Brazil forms Secretariat to supervise duties and conduct of ‘Bets’ market

Brazil forms Secretariat to supervise duties and conduct of ‘Bets’ market

Article brief provided by SBC News
  • Ted Menmuir, SBC News
February 4, 2024 6:47 PM

Brazil has advanced the launch of a regulated federal sports betting marketplace in 2024, as the Ministry of Finance fulfills the key requisite of forming a ‘Special Secretariat’ to monitor and report on market activities.

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Detailed via a decree published by the Ministry of Finance, the Brazil ‘Bets’ marketplace will be supervised by the ‘Secretaria de Prêmios e Apostas (SPA)’ – the ‘Secretariat of Prizes and Betting’.

The decree detailed that the Secretariat’s primary function is to support the Ministry of Finance, in its duties as the principal authority governing the laws of Brazil’s federal sports betting marketplace.

As cited: “SPA will work within the Ministry of Finance to enhance its structure and improve government actions in regulating the fixed-odd betting market, online games, and fulfilling legal duties related to lotteries and commercial promotions.”