Brazil Records 113 License Submissions as Application Window Closes

As Brazil continues its inexorable journey toward regulated online sports betting, dozens of new companies have applied for a license. On the final day for submissions alone, Brazil recorded more than 50 new applications.

Fewer Companies Applied for a License Than Expected

The last day for the license application was August 20. So far, 113 companies have applied for a license, including dozens of leading operators. While impressive, this figure fell short of the 134 gambling companies that initially expressed interest

Brazil started accepting applications on May 21. Five days later, Kaizen Gaming, a Greek operator company, submitted its first application. In the following days, a number of Brazilian gaming entities also filed their applications.

Some of the best-known names to request a license include the likes of Betfair, Betsson, Stake.com, Caesars Entertainment, Sportingbet and bet365, among other prominent operators.

While some companies tried to submit their applications as soon as possible, many operators preferred to file them toward the end of the licensing window, ensuring that they were as ready as can be and that they had a good grasp of Brazil’s regulatory framework.

According to the official list of applications, available on Gov.br, the last three companies to submit their applications were PUSKAS BET ADMINISTRADORA DE APOSTAS ESPORTIVAS LTDA, G2 NEGOCIOS DIGITAIS LTDA and AF TECNOLOGIA E SOLUCOES FINANCEIRAS LTDA.

The companies that opted to file their applications on August 20 had a certain edge over their competitors as they were able to familiarize themselves with the final rule set that was published earlier this month.

First Come, First Served

Bookmakers that missed the deadline would still be able to apply for a license. However, the licensing process for such companies is likely to take much longer, causing them to miss out the market’s opening.

Applicants were expected to abide by Brazil’s regulatory framework and meet a number of conditions. International companies, for example, were required to open a local HQ and create a subsidiary with a Brazilian national holding of over 20% of the share capital. In addition to having to pay a licensing fee, companies were also required to maintain a financial reserve of at least BRL 5 million.

Brazil’s regulated gaming market, for context, is scheduled to launch on January 1, 2025. Applicants who have submitted their applications within the initial period will be able to offer their products as soon as the market opens.

Brazil has long remained one of the biggest untapped markets when it comes to regulated gaming. According to analysts’ projections, regulated betting could generate as much as $34 billion in betting turnover by 2028.