This new stage consolidates the institutional progress of the SPA/MF and reinforces the federal government’s commitment to regulatory predictability, legal certainty and the continuous improvement of the sector’s oversight framework.

Consolidation and Evolution of the Regulatory Framework

Since the enactment of Law No. 14,790/2023, Brazil has progressively structured its regulated fixed-odds betting model. The 1st Regulatory Agenda, formalized by SPA/MF Ordinance No. 561/2024, focused on developing the legal and regulatory framework that enabled the market’s launch in 2024.

The 2nd Regulatory Agenda, established by SPA/MF Ordinance No. 817/2025 following a public consultation held between February and April 2025, expanded its scope to include topics such as commercial promotions, advance collection of popular savings, exclusive instant lottery products, and the development of sectoral federal cooperation mechanisms.

With the regulated market now operational and the implementation of measures planned for 2025 underway, the SPA/MF considers it essential to update its regulatory planning and anticipate the topics to be addressed in the next biennium. The aim is to provide greater transparency to stakeholders and allow market participants to prepare in advance for upcoming regulatory developments.

Strategic Reviews and New Priority Topics

The proposal for 2026–2027 combines continuity and innovation. Among its key priorities is the review and enhancement, beginning in 2026, of regulatory provisions related to licensing, supervision and enforcement, taking into account the experience gained during the initial operation of the regulated market.

For 2027, the Secretariat plans to reassess anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, incorporating lessons learned during the first monitoring cycle and the initial sectoral risk assessment. A review of regulations governing advance collection of popular savings and concession-based lottery modalities is also scheduled.

In addition, the SPA/MF proposes addressing three new topics as early as 2026, reflecting technological innovation and emerging social concerns within the betting ecosystem:

The operation of betting services through physical digital terminals, covering fixed-odds betting and other lottery modalities;

Advertising carried out by affiliates on internet applications, with a focus on greater transparency and accountability;

Monitoring of player risk profiles and strengthening responsible gambling measures, including the development of a tool that would allow bettors to view and track their own gambling behavior in integration with the Secretariat.

This latter initiative represents a significant step forward in consumer protection and harm prevention, aligning Brazil with international best practices in responsible gambling oversight.

A More Predictable and Participatory Regulatory Environment

By outlining in advance the regulatory topics and indicating the quarters in which formal rulemaking procedures are expected to begin, the SPA/MF reinforces regulatory predictability and institutional dialogue with the industry.

The opening of the public consultation underscores the growing maturity of Brazil’s regulatory model, positioning the country as a market committed to integrity, responsible innovation and long-term sustainability.

For domestic and international operators and investors, the move signals that Brazil remains firmly focused on building a robust, transparent and globally aligned regulated betting environment.