Brazil has taken a significant step towards launching sports betting after President Jair Bolsonaro signed a decree related to privatisation.
Decree 10,467 states that the National Bank for Economic and Social Development (BNDES) will manage sports betting’s privatisation, as will the Ministry of Economy.
Also part of the decree is the inclusion of sports betting in Brazil’s Investment Partnership Program (PPI). This will enable private sportsbooks to offer their services to players in the country.
Brazil has had eager sports betting eyes glanced towards it for a while, but progress has been slow since the country’s former president approved related legislation in December 2018.
Things are starting to take shape
Through the newly-signed decree, the BNDES’ main responsibility will be the “execution of the privatisation process”. Meanwhile, the Ministry will develop, introduce and overlook sports betting legislation.
In relation to the PPI, there are 158 different projects and 13 separate policies aimed to fulfil the privatisations. Special Secretary Martha Seillier says that they are part of a government process, though no specific date has been mentioned.
Brazil could be a prosperous sports betting market
Often mentioned whenever an ’emerging iGaming markets’ article is published, Brazil has been a curious case for the industry for a while. And when you combine a population of over 200 million with a love for sports, especially football, it isn’t hard to understand why.
Prep work is already well underway. In December 2019, Swedish operator Betsson bought a 75% majority stake in local operator Suaposta. In Brazil’s top footballing division, the Brasileirão Série A, 14 of its 20 teams are sponsored by sportsbooks.
Local media outlet Estadão also reports that 450 websites specialising in sports betting already exist in the country.
