By Facilitating Play7.Bet, OpenBet Enters Newly Regulated Brazilian Sports Betting Market
Through a cooperation with Play7.Bet, which operates under an all-encompassing marketing and advertising agency with a focus on the brand and entertainment industries, Play7, the sportsbook technology supplier OpenBet will increase its presence in the recently legalized Brazilian sports betting industry.
In accordance with the agreement, Play7.Bet’s storefront and online sports betting offerings in Brazil, thanks to which the operator is climbing the letter of the top bookmakers in the nation, will be powered by technology from OpenBet.
The OpenBet betting generation, management of trade services, and PAM (player account management) are all included in this arrangement. Both online and offline wagering will have access to technology. Furthermore, Play7.Bet will gain from OpenBet’s alliance with Neccton, a comprehensive analysis tool for online gaming companies. This pertains to preventing money laundering, detecting gaming-related fraud, and responsible gambling.
As OpenBet CEO Jordan Levin emphasized, it has always been evident that investing in and forming alliances with qualified local businesses that have compelling business plans is a solid foundation for success in new markets, from the earliest days of the UK market through Greece, Australia, and the US. For this reason, a contract was reached with Play7.Bet.
OpenBet is a key component of Play7.Bet’s ambitious intentions for the gaming market, CEO of the latter company Moises Deiab stressed.
Brazil Controls Internet Casinos and Sports Betting
The agreement comes after news that the government’s gambling measure was approved by Brazil’s Chamber of Deputies last week. This governs both Internet casinos and sports betting.
One of the last obstacles in the protracted process of regulating online gambling in Brazil was cleared with the bill’s passage. The federal senate will now consider the bill; it has 45 days to do so.
The proposed law prohibits foreign firms from providing legitimate gambling. Only companies that are legally incorporated in Brazil and have their headquarters and administrative offices there may conduct business.
The law also includes an 18% tax on revenue, which increases to between 31% and 34% once extra payments are taken into account. Operators must pay a license cost of R30 million. An operator is given permission to offer gaming through one betting app with each payment; any further offerings require a different license. Each permit is valid for three years.
Additionally, licensees are required to have internal controls and anti-money laundering and counter-terrorist financing strategies. Companies must also follow regulations requiring safer gambling. Additionally, the proposed rule prohibits operators from providing credit lines and bonus bets to gamblers.
