Brazil to raise €135 million from the lottery

Brazil to raise €135 million from the lottery

Brazil continues to push to sell the lottery.

The government expects to raise €134.8 million in Brazil from the sale of a licence to explore instant lottery services in the country.

Brazil.- Brazil continues to move forward with the sale of its instant lottery business. For two years, the government has been pushing to get a buyer but hasn’t been able to do so yet.

However, as it gets closer to a new auction, a government official revealed they expect to get big money from it. As quoted by Reuters, Brazil hopes to get €134.8 million in 2019 from a licence to explore instant lottery services.

The news agency also quoted Alexandre Manoel, Economy Ministry secretary, saying the auction will occur in October. The government will release rules for the bidding process next August 26 and hopes to finally get the sale done.

Money from sports betting

While legislators debate the conditions of sports betting operations, the Brazilian government evaluates how big the tax collection will be. According to the authorities, legal sports betting would pay a total of US$1.5 billion to state coffers.

The Congress could officially approve regulations between September and the end of 2019. Meanwhile, Alexandre Manoel Angelo da Silva, National Secretary of Public Policy Evaluation, Planning, Energy and Lottery of the Ministry of Economy, will lead the financial evaluation. As he explained, once the public consultation is over, they will make an official estimate on the segment’s tax collection. “We launched a public consultation. We gave the market 30 days to comment with suggestions. The idea is to spend another 30 days of study and start regulating in mid-October or November,” said Silva.

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