Brazil signs sports betting bill into law
President Michel Temer signed PM 846/2018 and officially legalised online sports betting all across the country.
Brazil.- The Brazillian Senate approved Provisional Measure (PM) 846/2018 on November 22 and paved the way for online sports betting, which will now arrive in the country after outgoing President Michel Temer signed it this week. The measure is the first step in the market’s restructuring process as Brazil moves towards becoming one of the largest gaming markets in the world.
President Temer’s signature not only legalises online sports betting after the Legislature’s approval but is also considered as a first step to legalise the gambling industry as a whole, including casinos and other types of gambling. Experts forecast the government may liberalise the industry either across the country or on major tourist destinations such as Rio de Janeiro or Sao Paulo.
The PM would set a minimum 80% on land-based operators’ betting handle to be paid to customers, with a 14% cap on their gross revenue and the other 6% going to government programs. In the case of online operators, the minimum to be paid to customers would be 89%, while revenue’s maximum limit would be set at 8% and the government would get the other 3%.
New legislation would also set the redistribution of the national lottery’s income, which is currently operated by the Ministry of Finance through Caixa Econômica Federal. However, the latter is expected to be privatised as a bidding process would be conducted in the near future.
