New Rules for Payment Transactions on the Bet Market

New Rules for Payment Transactions on the Bet Market

SPA/MF NORMATIVE ORDINANCE No. 615, OF APRIL 16, 2024 has just been published, establishing general rules to be observed in payment transactions carried out by agents authorized to operate the fixed-odds lottery in the national territory.

The Ordinance lays down a number of obligations, such as that the bookmaker has a transactional account with a financial or payment institution authorized by the Central Bank of Brazil, segregation of assets, investment of the amounts held in the bookmaker's accounts, prohibition of the existence of intermediaries, as well as contractual obligations between the bookmaker and the financial or payment institution that will provide the services.

The regulation also includes rules on liquidity management and the bookmaker's financial reserve, which must be at least 5 million reais.

Finally, the ordinance clarifies that the 6-month period for compliance with the rules will begin to run from the publication of the specific regulation by the Ministry of Finance's Prize and Betting Secretariat on the rules and conditions for obtaining a bookmaker's license to operate.

For more information, the Payment team is here to help!