Raiana Falcão: The greatest challenge is aligning regulatory requirements with operational reality

Raiana Falcão, Deputy Secretary for Sanctioning Action at the Secretariat for Prizes and Betting, and speaker at BiS SiGMA South America shares her thoughts on the importance of a culture of compliance.

With sports betting regulation advancing in Brazil, the term compliance has moved beyond being just a technical buzzword to become a key term in any serious conversation about the future of the industry. At BiS SiGMA Americas 2025, this discussion took on even deeper contours with the participation of Raiana Falcão in the panel “Compliance in Action — the Secret to Effective Regulation in Brazil.”

As Deputy Secretary for Sanctioning Action at the Secretariat for Prizes and Betting (SPA) under the Ministry of Finance, Raiana brought a strategic and structural perspective on the importance of a culture of compliance, not merely as a legal obligation, but as a competitive differentiator and a starting point for sustainable relationships within the Brazilian market.

In this interview, she delves into the challenges of implementing a real culture of compliance in the sector, the next steps in SPA’s work, and the fundamental role of operators, suppliers, and local professionals in consolidating a more ethical, transparent, and long-lasting market.

As someone directly involved in laying the regulatory foundations of the sector, what do you consider to be the greatest challenge — or risk — when it comes to the practical implementation of compliance policies by operators?

I believe the greatest challenge is aligning regulatory requirements with the operational reality of the sector. This segment is subject to very cross-cutting regulation (Ministry of Finance, Central Bank, ANATEL, SENACON, COAF, LGPD, and others), and the operating agents have had to quickly adapt their processes, which can create gaps in the compliance ecosystem.

You hold a strategic position in a new department that must balance innovation with responsibility. What has the process been like to structure the sanctioning area in a technical, modern, and at the same time efficient manner?

Structuring the sanctioning area in a sector as dynamic as the betting market has been a challenge that demands a balance between technical rigour and agility.

Moreover, the sanctioning activity in an administrative context functions as a social control mechanism, allowing the State to intervene in a legitimate and proportional manner whenever there is a breach of legal norms. This regulatory action is especially relevant in sensitive and dynamically regulated sectors such as the fixed-odds betting market, which imposes a responsibility to always seek balance and efficiency.

The relationship between operators and third parties — especially affiliates and international suppliers — still raises many doubts. What points do you consider fundamental to ensure that these relationships support, rather than undermine, the credibility of the regulated market?

SPA/MF Ordinance No. 1.143/2024 established a strict framework for relations with third parties, requiring operators to adopt proactive controls in KYC, KYP, and KYS. The aim is to prevent partnerships with affiliates or suppliers from compromising the integrity of the market. It is healthy for operating agents to implement these requirements not only to reduce risks, but also to provide more security and credibility to these relationships.

During the panel, there were discussions about the need for dialogue between different internal departments in companies, such as legal, product, and compliance. In your view, what is still lacking for this dialogue to become fluid and strategic within organisations?

It is necessary to overcome the conflicts that exist between these areas, which is not exclusive to the betting market. When each department focuses solely on its isolated priorities without an integrated vision, the result is a fragmentation of governance, highlighting operational gaps and strategic divergences between them.

The lack of an integrated vision can generate critical inefficiencies, especially in the betting sector. Dialogue only becomes strategic when it ceases to be reactive and becomes proactive.

Brazil has increasingly become a global benchmark in terms of regulatory expectations. How do you see SPA’s role on the international stage, and what can the country teach — or learn — from other models?

The Secretariat for Prizes and Betting was born as a major entity, not only because it is responsible for regulating one of the largest markets in the world, but also due to the boldness of structuring a model that balances innovation and consumer protection within a regulatory environment that is responsible and sustainable. With this, Brazil positions itself on the world stage with the potential to export its model to countries that are regulating betting.

What would you like to see, in the coming years, as the legacy of this first phase of betting regulation in Brazil?

In the coming years, I would like to see a legacy of consolidated effective combat against the illegal market combined with a positive social impact, especially in terms of responsible gambling and player protection, with an elevation of the sector’s ethical standards.

For this to become reality, continuous adjustments are necessary, but the foundation is being well built, and the true legacy will be to show that regulation is not an obstacle, but what enables sustainable growth.

It is precisely this debate — technical, responsible, and with a long-term vision — that will remain at the centre of discussions during BiS SiGMA South America 2026, which is already being prepared to be the largest gathering in the history of iGaming in Latin America.

The event will take place in April 2026, once again in São Paulo, bringing together regulators, operators, suppliers, and national and international authorities for three days of networking, high-level content, and collective construction of solutions to the industry’s main challenges.

Stay tuned to updates on the SiGMA News portal and official SiGMA channels. The future of Brazil’s regulated market is under construction — and you are an essential part of this story.