Updated:2024-03-20 10:33    Views:72

The Brazilian Senate passed a bill on Tuesday, regulating and imposing taxes on sports betting, an initiative projected to generate an estimated 1.65bn reais ($332.3m) in revenue for the Government next year.

The legislation mandates a 12% tax on revenue for online betting companies and a 15% tax on gamblers' winnings. Additionally, betting companies are required to acquire a licence valued at 30m reais to operate within the country.

Sports betting was legalised in Brazil in 2018 but remained unregulated. Since then, numerous betting firms have been actively expanding their operations in the country.

The bill marks a significant move towards regulating Brazil's sports betting market, seeking to instate a structured framework for online gaming and betting activities. This measure follows the establishment of various regulations and requirements for operators aiming to provide sports betting in the country.

Decree 1330, published by Brazil’s Ministry of Finance in the Official Gazette, outlined essential criteria for operators interested in offering sports betting services.

It detailed the necessary legal,Casino games financial and technical qualifications companies must meet, stipulated operational standards and highlighted provisions to prevent money laundering and ensure bettors' rights.

Furthermore, the sports betting platform requirements mandate certification by recognised laboratories and the provision of customer services in Portuguese, available round the clock, free of charge.

The ongoing efforts to regulate sports betting in Brazil align with previous legislative actions and ongoing endeavours, such as the appointment of Senator Angelo Coronel as Rapporteur for Bill 3626/23, aimed at establishing a regulatory framework for sports betting and online gaming.

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