Stake Brazil included in list of authorised betting operators
Stake Brazil will be able to operate legally in the nation following approval from the Ministry of Finance.
Key points:
-Stake will be able to operate legally in Brazil
-The operator will acquire an office in São Paulo and hire a local manager
Stake’s Brazil subsidiary, Stake Brazil Ltda, has been included in the Ministry of Finance’s list of authorised betting operators. The decision was made following a review of Stake’s application and supporting documents.
As part of its plan to offer iGaming content to players in Brazil, Stake will open an office in São Paulo, where it intends to hire a country manager, similar to approaches taken in other LatAm territories. The operator also pointed to its various partnerships in Brazil, such as that with Série A side Juventude and the UFC in Brazil, working with athletes like Alex Pereira and Alexandre Pantoja.
Outside of Brazil, Stake’s list of partners is extensive. Some from this year include a partnership with the UFC in Asia, non-profit responsible gambling organisation BetBlocker and Hub88, the latter of which gives Stake exclusive access to Hub88’s entire portfolio with games from over 120 studios.
Good to know: Brazil’s regulated online gaming market goes live on 1 January 2025
Stake also became the title sponsor of the Sauber racing team at the start of the year, with Alfa Romeo relaunching as Stake F1 Team. Gambling Insider attended Stake’s C44 vehicle unveiling in February. However, this sponsorship has faced some challenges, particularly when the team races in territories where Stake is unlicensed. In August, Kansspelautoriteit (KSA) called for the Dutch Grand Prix and Sauber racing team to avoid promoting Stake during the Formula 1 in Zandvoort, asking that the team does ‘not to drive under the name Stake.’
As of writing, almost 200 operators have requested authorisation from the Prizes and Betting Secretariat (SPA). Despite the SPA setting an authorisation deadline of 1 October, with those who did not apply in time to have their operations suspended, authorisation requests continued into October, with over 15 requests made on or after 1 October. In total, as of reports in early October, 93 operators were allowed to do business in Brazil’s betting transition period.
The regulated market is set to come into effect from the start of the new year.
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