Approved a few days ago, the PL 456/2024, which establishes a municipal lottery in the city of São Paulo, will undergo a thorough market study. Pay4Fun, the first institution authorized by the Central Bank to operate in the sports betting and online gaming sector, was one of the selected ones. To collaborate with the project to be developed, Pay4Fun will have the legal consultancy of FGO Legal.
The Law Project sanctioned by Mayor Ricardo Nunes included traditional lotteries, sports betting houses, and online games. Among the five companies approved to present diagnostics of scenarios and operational, economic-financial, and legal-regulatory feasibility studies is Pay4Fun.
The company was the first payment institution to act in the sports betting sector with authorization from the Central Bank of Brazil. Recently, it obtained permission to process payments for the State of Paraíba's lottery service.
“We are recognized for the security and efficiency in processing online transactions. Participating in the development of the lottery project for the largest city in Latin America reinforces our commitment to building a professional market with clear rules for all sectors,” says Leonardo Baptista, CEO and co-founder of Pay4Fun.
To collaborate with the project to be developed, Pay4Fun will count on the legal consultancy of FGO Legal, with specialists in the online gaming market. According to lawyer Ricardo Alegransi, the goal is to assist the public entity in creating an efficient operational environment, following the strict rules of prevention against money laundering and terrorism financing (AML/CTF).
"This consultancy is crucial to ensure that the lottery and betting market in São Paulo operates within the standards established by the Central Bank, ensuring transparency and security for all involved", states Ricardo Alegransi.
Founded in 2018, Pay4Fun is the first payment institution to act in the sports betting sector with authorization from the Central Bank of Brazil. Operating with more than 500 integrated sites in the entertainment segment, the company reached the mark of R$ 2.6 billion in financial transactions in 2022.
Pay4Fun was considered the Best Payment Method for Latin America at the awards promoted by SAGSE 2022 and chosen as the Best Payment Method at the Brazilian iGaming Awards.
In 2023, the company won the RA 1.000 seal from Reclame Aqui, the 3rd position as the best financial service company to work for at GPTW and the 2nd classification at the SBC Awards in Barcelona, as payment innovation of the year.
FGO Legal is a law firm specialized in developing customized solutions in strategic legal themes and consultancy for national and foreign companies. Since 2020, FGO Legal has been involved in merger and acquisition processes (M&A), fintechs and payment methods, capital markets, tax consultancy, and public tenders.
Source: GMB
