Brazil's Lower House Passes Sports Betting Bill, Aims to Raise $335 Million in 2024
Date: 2023-09-14 Author: Dima Zakharov Categories: SPORTS BETTING
In a major development, Brazil's lower house has given the green light to a bill aimed at regulating sports betting, potentially injecting an impressive $335.65 million into the 2024 budget.
This significant move in the legislative process will now pave the way for the bill to be sent to the Senate for further consideration.
The approval has been met with enthusiasm by the government, with Jose Guimaraes, the leader of the government in the lower house, highlighting the bill's potential to combat tax evasion in the country. He stated that it "marks a crucial step toward reducing tax evasion and its detrimental effects."
Furthermore, Guimaraes emphasized that the bill will bolster the government's revenue, which will subsequently contribute to funding the national reconstruction efforts.
The approved bill primarily pertains to sports betting and online casinos, and it introduces an 18% tax on the net revenue generated by online betting companies. This tax revenue will be allocated to various sectors, including tourism, sports, education ministries, the National Public Security Fund, social security, as well as sports organizations and confederations.
Additionally, the bill sets the grant value for companies looking to operate in the country at a maximum of 30 million reais, with this grant being valid for a duration of three years.
This significant move in the legislative process will now pave the way for the bill to be sent to the Senate for further consideration.
The approval has been met with enthusiasm by the government, with Jose Guimaraes, the leader of the government in the lower house, highlighting the bill's potential to combat tax evasion in the country. He stated that it "marks a crucial step toward reducing tax evasion and its detrimental effects."
Furthermore, Guimaraes emphasized that the bill will bolster the government's revenue, which will subsequently contribute to funding the national reconstruction efforts.
The approved bill primarily pertains to sports betting and online casinos, and it introduces an 18% tax on the net revenue generated by online betting companies. This tax revenue will be allocated to various sectors, including tourism, sports, education ministries, the National Public Security Fund, social security, as well as sports organizations and confederations.
Additionally, the bill sets the grant value for companies looking to operate in the country at a maximum of 30 million reais, with this grant being valid for a duration of three years.
