In a rare opportunity for the industry, SBC Summit Rio brought together two regulators from Brazil’s betting market on the same stage. Daniele Correa Cardoso, acting secretary of Prizes and Betting at the Ministry of Finance, and Giovanni Rocco Neto, Secretary of Sports Betting and Economic Development of Sport, presented an overview of the sector on Wednesday, March 4.
Cardoso described 2025 — the year when Brazil’s betting regulation came into force — as “the first time the State managed to protect people, combat money laundering, and know who the authorized [operators] are.” In her view, the balance so far has been positive.
“The first challenge we have for 2026 is ensuring that authorized operators comply with the rules established in the regulations and ordinances. The rules are there, and they must be followed, knowing that when there is a breach of these rules, a supervisory process can be initiated that may lead to sanctions. A second challenge is continuing the process of combating the illegal market,” Cardoso noted.
Rocco Neto, on the other hand, criticized the lack of regulation under the previous government and stated that, in one year, the current administration had done what the previous one failed to do in four. He also highlighted the fight against the illegal online betting market.
“More than 27,000 illegal sites have already been blocked, and there are still many more to take down because it is a very complex system. You can’t solve this overnight by pressing a button,” Rocco Neto said.
To structure betting regulation, the federal government decided in 2024 to create two separate betting secretariats. While the department led by Cardoso focuses on the regulatory framework and market supervision, the secretariat headed by Rocco Neto has a more direct role in sports integrity and protecting competitions.
Prediction markets
Popular in the United States, prediction markets were also mentioned during the panel with regulators. One of the questions raised is how this type of service would fit within Brazilian legislation, as the platforms operate differently from traditional betting sites.
In prediction markets, participants buy and sell “contracts” that represent the probability of events occurring. The price of each contract reflects the collective probability calculated by all users. On these platforms, users can speculate on sports, politics, economics, pop culture, and other topics.
Although there is still no specific regulation for prediction markets, a quick Google search shows that some platforms of this type are already operating in Brazil.
“If these companies want to operate as a sports prediction market, they will have to apply for a license and participate in the regulated market. That is the interpretation we share with the Secretariat of Prizes and Betting (SPA),” Rocco Neto argued. The issue, however, is still expected to be discussed in greater depth, with the secretary mentioning the possibility of a meeting with Brazil’s Securities and Exchange Commission (CVM).
