Sports Betting in Brazil Will Soon Be Legal
The legislature of Brazil has recently approved the amended version of Provisional Measure 846/2018. This policy talks about the division of revenue from lotteries towards social and cultural programs, as well as public security. But why are we talking about this? The policy also includes the possible legalization of sports betting in Brazil – both for online and land-based betting. With a huge market, get the best bookie pay per head service and be ready to take in more players from around the world.
Under the legislation, the Ministry of Finance will oversee the land-based and online sports betting in a competitive environment. If approved, the Ministry of Finance has 2 years to regulate and issue licenses.
Sports Betting in Brazil
Under the bill, land-based operators will need to pay out a minimum of 82% of their handle in winnings to the bettors. As well as the taxes for the winnings. There will also be an additional 4% for a group comprising of social security, sports bodies, schools, as well as the National Public Security Force. In addition, the expenses of an operator should not exceed 14% of the handle.
As for online bookies, there is a 90% minimum payout in the winnings, as well as the taxes. Plus, a 2% payment for the group with social security, schools, sports bodies and security force. As of now, the bill is waiting for debate in the Chamber of Deputies. After which, they will send to the Senate. As it is a provisional measure, this will need approval by both the legislative chambers. They will need to complete this by the 28th of November, and only then will it become law.
The country’s policy on sports betting could have been made earlier. But this has been pushed back by their Chamber of Deputies, and was also rejected by a Senate committee. Brazil has long been a huge market for international operators, and as the largest country in South America, sports betting in Brazil holds a lot of potential.