Brazil sports betting bill becomes law
Operators revenues capped at 8% under new legislation
Sports betting in Brazil has been officially legalised at an official parliamentary ceremony yesterday afternoon, it has been confirmed.
Interim Brazilian president Michel Temer signed provisional measure 846 into law following its successful passage through both chambers of the Brazilian parliament.
The measure, which primarily deals with the distribution of lottery revenues across Brazil, allows for fixed quota betting through both retail and online channels.
A letter to Brazilian sports minister Leandro Cruz Froés da Silva confirming yesterday’s ceremony
Operators will be authorised by the Brazilian ministry of finance, which will have a two-year period from legalisation to create the required regulations to govern the sports betting market.
Under the measure, online operators would be required to pay a minimum of 89% of betting handle back to customers with gross revenues for operators being capped at 8% of turnover.
The Brazilian government will distribute the remaining 3% proceeds among the Brazilian school system, the social security system and to the National Public Security Force.
The passage of this bill represents an important step in the potential legalisation of online gambling in Brazil, which has been often mooted but long delayed by the country’s government.