The deadline ended this Tuesday (20) for those who want to operate betting and iGaming in Brazil starting from January 1, 2025, but there is no impediment to new requests. According to Caio de Souza Loureiro, partner in the Gaming & E-Sports area at TozziniFreire Advogados, "as the requirements are very severe, including from a financial standpoint, it is likely that some companies will not be able to obtain the authorization."
Only the 113 license applications made by companies to operate sports betting until August 20 and that are approved by the Secretariat of Prizes and Bets will have the issuance of the authorization guaranteed until December 31.
Despite this, the registration period will remain open, allowing companies to request authorization at any time.
Caio de Souza Loureiro, partner in the Gaming & E-Sports area at TozziniFreire Advogados, explains that this is the condition for companies to be able to operate from January 1, 2025, when the prohibition to operate without authorization begins.
“This fact justifies the large search of companies, but the expectation is that this number does not reflect the quantity of companies that, effectively, obtain the authorization. As the requirements are very severe, including from a financial point of view, it is likely that some companies will not be able to obtain the authorization”, states Loureiro.
The lawyer warns that there are expectations that some companies may have requested the application just to increase the potential for asset sale or partnership celebration.
According to him, from now on, the Ministry of Finance, through the Secretariat of Prizes and Bets, will analyze all the documentation and may request clarifications and additional documents.
“Those that pass this initial screening will be summoned for the payment of the grant and proof of financial requirements. And, only with this stage overcome, will the authorizations be issued”, concludes Loureiro.
Source: GMB
