Brazil approves 68 firms for new sports betting market launching January 1

The Ministry of Finance in Brazil has announced that 68 companies have successfully completed the licensing process to participate in the newly established sports betting market, Brazil Bets, which officially launched on January 1, 2025.

According to the Ministry, a total of 150 license requests have been submitted by 145 companies since the application period ended on September 30. These companies had to pay a R$30 million (approximately €5 million) concession fee to secure their licenses.

Out of the 68 fully authorized companies, 30 sites belonging to 14 companies have received permanent authorization for the next five years. The remaining 52 companies have received temporary authorization but must resolve issues related to their betting systems within 60 days.

To obtain licenses, companies had to undergo a four-stage review process to ensure compliance with various requirements, including IT security protocols, anti-money laundering measures, and responsible gambling practices.

Some international operators set to enter the Brazilian market include Betfair, PokerStars, SportyBet, Betano, Meridianbet, Novibet, Sportingbet, bet365, and PixBet.

All licensed operators must request authorization from Siscoaf within 10 days of the official publication to allow their betting platforms to process transactions with Brazilian consumers.

This development marks a significant step towards regulating Brazil's sports betting industry, which previously operated in a legal gray area. The introduction of this regulated market is expected to attract major players and could potentially reach $10 billion in revenue during its first five years of operation.