Brazilian sports betting market set to take off after recent approval
Brazil’s House of Representatives has finally passed a bill regulating fixed-odds sports betting, a key step for the country’s and Latin American gambling industry. The bill stalled in the legislative process for months due to opposition from the evangelical parliamentary front, but was eventually passed with an overwhelming majority of 292 votes in favor and 114 against.
This landmark decision represents an important step towards the legalization and regulation of online gambling in Brazil. The bill was approved by the House of Representatives in September and was sent back for further analysis after the Senate revised its content.
House approval would restore the online casino mandate that was removed from the Senate version of the bill. This represents a big step forward for online gambling and gaming across the country and is expected to generate significant revenue for the government.
Overcoming difficulties and obstacles
Passage of the bill was not without challenges. Evangelical lawmakers, who have long opposed gambling on moral grounds, have vigorously tried to block the legislation, arguing that gambling can lead to addiction, financial ruin and other social harms.
Supporters of the bill, led by Speaker Arthur Lira, countered these arguments, stressing that gambling already happens in Brazil, albeit in an unregulated way. They argue that legalizing and regulating the industry will bring it under control, prevent money laundering and protect consumers from exploitation.
Lira also noted that the proposal was approved by the House and Senate in September, with evangelical lawmakers winning some victories. He argued that further delaying the vote would not stop online gambling but would allow it to continue in an unregulated environment, increasing the risk of fraud and addiction.
The House of Representatives will now complete its review of the bill and submit it to Brazilian President Lula da Silva for approval. Once enacted, the bill will create a comprehensive regulatory framework for Brazil’s online gambling industry.
What does the invoice contain
The bill sets out strict age and identity verification requirements and responsible gambling measures. Online gambling operators are obliged to take measures to prevent addiction, such as setting deposit limits and introducing cooling-off periods. They are also required to provide information to customers about responsible gambling practices.
The 12% tax rate enacted by the Senate for gambling providers remains in effect. Players and bettors pay a personal income tax of 15% on the net value of their winnings. This fee is included in the annual wagering total, but is limited to winnings above R$ 2,112 ($433).
The bill's passage is a major victory for the Brazilian government, which has long sought to regulate the online gambling industry. It's also a win for the gaming industry, which has been keen to expand its presence in Brazil.
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Source: www.casino.org
