“After decades of legal gap, Brazil is finally ready to regulate the whole sports betting market. The Law nr. 13.756/2018, promulgated at the end of last year, included plans to regulate sports betting ("fix quota") and the destination of the taxes collected thereof.
In accordance to such Law, the Ministry of Finances shall have 2 years - extendable for more 2 years - to regulate the activity.
The growth potential of this market proved to be exponential, generating billions of dollars around the world. And sports betting operators are paying close attention to this situation, as Brazil is a huge market to invest. Some Brazilian clubs, for instance, are already closing sponsorship deals with sports betting companies.
In the sports sector, the biggest concern about betting is the increase of chances of match-fixing. Hence, the sports associations shall accompany such legislative evolution and issue compatible regulations, aiming the eradication of such practice.
The huge range of possibilities of the market is promising. Nonetheless, it shall be explored carefully, as the country is currently passing through a legislative transition. And as any transition, legal uncertainty prevails.”
About Bichara e Motta Advogados:
Bichara e Motta Advogados was the first firm in Latin America to create a team dedicated exclusively to Sports and Entertainment Law and is still known as a highly specialized firm focused on its clients’ satisfaction.
Irrespective of its complexity, Bichara e Motta Advogados is equipped with a team of specialists prepared to apply its multidisciplinary practice and up-to-date expertise in these areas.
Source: Udo Seckelmann
