Even with more restrictive standards and a high licensing fee there are more than 200 Betting Companies requirements awaiting approval by the Ministry of Finance.
Brazil has a history of setting high standards for its regulated markets, especially those involving large amounts of money such as the gambling sector.
I can tell you from being here and observing the issue closely that in addition to the compliance challenges brought about by regulation, there is a an even more important factor for gambling companies to face: a radical and conservative view of the industry in Brazil.
There is a strong campaign against gambling these days. Some sectors of the population and even the press have fought to prevent its development, often supported by health and economic concerns linked mainly to the finances of poor families.
There is no doubt that these concerns should be addressed by companies and authorities because they are relevant. Gambling should be seen as entertainment and not as a source of income or, much less, a way to get rich.
However, when we see this large and aggressive mobilization against this new market, one question remains: are they really and genuinely concerned about sensitive issues for society or, moreover, are they trying to protect the profits of established markets?