Brazil's President Gives Go Ahead to Sports Betting Regulatory Framework
On December 30, the head of state signed Bill 3,626/2023 into law.
Brazil's President, Luiz Inacio Lula da Silva, has finally ratified a new legal framework for sports betting and igaming in Brazil.
On December 30, the head of state signed Bill 3,626/2023 into law.
President Lula's consent came after the Bill was approved by Brazil's chamber of deputies on December 21. Igaming was reinstated in the bill after being deleted by the Senate.
According to Brazilian media sources, President Lula blocked a proposed income tax exemption for customers earning less than R$2,112 (£339/€394/$425). Individual net wins will be taxed at a rate of 15%.
Operators will be taxed at 12% of gross gaming income, with the majority of the proceeds going towards sports development. On November 22, the Economic Affairs Commission issued taxation suggestions.
Fixed odds bets will be permitted under the new law, with the Ministry of Finance in charge of regulating companies.
Companies will pay R$30 million for up to three brands over a five-year period, which is two less than planned.
