The Brazilian Government has voted in favor of approving online sports betting and iGaming. The ‘betting project’ has gained approval, signalling the establishment of a regulated online gambling market in 2024. The bill is currently awaiting the President’s sanction.
The bill, initially endorsed in September, underwent a second vote by the Chamber of Deputies this week due to criticisms from the Senate.
The Senate chose to exclude iGaming from the bill, but the Chamber overruled this objection. The legislation, a product of months of negotiations, encompasses regulations for taxing companies and bettors, along with guidelines for licensed operators.
Companies will retain 88% of gross revenues, with the remaining 12% allocated to areas such as education, public safety, sports, and other causes, as recently disclosed. Opposing the bill, Deputy Eli Borges argues that regulating gambling is detrimental, stating, “We are moving closer to engaging young people and Brazilian citizens in an unprecedented game.”
President of the Chamber, Arthur Lira, supports regulation, emphasizing the need to manage existing unregulated platforms. He questions, “If we choose not to vote on regulation, will gaming disappear? Will people cease playing, and will bets no longer support teams, events, and tournaments? No!”
Supporter of the bill, Deputy Adolfo Viana, expressed the desire for a law that definitively ensures the inspection and taxation of betting sites by the country. He emphasized that without approving the project, games would persist without adequate supervision.
