OpenBet, a provider of sportsbook technology, is expanding into the newly-regulated Brazilian market for sports betting through a partnership between Play7.Bet and OpenBet.
OpenBet, a Brazilian technology company, will be providing Play7.Bet with the technology needed to support its retail and online sports betting offerings in Brazil.
This agreement includes the OpenBet trading engine, managed services and player account manager (PAM). The technology will be available for both land-based wagering and digital betting.
Play7.Bet also benefits from the partnership between OpenBet and Neccton. This includes responsible gambling, anti money laundering and fraud detection in the gambling industry.
OpenBet’s chief executive Jordan Levin stated that “from the first days of the UK Market through Greece, Australia, and the US it was always clear that investing and partnering in competent local companies, with coherent and compelling plan, is a solid foundation for success in new market”.
We are proud and honored to be working with Play7.Bet in Brazil. We are thrilled to have signed an agreement with Play7.Bet.
Play7.Bet’s CEO Moises Deiab said: “We are proud and excited about our partnership with OpenBet. OpenBet has the best and most comprehensive sports betting services and products in the world. Their value will be crucial to us.
It was important to us that we worked with a company who has consistently demonstrated their commitment to responsible gambling, player protection and local investment, as well as regulated markets. OpenBet has a big plan for the market, and is at its core.
Brazil regulates online gambling and sports betting
This deal comes after the announcement last week that Brazil’s Chamber of Deputies has approved the Government’s gambling law. This bill regulates online gambling and sports betting.
The passage of the bill was one of the last hurdles on the long road to regulate online gaming in Brazil. The bill now heads to the federal senate for 45 days of comments.
The proposed law prohibits foreign companies to offer legal gambling. Businesses that are registered under Brazilian law, and have their headquarters and administration located in Brazil will be allowed to operate.
The bill also includes a tax of 18% on revenues, which rises to 31% or 34% when additional contributions are taken into account.
The licence fee for operators will be R30m. Each payment allows an operator to offer gaming via one betting app. Additional offerings require a separate licence. Each licence is valid for three years.
Licensees are also required to implement anti-money-laundering and counter-terrorism financing policies, procedures, and internal controls. The companies must also comply with safer gambling obligations.
The proposed law also prohibits operators from offering bettors bonus bets and credit lines.