Brazilian Senate approves sports betting
A day after the Lower House approved Provisional Measure 846/2018, the Senate voted in favour of the segment’s regulation.
Brazil.- Last week, the gaming industry took a major step forward in Brazil as the online segment’s legalisation was voted by both chambers of the Congress. The Lower House approved Provisional Measure (PM) 846/2018 on Tuesday and the Senate voted in its favour on Thursday, moving towards gambling legalisation in the country.
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’s text comes from joint efforts by Ministries of Culture and Sports, local media explained. Furthermore, as it wasn’t modified by either chamber of the Congress, the only step remaining is the President to sign it into Law before it gets implemented.
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%.
