On 16 June, the Brazilian non-governmental organization that self-regulates the advertising sector (known as “CONAR”) signed an agreement for the elaboration and definition of rules regarding the advertising of bookmakers.
The agreement provides cooperation between CONAR and the IBJR in defining a new regulatory code specifically for the betting sector.
The agreement will be presented to the Ministry of Finance and other regulatory bodies and its central objective is to ensure that the marketing and advertising actions of betting companies are responsible and ethical, thus contributing to a safe environment.
This move comes at a time when the sports betting market is at a critical juncture in Brazil. Despite being legalized in 2018 (through Law 13.756/18), a significant legal vacuum remains in the area. This was caused by a lack of regulation, in turn creating a climate of legal uncertainty, impeding the sector’s growth and leaving stakeholders in a state of limbo.
For some time now, the debate has focused on the necessity for swift government action to address this issue and establishing clear rules and guidelines for the area.
If you would like to know more about how these topics could affect your business in Brazil, please get in touch with our experts.