Brazil Nears Regulated Sports Betting Following Approval of Tax Rate Bill
LISTEN TO THIS ARTICLE:The Brazilian Economic Affairs Commission (CAE) has approved the sports betting Bill 3,626/23, which introduces a reduced 12% tax rate for sports betting in the country.
Sports Betting and iGaming Legislation in Brazil under Way
The bill was approved on 22 November and at the same time an attempt to remove iGaming from the rules was rejected. There will now be a Senate plenary vote on 28 November, which could result in iGaming and sports betting being given the go-ahead in Brazil. However, if the Senate makes changes to the bill, it will go back to the Chamber of Deputies for review.
While the bill did clear the CAE, it faced challenges from senators such as Eduardo Girão and Carlos Portinho, who opposed the inclusion of iGaming. The bill's journey has been complex, initially receiving approval from the lower chamber in September and then unexpectedly incorporating online casino elements into its framework.
Senator Girão expressed his concerns regarding iGaming legislation.
It is an extremely serious issue, which impacts less privileged people. We need to be very careful when legislating. It’s not in a rushed way.
The Road Ahead for the Gambling Bill
If the Senate approves the bill, it will return to the Chamber of Deputies for further review. A positive vote from the chamber would then send the bill to President Lula da Silva, who would sign it and signal the start of Brazil's sports betting market.
The bill includes a 12% tax on sports betting operators and a 15% tax on the winnings, to be paid by the gambler.
The bill covers fixed-odd bets on sporting events as well as games for live online casinos. Brazil’s Ministry of Finance has said that they think it will be an important revenue stream over the coming year and will help towards the goal of hitting a fiscal deficit of zero by 2024.
More Regulation News
RELATED TOPICS: Regulation
Latest News
Responsible Gambling
Parlays, Pressure, and Addiction - The Risks of Modern Sports Betting
Dec 20, 2024Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Brazil Nears Regulated Sports Betting Following Approval of Tax Rate Bill