Brazil's lower house has passed a bill to regulate sports betting, according to a recent Reuters report. The bill will now advance to the Senate for consideration.
The proposal to regulate the market would apply an 18% tax on online betting companies’ net revenue and would apply to wagers placed on sporting events and in online casinos. The tax revenue would be allocated to the National Public Security Fund, tourism sports and education ministries, social security, and sports organizations and confederations.
Lower house leader Jose Guimaraes described the bill as "will be an important step towards ending or reducing tax evasion" in Brazil.
He went on to add in a recent social media post that regulated sports betting could significantly add to the state’s revenue.
He commented, "It will also contribute to increasing the State's revenue and consequently more resources to finance the national reconstruction project."
In addition to the country’s efforts to establish a regulated sports betting market, efforts have been made to facilitate a safe gaming environment through sports betting integrity.
Sports betting brand Galera.bet recently joined the International Betting Integrity Association (IBIA). The company said that its motivation to align with the organization is part of its focus on betting integrity and business development.
The IBIA functions as a global integrity network comprised of more than 50 members and is made up of over 125 betting brands. The association offers services that combat corruption through a collaboration of worldwide operators.
Galera.bet is the official sponsor of the Campeonato Brasileiro Série A, the Brazilian Basketball Confederation and Brazilian 3×3 Basketball Tour.
