q&A will focus on the changes to Brazil's iGaming regulations. To learn more about these changes or to submit questions, follow Sumsub on Instagram and LinkedIn.
- In light of the new regulations for the iGaming industry in Brazil, the discussion during the upcoming Q&A series hosted by Sumsub will primarily revolve around the legislation of fixed-odds betting operations, which is related to both finance (regulatory compliance) and technology (automated solutions).
- For technology companies aiming to partake in Brazil's new iGaming market, it's essential to understand the specific requirements, such as local licensing, technical certification, and adopting responsible gaming measures, which directly impact business operations.
