Posted on: December 22, 2023, 08:11h.
Last updated on: December 22, 2023, 08:11h.
In a groundbreaking decision that significantly impacts the realm of sports betting, Brazil’s Chamber of Deputies has approved a bill that regulates fixed-odd sports betting. This bill had faced arduous legislative processes due to opposition from the Evangelical Parliamentary Front. However, after months, it secured an overwhelming vote of 292 in favor and 114 against.
This decision is a significant leap towards the legalization and regulation of online gambling in Brazil. With the approval from the Chamber of Deputies, this bill has paved the way for the reintroduction of online casinos, signaling a momentous advance for online gambling and betting across the country, promising substantial revenue for the government.
The approval of this bill faced various challenges, particularly from Evangelical deputies, who have historically opposed gambling on moral grounds. However, the proponents of the bill, led by Speaker Arthur Lira, made a strong case for the regulation and legalization of gambling, emphasizing that it is already prevalent in Brazil in an unregulated manner. They argued that legalizing and regulating the industry would lead to safer practices and prevent exploitation of consumers.
Lira highlighted that further delays in the vote would only allow unregulated gambling to continue, fostering an environment at risk of fraud and addiction. The bill is now awaiting review by the Chamber of Deputies and is anticipated to be sent to Brazilian President Lula da Silva for approval.
What the Bill Includes
The bill incorporates stringent age and identity verification requirements, as well as measures for responsible gambling. Online gambling operators will be mandated to adopt measures to prevent addiction and provide information about responsible gambling practices to their customers.
The Senate’s 12% tax rate on gaming operators remains unchanged, and bettors will pay a 15% Personal Income Tax on their net winnings. This charge will be paid against the total number of bets per year, but only on the amount won greater than BRL2,112 (US$433).
This passage of the bill represents a significant victory for the Brazilian government and the gaming industry, both of whom have long sought to regulate and expand the online gambling industry in Brazil.