Brazil to require online sports betting firms to be based in the country

Brazil to require online sports betting firms to be based in the country

Article brief provided by Reuters
  • Bernardo Caram, Reuters
March 7, 2023 8:14 PM
  • Bernardo Caram, Reuters

Brazil will require sports betting companies operating in the country to also be headquartered in Brazil, in addition to creating oversight mechanisms to curb fraud and manipulation of match results, its finance ministry said on Tuesday.

Story continues below

A law passed in 2018 allowed betting companies to operate in the country and they have surged in popularity since then, but the government says loose regulation has allowed the business to grow untaxed and lawless.

“The regulation will require that betting companies are based in Brazil,” the ministry said in a statement, as most are based abroad, as well as “improving the supervision, collection and dialogue with the agents that operate in the sector.”