Betfair takes key step in securing Brazilian betting license with $5 million payment

Online betting operator Betfair announced it has completed payment of the R$30 million (US$5 million) licensing fee required to operate in Brazil’s newly regulated sports betting and iGaming market.  

The payment, made on November 29, marks a significant milestone in Betfair’s journey to become one of the first companies granted a license under Brazil's updated regulatory framework. The Ministry of Finance is expected to finalize approvals by the end of December, enabling licensed operators to begin legal operations on January 1, 2025.  
  
Betfair successfully fulfilled a stringent set of requirements outlined by the Ministry of Finance. These included demonstrating technical expertise, implementing robust security measures to prevent fraud and money laundering, promoting responsible gambling practices, and ensuring compliance with Brazil's General Data Protection Law (LGPD).  
  
As part of the process, the company reaffirmed its dedication to the responsible development of Brazil’s online betting sector. As a founding member of the Brazilian Institute of Responsible Gaming (IBJR), Betfair said it is actively involved in shaping modern regulations aligned with global best practices.  

“This is a very important moment for Betfair,” said Kimberly Daly, General Director of Betfair International. “We are rigorously following each of the necessary requirements and, so far, have complied with all of the standards established for bookmakers to obtain the Brazilian license.”  

Daly emphasized the company's long-term vision: “This step allows us to continue bringing our Brazilian customers and sports enthusiasts the best entertainment experience. It’s another unquestionable demonstration of our commitment to responsible gaming and industry development.”  
 
Betfair will operate in Brazil through its Betfair Sports, Betfair Exchange, and Betfair Casino platforms. With licenses in 19 countries and over two decades of industry experience, Betfair serves more than four million users worldwide. The company’s platform offers peer-to-peer betting alongside traditional sportsbook services.