After submitting its application, Betfair received approval upon meeting all the requirements outlined by Brazil’s Ministry of Finance and its Secretariat of Prizes and Bets (SPA).
Betfair has officially paid the 30 million BRL (£3.9 million) licensing fee to operate in Brazil’s newly regulated betting market, set to launch in 2025.
After submitting its application, Betfair received approval upon meeting all the requirements outlined by Brazil’s Ministry of Finance and its Secretariat of Prizes and Bets (SPA). According to SBC Noticias, the operator demonstrated its technical expertise, adequate social capital, robust security systems, and strong commitment to responsible gambling practices, among other prerequisites.
Kimberly Daly, General Director of Betfair, described the milestone as a pivotal moment for the company:
“This is a very important moment for Betfair,” she stated, emphasizing the company’s dedication to adhering to the new regulatory framework.
Daly further highlighted Betfair’s broader mission:
“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.”
Betfair plans to offer services through its Betfair Sports, Betfair Exchange, and Betfair Casino brands, cementing 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 Brazil’s regulatory landscape. The company is collaborating with the IBJR to develop modern regulations aligned with international best practices.
Brazil’s federal licensing framework aims to issue approvals by the end of 2024, enabling fully licensed operators, including Betfair, to begin legal operations starting January 1, 2025.
Betfair joins Superbet, a multinational operator based in Bucharest, as one of the first companies to secure a federal license in Brazil, marking a significant step in the country’s efforts to establish a robust and regulated betting market.