Zona de Azar Brazil – The Bank of Espírito Santo State Plans to Launch a Sports Betting Subsidiary

Brazil.- March 25, 2024 www.zonadeazar.com  Bank of the State of Espírito Santo announced that it plans to launch a subsidiary focused on sports betting, in addition to introducing its own lottery, later this year. The operation is expected to begin in the second half of next year.

The creation of Loteria Capixaba was approved by the Legislative Assembly last December, giving Banestes responsibility for the operation of lotteries in Espírito Santo. Given the growth of the betting market in Brazil, the state bank decided to expand its operations to include sports betting.

The approved project foresees that 12% of total betting revenue will be allocated to the State for investment in culture, sports, leisure, social assistance and tourism. Regulation, control and supervision will be carried out by the Public Services Regulatory Agency (Arsp), and physical or virtual means may be used to capture bets.

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