Online casino gaming and sports betting may soon arrive in the land of the samba and the sun. Brazil’s lower house of parliament approved a bill legalizing online gaming last week, and the issue now heads to the country’s Senate.
The Senate now has 45 days to approve the legislation, which President Luiz Inacio Lula da Silva is expected to sign into law.
Details about the plan
Brazil offers a large market for online gaming. The country has the world’s tenth largest economy and a population of over 214 million people, but has been subject to a gambling ban since 1941. The only permitted forms of gambling in Brazil come in the form of horse racing and state-run racing. the lottery.
However, poker is a game of skill and therefore not illegal under current laws. Some major winners in live and online poker have come out of Brazil in recent years, and online poker operators have focused heavily on the country.
It appears as if lawmakers are now open to adopting more gaming options. Plans call for an 18% tax on online gaming revenue. However, this legislation has drawn criticism from gaming companies because this rate could rise to 34% when taxes and other fees are factored in.
Operators would face a triennial licensing fee of just over $6 million as well. The draft law also sets advertising standards and measures to combat money laundering and corruption. Some promotions can be found in other countries He won’t be in the mix in Brazil.
“The proposed law would also prevent operators from offering additional bets to customers, even if this is done as part of a promotion.” iGamingBusiness.com Notes. “The bill also prohibits companies from offering any lines of credit to bettors.”
Sports betting scale confirmed
Sports betting could boom in soccer-mad Brazil. Sports fans in the country also enjoy volleyball, mixed martial arts, basketball, tennis, and motorsports, especially Formula One.
Regulated betting was already legalized in July when da Silva instituted a provision measure (PM) permitted under Brazilian law. The Prime Minister confirmed the 2018 legislation, which was not signed into law by former President Jair Messias Bolsonaro. Under the prime minister’s rules, Brazil’s Congress had 120 days to pass the legislation with the president and then sign the bill to make it permanent.
Prime Minister Da Silva also helped create a regulatory framework for betting in the country. The Ministry of Finance was tasked with establishing a new National Secretariat for Gaming and Betting (Sinja) to regulate the industry.
Finance Minister Fernando Haddad hopes so Keep more money in the country Instead of going to external sites.
“(Offshore sports betting) pays no taxes and takes a fortune of money out of the country,” he told a Brazilian news site. UOL. “Online gambling is taxed all over the world, and it couldn’t be any different in Brazil.
“There is a ridiculous amount of (tax) evasion in the country – a lot of money (is leaving the country). There is no control because they are not land-based casinos, but online casinos. (Our legislation) is about taxing online casinos, which exist and need to be regulated.
*Photo by Pexels – Murilo Fonseca
