Sports Betting in Brazil is Ready to Start
Four years ago, Law 13,756/2018 got the approval of the Brazilian Congress which would establish a new lottery model. Furthermore, it would legalize sports betting in Brazil in the form of fixed-odds. While the law did pass, sports bettors did not see any progress in sports gambling becoming available to the public. At least, not until now.
According to the bookie pay per head news blogs, Sports Betting in Brazil is Ready to start. This is because the first draft of the sports gambling rules and regulations are out and ready for approval. The only thing missing is President Jair Bolsonaro’s signature which could happen in less than a week. At least, it is if no one tries to make any modification to it.
However, the Secretariat of Evaluation, Planning, Energy and Lottery (SECAP) is confident it will receive the President’s signature. For their part, Sports gamblers are hoping they will be able to bet on the 2022 FIFA World Cup.
Sports betting companies from sports betting software providers to sportsbook operators are keeping a close eye on this.
Sports Betting in Brazil – All Sports Betting Operators Welcome
According to Bookie Pay Per Head companies, there Brazil will not have a limit on the number of license available. Since there are almost 500 foreign sportsbooks currently operating in Brazil, this is good news for them. In fact, according to SECAO, all operators that want in on Brazil’s sports betting activities are welcome.
If 13,756/2018 becomes law, sports gambling operators will have 6 months to meet the provisions of the new rules. If they do not, they will not be able to qualify for a sports wagering license.
A sports betting license in Brazil will be valid for 5 years and will cost R$22.2 million (US$4.47 million). Since the sports gambling market in Brazil is worth over $1.4 billion, well worth the license. However, for a foreign company to operate in Brazil, they must have a subsidiary in the country.
Furthermore, they will have to prove they have the money and the economic capacity to operate a sportsbook. At the moment, no exact income tax rate is available because it will depend on the revenue the operator earns.
Of course, getting the approval of the President is just the first step. Afterwards, the Ministry of Economy will have to designate a new regulatory body to authorize and supervise sports betting operators.