Brazil: finance minister says sports betting regulation is ready for Lula’s signature

The latest version amended the tax rate for sports betting in Brazil.

Brazil.- Finance minister Fernando Haddad has confirmed that Brazil’s federal sports betting regulations are ready and have been sent to the Civil House for analysis and the signature of president Lula Da Silva on his return from Charles III’s coronation in London. He confirmed the news in an interview with CBN radio on Friday (May 5).

“It is possible that technical staff make some adjustments, but everything has already been negotiated between the two portfolios [Treasury and Civil House] so that the document is completed as quickly as possible and is analysed by Lula on his return trip,” Haddad said.

Haddad said the government had studied the experiences of the countries where sports betting is regulated and the “practices that are agreed upon among developed countries” to arrive at a uniform solution.

According to information provided by senator Jorge Kajuru, Lula da Silva will present the proposal to the National Congress. Although the provisional measure will be applied immediately, it will require the approval of deputies and senators within 120 days.

The original measure has been reformulated after negotiations with the minister of Sport, Ana Moser about the sports betting tax rate. The new version increases the tax on the income obtained less prizes from the 15 per cent initially proposed to 16 per cent, with the additional amount going to the Sports Ministry to encourage grassroots sports.

See also: Nine international firms form Brazil gambling association