BiS SiGMA Americas 2025 is establishing itself as the epicentre of discussions on the future of iGaming in Brazil, bringing together key industry leaders at a decisive moment for the consolidation of the regulated market. With the legal framework for betting already in place, the industry is entering a new phase where the implementation of guidelines from the Secretariat for Prizes and Betting (SPA-MF), the Central Bank’s role in payment issues, judicial rulings, and operational challenges will determine the pace of growth and maturation of the sector.

Amidst these advancements and strategic challenges, Luiz Felipe Maia, Founding Partner of MAIA YOSHIYASU Advogados, stands out as a leading expert in regulatory law for the sector. With extensive experience advising operators, suppliers, and global investors, Maia has closely followed the complexities of Brazil’s regulatory environment and the direct impact of new regulations on market competitiveness, legal security, and investment attractiveness.

To delve deeper into the most pressing issues—such as the effectiveness of the SPA in supervision and licensing, banking restrictions affecting licensed operators, the ongoing legal dispute over the territorial scope of betting, and necessary advancements in gambling addiction prevention—Lygia Rodrigues, Head of Conferences at BiS SiGMA Americas, interviews Luiz Felipe Maia. Their conversation provides strategic insights on how regulation can foster a healthy competitive environment while ensuring innovation, consumer protection, and predictability for investors.

Lygia Rodrigues: Luiz Felipe, thank you very much for accepting our invitation for this interview. Your experience and expertise are essential for understanding the direction of iGaming regulation in Brazil. Law No. 14,790/2023 assigned the Ministry of Finance the responsibility of regulating the fixed-odds betting sector, leading to the creation of the Secretariat for Prizes and Betting (SPA-MF) in 2024. How do you assess the effectiveness of this regulatory structure in promoting a safe and transparent betting environment in Brazil?

Luiz Felipe Maia: The creation of the Secretariat for Prizes and Betting (SPA-MF) was a necessary step in structuring Brazil’s betting market. The SPA plays a central role in regulation, oversight, and ensuring a secure and competitive environment.

For regulation to be effective, the SPA must not only establish clear rules for operators but also ensure that there are efficient mechanisms for enforcement and sanctions. The biggest challenge will be preventing excessive bureaucracy or poorly adapted digital regulations from driving away reputable operators and strengthening the illegal market. Additionally, the SPA’s success depends on its ability to coordinate with financial institutions, state authorities, and law enforcement agencies to maintain the integrity of the sector.

Despite the challenges, the SPA team has been working diligently, demonstrating commitment and seriousness in building a solid and reliable regulatory framework. They are on the right track to consolidating a safe, competitive, and sustainable market in Brazil.

Lygia Rodrigues: Recently, financial institutions have been issuing alerts to customers making transfers to betting sites, which has caused dissatisfaction among online betting operators. In your opinion, could these actions by banks encourage bettors to migrate to the illegal market? What could be the potential consequences of this dispute for the regulated sector?

Luiz Felipe Maia: Banks such as Nubank and Bradesco have been creating barriers to transfers to licensed betting sites, even threatening to close accounts of customers who make transactions with these operators. These actions are illegal, as they create obstacles for an activity regulated by the federal government.

By restricting transactions to licensed companies, banks ultimately push bettors towards unregulated operators, who offer alternative payment methods such as cryptocurrencies and informal intermediaries. This migration reduces tax revenue and weakens oversight of issues like money laundering and responsible gambling.

A firm response from the Central Bank and SPA-MF is necessary to ensure that banks do not impose arbitrary restrictions on a legitimate and economically significant sector.

Lygia Rodrigues: Access to betting sites in Brazil has doubled since regulation, highlighting the industry’s growth. How do you see the balance between encouraging the economic development of this sector and the need to protect consumers from potential risks associated with the increased availability of betting?

Luiz Felipe Maia: The betting sector has the potential to generate significant tax revenue, create jobs, and attract investment in technology and entertainment. However, its growth must be accompanied by consumer protection measures.

Regulation should ensure that operators implement effective tools to identify and intervene in cases of compulsive gambling, including:

• Self-exclusion options for players struggling with gambling control.
• Deposit and betting limits that can be adjusted by the user.
• Monitoring of betting patterns to detect risky behaviours.

The industry can grow sustainably if it operates with transparency and responsibility, avoiding predatory practices and ensuring that consumers have clear information on risks and probabilities.

Lygia Rodrigues: In 2025, the Supreme Federal Court (STF) is set to rule on constitutional challenges related to online betting regulation, including issues concerning public health and consumer rights. What are the possible implications of these decisions for the future of the betting market in Brazil?

Luiz Felipe Maia: The STF has several critical rulings ahead that could shape the future of Brazil’s betting market. One key case concerns the territorial scope of sports betting, involving a dispute between the federal government and Loterj (the Rio de Janeiro State Lottery).

Loterj argues that states have the autonomy to regulate and license operators within their territories, while the federal government maintains that national regulations should take precedence. If the STF rules in favour of Loterj, Brazil could adopt a decentralised model where states compete to attract operators, potentially creating legal uncertainty and market fragmentation.

On the other hand, if the ruling favours the federal government, there will be a standardised national regulatory framework, ensuring greater control over licensing, oversight, and taxation. This model would provide more predictability for operators and investors.

Beyond this case, the STF is also examining issues related to consumer protection and the social impact of betting, which could lead to stricter operational requirements for the sector.

Lygia Rodrigues: The regulation of online betting has brought significant economic benefits but has also raised concerns about a potential “gambling addiction pandemic” and its effects on public health. How can the industry balance its growth with the implementation of effective policies for gambling addiction prevention and treatment?

Luiz Felipe Maia: Concerns about rising gambling addiction are legitimate and must be addressed through effective public policies. A well-structured regulatory model should require operators to adopt measures for identifying and preventing compulsive gambling behaviours.

Best practices include:

• Self-exclusion programmes and personalised betting limits.
• Education on gambling risks, with real-time alerts during user experiences.
• Partnerships with specialised organisations for gambling addiction treatment.

Additionally, a portion of the industry’s tax revenue should be allocated to funding research and treatment for gambling disorders. Effective regulation is not about prohibition but about ensuring a safe and monitored environment.

Lygia Rodrigues: The significant increase in access to betting sites since regulation reflects a shift in Brazilian consumer behaviour. What challenges and opportunities does this new

reality present for the online betting market, and how can companies adapt to meet the expectations and needs of this growing audience?

Luiz Felipe Maia: The rapid growth of the industry reflects the increasing engagement of Brazilian consumers with sports betting and online gaming.

Key challenges for companies in this sector include:

• Adapting to evolving regulations, which may change in the coming years.

• Navigating intense competition, requiring strong differentiation to attract and retain customers.

• Combating illegal operators and unethical practices.

At the same time, there are clear opportunities for innovation, such as developing new digital experiences, integrating with eSports, and offering personalised user journeys. Regulation provides the industry with stability and opens the door for sustainable growth—provided that companies operate with transparency and responsibility.