Zona de Azar Brazil – Brazil: Treasury and Sports Betting Association to Be Heard Today

Brazil.- September 3, 2024. www.zonadeazar.com Representatives from the Ministry of Finance and the Brazilian Sports Betting Association (Abaesp) will be heard next Tuesday (3rd) by members of the Parliamentary Inquiry Committee on Manipulation of Sports Games and Betting (CPIMJAE). The meeting is scheduled for 2:30 PM and will address financial transactions and mechanisms to prevent suspicious operations.

From the Ministry of Finance, the invited guest is the Secretary of Prizes and Betting, Regis Dudena. He is expected to provide information about payment transactions for the purpose of fixed-odds betting. According to Senator Carlos Portinho (PL-RJ), who submitted the request for the hearing (REQ 69/2024 – CPIMJAE), Law 14,790 of 2023 establishes various rules for these transactions, and it is necessary to ensure they are being followed.

“Financial and payment institutions that allow transactions related to betting must follow rules and keep certain data to enable public authorities to track suspicious and criminal movements, such as money laundering. Therefore, it is crucial for this Parliamentary Inquiry Committee to understand the details of the mechanisms used by betting operators for their payment transactions,” said the senator in the request.

Second Part

In the second part of the meeting, Rodrigo Alves, president of Abaesp, will be heard. He will explain the actions of sports betting companies in combating and preventing the manipulation of sports results. The request for the hearing (REQ 67/2024 – CPIMJAE) was also submitted by Senator Carlos Portinho. He hopes to clarify the internal policies and guidelines governing the operations of sports betting companies in the country.

According to the senator, the testimony will help understand the mechanisms of cooperation between companies and sports and judicial authorities. It should also clarify how information is shared to identify suspicious betting patterns. This, according to the senator from Rio de Janeiro, will allow for a discussion on the future of the sports betting market in Brazil and the regulatory challenges.

According to the request, the sports betting market moves billions in Brazil. In his justification, Portinho cites reports from the Central Bank, according to which Brazilians spent around BRL 54 billion on online gambling and betting in 2023; and a report from XP brokerage, released in early 2024, which estimates the market’s movement to be between BRL 100 and 120 billion per year.
Source: Senado Agency

Edited by: @_fonta www.zonadeazar.com