The Chamber of Deputies in Brazil has approved the bill that will regulate online sports betting, known as Bill 3626/23.
In recent weeks, sports betting regulations were passed in Brazil by the Senate, which outlined taxes and measures that will be placed on sports betting operators in the country.
The Senate voted to remove iGaming from the bill, but the Chamber of Deputies overturned this, meaning it was included in the bill.
Betting in the country will be authorized by the Ministry of Finance and companies must have a Brazilian member on their board who holds at least 20% of the company.
In terms of revenue, companies will be able to keep 88% of gross revenue for costs and the other 12% will be divided between education, public safety, sport and other areas. When it comes to income tax, companies will be taxed at 12%.
The President of the Chamber, Arthur Lira, said: “Here we are not increasing or decreasing, we are trying to regulate and give seriousness [to the sector] to avoid, for example, money laundering.”
Deputy, Adolfo Viana, added: “We want a law that, definitively, establishes that these betting sites will be supervised and taxed by the country. If we do not approve the project, the games will continue to take place without supervision.”
In other Brazilian gambling news, Bragg Gaming yesterday announced the launch of its aggregation platform in Brazil with Superbet.
