With the deadline of August 20th fast approaching, EstrelaBet and SportyBet have recently submitted their applications for a license to operate gambling businesses in Brazil.
Real Bet submitted their application last week, bringing the total number of applications in Brazil to 13.
Operators who apply within the initial 90-day submission window will ensure their applications are processed by January 1, 2025. This date is currently expected to be the launch date for the legal market.
After this date, operators running without a license will face punitive measures.
These three companies, along with Betano and Betsson, are applying for licenses, hoping to operate in this seemingly huge market. A recent study by the International Betting Integrity Association predicts that by 2028, the turnover for sports betting in Brazil could reach $34 billion (26.8 billion GBP/31.1 billion EUR).
EstrelaBet's Chief Business Officer, Fellipe Fraga, recently told iGB that the company is waiting for the final regulations to be issued before applying for a license.
"There are still some important issues to be discussed in the process of obtaining a license," Fraga said.
Brazil Announces Final Gambling Regulations
These final decrees have been published in the Brazilian Federal Official Gazette in the past few weeks. Currently, the industry is responding with a large number of license applications.
The final decrees issued include Normative Decree No. 1207, which primarily targets online games. This decree clarifies which games can be launched, including the controversial Fortune Tiger, which has been criticized due to influencer advertising.
The final decrees also include provisions on responsible gambling, national donations, monitoring and inspection, as well as sanctions for operators who violate the regulations.
