Brazil is correcting flaws in its online sports betting regulations. The 2018 law allowed online sports betting but didn’t produce any regulatory framework which prevented the government from collecting taxes on the activity.
The country’s Ministry of Finance recently presented the new tax proposal, which has reportedly found enough support among legislators and President Inacio Lula da Silva to make it onto the books. The regulations could appear within a week or shortly after Minister of Finance Fernando Haddad returns from his recent trip to China.
The Ministry of Finance prepared the provisional measure regulating sports betting in the country. The new law aims to combat illegal betting and organized crime.
To function legally in the Brazilian market, sports betting operators must acquire governmental consent. They must also comply with protocols that still have to be completely defined. Additionally, they must be prepared to pay up. They will be charged a BRL30 million ($6.01 million) licensing fee, valid for five years, and a mandatory 15% tax on their gross gaming revenue
The country’s Ministry of Finance recently presented the new tax proposal, which has reportedly found enough support among legislators and President Inacio Lula da Silva to make it onto the books. The regulations could appear within a week or shortly after Minister of Finance Fernando Haddad returns from his recent trip to China.
The Ministry of Finance prepared the provisional measure regulating sports betting in the country. The new law aims to combat illegal betting and organized crime.
To function legally in the Brazilian market, sports betting operators must acquire governmental consent. They must also comply with protocols that still have to be completely defined. Additionally, they must be prepared to pay up. They will be charged a BRL30 million ($6.01 million) licensing fee, valid for five years, and a mandatory 15% tax on their gross gaming revenue
