Brazil’s Senate is finally ready to put sports betting bill to vote
Brazil’s Senate may be preparing to take a major step forward in sports betting next week. This chapter is based on a bill approved by the House of Representatives a few months ago.
Chief Secretary Alexandre Padilha of the Secretariat for Institutional Relations announced the development in a statement on Thursday. He said the government, Senate President Rodrigo Pacheco and other Senate leaders had signed an agreement to vote on the bill next week.
At a press conference at the Planalto Palace, Presidential Office Padilla announced that the next vote would be taken by the Senate Economic Committee. Barring any unexpected obstacles, the full Senate will immediately vote in favor of the measure.
About 10 days ago, the Chamber Sports Committee approved the wording, which was sent to the EAC after several revisions. The House approved the bill in September before sending it to the Senate.
A vote has been agreed to take place next week after the government agreed to remove "emergency stamps" from the proposals. Since November 11, the symbolic stamp has blocked the voting agenda in the plenary session of the Senate, blocking analysis of other issues.
Regulatory Language
The bill regulates sports betting both online and in commercial establishments. It also defines the tax system and sets the tax rate at 18%. This is significantly higher than the original version of the bill and has caused controversy among lawmakers.
The text approved by the Senate Sports Committee allocates 3.5% of revenue to the Ministry of Tourism. This replaces the 4 percent proposed by the House. Brazilian tourism association Embratur received 0.8% instead of the originally planned 1%.
The Ministry of Health will now receive 0.5% of tax revenue. However, this grant is earmarked for the development of responsible gambling prevention and treatment programs.
The Ministry of Finance expects it to generate up to 12 billion reais ($2.46 billion) in tax revenue for the state annually.
Optimistic Economic Goals
In the debate surrounding legalizing sports betting, one of the biggest discussions is the economic contribution it would bring. Some industry representatives believe that once the regulations are finally passed, 7,000 to 12,000 new jobs could be created in the short to medium term.
Insiders cite the emergence of call centers and regulatory compliance as the basis for their forecasts. Operators must register with the conflict resolution portal Consumidor.gov. They must also obtain certification for their platform from an international laboratory.
Brazil is expected to become the largest market in Latin America and its regulation of sports betting will create various opportunities for market growth. Creating new jobs will also help create and train professional talent, which may lead to more opportunities for economic growth.
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Source: www.casino.org
