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Wagering incentives, such as bonuses and free bets, are set to be banned under the new regulatory framework in Brazil.
The reviewed framework is published by the Secretariat of Awards and Prizes (SPA) and details a range of updated legal requirements for operators in the region. As specified in Chapter Two, sub-section four part two, “it is forbidden for the operating agent to grant, in any form, an advance, anticipation, bonus or prior advantage, even if merely for promotion, publicity or advertising, for the placing of bets.”
Subsequently, it is evident that – under Payment Ordinance Law No. 14.790 – the SPA will not accept promotional betting incentives of any form moving forward.
Further, it is detailed that all payments and prizes are required to be paid out to customers within a 120-minute window – and that withdrawals, deposits, and payouts can only be made via electronic transfer. The window begins from the moment that the betting event has concluded. This amendment to the regulatory framework sees the outlawing of cheque, cash or cryptocurrency payouts.
The amended regulatory framework will not come into effect immediately but is anticipated to be enforced by late October 2024 – as also specified by the SPA. “The SPA has established a period of six months for this prohibition to come into force. The deadline will be counted from the publication of a specific SPA regulation on the matter.”
The nation has seen a flurry of gambling activity of late, with Pragmatic Play partnering with PixBet, Fast Track collaborating with Aposta Ganha, Ecogra receiving Brazilian authorisation, and NeoGames and Caesars striking a deal in the country – all within the past week.
