Brazil gets closer to sports betting
The Senate approved a sports betting bill and took another step towards the legalisation of the segment in the country.
Brazil.- The gaming industry has huge potential in the Brazilian market, but is heavily restricted and -mostly- it operates illegally. However, lawmakers continue to move towards legalising sports betting in the country.
The Senate has voted in favour of the MP 846, which had been signed by outgoing President Michel Temer in December. The lower chamber had done the same a few hours earlier, which means Brazil sports betting may soon launch. However, it still needs the signature of current President Jair Bolsonaro.
The bill
PM 846/2018 sets the redistribution of the national lottery’s income, which is operated by Ministry of Finance-controlled Caixa Econômica Federal and is set to be privatised in the future.
PM 846/2018 comes from joint efforts by former Ministries of Culture and Sports, local media explained.
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%.
