Betfair pays USD 4.9 million to secure Brazil's gambling licence
Betfair has officially paid the BRL 30 million (USD 4.9 million) licencing fee to operate in Brazils newly regulated betting market, set to launch in January 2025. After submitting its application, the betting company was approved by the Brazilian Ministry of Finance and its Secretariat of Prizes and Bets (SPA). The operator demonstrated its technical expertise, adequate social capital, robust security systems, and a strong commitment to responsible gambling practises, among other prerequisites.
This is a very important moment for Betfair, said Kimberly Daly, general director of Betfair, emphasising the companys dedication to adhering to the new regulatory framework. It is also another unquestionable demonstration of our commitment to the responsible development of the online betting sector in Brazil. We are proud and excited to take this step further in the journey that began six years ago, which will allow us to continue bringing our Brazilian customers and sports enthusiasts the best entertainment experience, Daly said.
Betfair will offer services through its Betfair Sports, Betfair Exchange, and Betfair Casino brands, consolidating its position as a key player in the market.
As a founding member of the Brazilian Institute of Responsible Gaming (IBJR), Betfair has also played an active role in shaping Brazils regulatory landscape. The company is collaborating with the to develop modern regulations aligned with international best practises.
Brazils federal licencing framework aims to issue approvals by the end of 2024, enabling fully licenced operators, including Betfair, to begin legal operations starting January 1st, 2025.
Betfair joins Superbet, a multinational operator based in Bucharest, Romania, as one of the first companies to secure a federal licence in Brazil, marking a significant step in the countrys efforts to establish a robust and regulated betting market.
Among the best betting sites that have obtained a provisional licenceto operate in 2024are Betano, Bet365, Betnacional, Betsson, Brazino777, KTO, Novibet and Betfair.
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