Leading Global Sports Betting Operators create the Brazilian Institute of Responsible Gaming
Through the entity, companies aim to collaborate with the public and private sector to build a fair and sustainable market, based on the best practices of successfully regulated markets.
SÃO PAULO, Brazil, March 17, 2023 (GLOBE NEWSWIRE) -- The Brazilian Institute of Responsible Gaming (IBJR) unites the leading global brands in the sports betting sector, which are joining forces in Brazil to contribute to the discussion and development of the national gambling market. sports betting, technically called "fixed odds betting", which should be regulated by the Federal Government this year, based on law 13.756/18.
Bet365, Flutter, Entain, Betsson Group, Betway Group, Yolo Group, Netbet Group, KTO Group and Rei do Pitaco are the founding operators of the entity. Combined, they operate in more than 100 countries. "The IBJR's mission is to collaborate with all sectors of society that want to learn more about the industry and understand how it can be harmoniously integrated into the Brazilian economy, as it has in other countries. We want to help build a safe regulatory environment for customers, while financing of the public sector, and creating a sustainable operating environment for companies," explained André Gelfi, elected president of the Institute.
He emphasizes that the experience of these companies in successful and unsuccessful regulated markets can help define the rules for the national market. "The issue of responsibility appears in the name of the institute precisely because this is the mainspring for all actors involved in markets that have successful regulation. In these places, sports betting is seen as a source of entertainment that helps preserve the integrity sport. And it is clear that the sector's sensitive aspects, such as compulsive gambling and money laundering, must be addressed in a forceful, logical, and responsible manner," he says.
In addition to the highlighted points, Rafael Marcondes, legal director of the institute, highlights the importance of moving forward with regulation: "The United States and Brazil legalized sports betting in 2018, while in the North American country, regulation has been happening quickly in its various States and bringing positive results, especially when it comes to tax collection, Brazil has fallen behind, allowing the proliferation of companies that are not committed to responsible gaming, which jeopardizes the credibility of the market without providing minimum guarantees to consumers."
The IBJR considers Brazil's continental dimensions a challenge for regulation, but not a constraint. The Institute is eager to contribute technical solutions based on comprehensive experiences and global expertise. Clear and demanding compliance rules will be fundamental for the development of the local market. "No other country has enjoyed such a favorable environment for the construction of a successful regulation that can be an example for the world. The government can use aspects of countries that have successfully regulated and adapt them to the local reality," concludes the president of the IBJR.
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