Brazil sports betting bill has been approved by President Lula.

President Lula signed Brazil sports betting bill, ending delays. In 2022 Bolsonaro stalled a previous framework. Amendments tackled tax and advertising issues.

Senators debated online casinos, leading to changes. In the final Dec. 22 session, the bill, with online casino regulation, got 261 votes. Lula signed it aiming to boost revenues, with a projected R$10 billion.

Vetoes included a tax exemption up to R$2,112. The Senate taxation proposals stand with 12% GGR tax for operators and 15% for player winnings.

 

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The approval and subsequent signing of the sports betting bill by President Lula indeed marks a significant step forward for the gambling industry in Brazil. This move comes after a delay caused by President Bolsonaro in 2022 when he stalled a previous framework.

The bill underwent amendments to address several important issues, such as taxation and advertising. During the Senate debates, the inclusion of online casinos was also discussed, leading to some changes in the final version of the bill.

On December 22, the bill received a substantial amount of support in the Senate, with 261 votes in favor. This solid backing culminated in President Lula's decision to sign it into law. The primary objective of this move is to generate additional revenue for the country, with an estimated R$10 billion expected to be generated.

However, it is worth noting that President Lula did exercise some veto power, including the tax exemption up to R$2,112. As a result, the Senate's proposed taxation plans remain in place, which include a 12% gross gaming revenue (GGR) tax for operators and a 15% tax on player winnings.

Overall, the approval of the sports betting bill and the inclusion of online casino regulation signify a significant turning point for the gambling industry in Brazil. It is now up to the government, operators, and players to navigate this new landscape and seize the opportunities it presents.