Betfair Makes Complete Payment to Secure Its Brazilian License
Betfair, the betting exchange giant and a subsidiary of Flutter Entertainment, has announced it has paid the fee of R$30 million (US$5 million) to obtain a license to operate in the Brazilian gaming market. This completes the licensing process to enter the new Brazilian gambling legislative framework which is due to start at the beginning of next year.
Betfair successfully completes the Brazilian gaming license process.
LISTEN TO THIS ARTICLE:Having successfully passed the rigorous application process it makes Betfair one of the first tier 1 gaming operators to have been granted a license to operate in the jurisdiction. Under the terms of its new license, Betfair will be able to offer its Exchange, Sportsbook, and Casino platforms to players in Brazil.
The Brazilian government is introducing a new gambling structure for regulated online gaming in the country and is insisting all gaming operators be licensed before the new regulation commences next year. As part of this process the government is determined to close down unlicensed gaming operators.
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License Follows Stringent Compliance Process
Betfair was awarded a license in Brazil after it achieved stringent compliance regulations outlined by the gaming regulators in Brazil. As part of the licensing process, Betfair had to demonstrate it has robust procedures in place to deal with regulations including anti-fraud systems and data security protocols. Additionally, the gaming operator had to show transparency and adherence to worldwide industry standards.
The gaming operator has also shown it is committed to responsible gaming and creating a safe environment for customers in the Brazilian jurisdiction. Betfair says it is at the forefront of responsible gaming and it was a founding member of the Brazilian Institute of Responsible Gambling (IBJR), the body dedicated to protecting vulnerable individuals from gambling-related harm.
This is a very important moment for Betfair. We are rigorously following each of the necessary requirements and, so far, we have complied with all of the requirements established for bookmakers to obtain a Brazilian license. It is also yet another unquestionable demonstration of our commitment to the responsible development of the online betting sector in Brazil. We are proud and excited to take this next step in the journey that began six years ago, which will allow us to continue bringing our Brazilian customers and sports enthusiasts the best entertainment experience,
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