Gambling like that found at is generally unregulated in Brazil. In truth, Brazil has only allowed state-run lotteries and horse racing betting since the 1940s, making it a limited market for gambling. Bingo and slot machines were briefly legalised in the
1990s, but they were outlawed in the middle of the next decade.
As a result, Brazil's gaming laws are currently being developed. The Brazilian Civil Code specifically mentions the contract type "game" but does not define it. Jurisprudence provides its definition.
A game contract, according to Luiz da Cunha Gonçalves4, is "a commitment, agreed as a hobby or as a desire for money, between two or more people, in which each player agrees to pay a specific amount of money or something else to the other party(ies) if
he or she loses, based on some future event, the implementation of which depends, at least in part, on the activity of the players."
The outcome of a game will rely on the actions of the participants, but the outcome of a bet will depend on factors unrelated to the players' intentions. It is important to note that, although being widely recognised and used by the courts, these
definitions were developed through jurisprudence and are not officially stated by legislation.
According to a recent SECAP announcement, fixed-odds sports betting regulation is anticipated to take place in the first semester of 2023. According to regulatory framework rumours, an accreditation model is about to be adopted, without a predetermined
number of licences and with general regulatory sandbox characteristics. This trend was already started by the Brazilian financial system in certain industries (such as banking, securities, and insurance), which could be very helpful to the country's
developing gambling industry.
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