Between 1360 and 1460 the Venetian government established a system of legalized prostitution under the supervision of government officials and confined, in theory, to a limited area of the city. The authorities also attempted to concentrate the management of licit brothels in the hands of women, who thereby emerged as the effective entrepreneurs of the sex trade. This article describes the organization of Venetian prostitution in the late fourteenth and early fifteenth centuries and the relations among government officials, brothel-keepers, and prostitutes. It illustrates the mechanisms of debt and credit used in the sex trade, which often kept the prostitutes subservient to the brothel-keepers and to their other creditors. An effort is made to assess the degree to which sex workers might become integrated into local society and to suggest the general trends in Venetian policy toward prostitution into the sixteenth century.