Online payment solutions company Pay4Fun has shared ‘Raio X’ (X-Ray), a document exploring payment ordinance n°615/2024, published by Brazil’s Ministry of Finance’s Prizes and Betting Secretariat. The ordinance features descriptions of the payment flow, the management of bettors’ resources, and the operational processes for the financial security of Brazil’s betting market.
This ordinance aims at combating money laundering and ensuring the security of operations in the betting market, in addition to increasing the transparency of financial transactions in the sector.
According to Leonardo Baptista, CEO and co-founder of Pay4Fun, the measure seeks to ensure responsible gambling. “You don’t bet money you don’t have waiting for results to pay with your credit card. We consider the federal government’s measure very important and necessary to encourage responsible gambling and avoid gambling disorders,” he assured.
Leonardo Baptista
The entry into force of the ordinance also serves as a warning for betting payment companies. In this regard, Pay4Fun informed that they already offer their clients the option of paying by electronic transfer, authorized by the Central Bank of Brazil, “with the most diligent practices in the market”.
“Questionable practices and loopholes in legislation that were once common will no longer be tolerated. Companies wishing to continue operating in the Brazilian market will have to adapt to the new rules and invest in robust payment solutions. Failure to comply with the rules will result in severe penalties, including suspension or even revocation of the operating license,” said Camila Caresi, director of governance, risk and compliance at Pay4Fun.
Camila Caresi
Separate accounts for greater protection
Bookmakers must also have separate transactional accounts in financial institutions authorized by the Central Bank of Brazil. This measure is intended to ensure that bettors’ money is safe and secure.
Prizes to be paid within 2 hours
Winning bettors will receive their prizes within 120 minutes after the end of the event. If the bookmaker does not have enough money to pay the prizes, it must use money from its account.
A Portaria Normativa SPA/MF nº 615/2024, que entrou em vigor no dia 18 de abril, representa um passo crucial para a segurança, confiabilidade e transparência do mercado de apostas esportivas no Brasil!
Clique aqui https://t.co/aqYYNWsNK3 e baixe o material completo. #Pay4Fun pic.twitter.com/KrtC3B4gGU
— Pay4Fun (@Pay4FunP4F) April 29, 2024
Added responsibilities for bookmakers
Bookmakers may not offer bonuses or advantages to encourage betting, nor have agreements with financial entities to offer credit to bettors. Betting advertising must also be responsible and may not encourage gambling addiction.
For payment institutions that are prepared for the new requirements, the Ordinance opens up a world of opportunities. The online gambling market in Brazil continues to grow and the increased security and transparency provided by the Ordinance could be a decisive factor in driving the sector even further.
To better understand all the details of the new SPA ordinance, access Pay4Fun’s ‘Raio X’, available in Portuguese and English.