Brazil’s Chamber of Deputies approves bill to regulate online betting
The Brazilian Government has voted to approve online sports betting and iGaming.
The so-called ‘betting project’ has been approved just before the end of the year, setting the precedent for a regulated online gambling market in 2024. The bill is now being sanctioned by the President.
The bill was initially approved in September, but the Chamber of Deputies was required to vote again this week after facing criticism from the Senate.
The Senate voted to excluded iGaming from the bill, but the Chamber ruled to overturn this opposition.
The bill is a result of months of compromise and currently includes regulation to tax companies and bettors, as well as rules for licensed operators.
Companies will be able to keep 88% of gross revenues, but the other 12% will be divided between education, public safety, sports and other issues, as recently reported.
The ruling is controversial. Deputy Eli Borges, an opposer of the bill, claims the regulation of gambling is harmful: “We are taking another step forward to involve young people and Brazilian citizens in an unprecedented game.”
However, the President of the Chamber, Arthur Lira, advocates for the benefits of regulation, arguing that unregulated platforms already exist and must be managed: “If we just don’t vote on regulation, will gaming cease to exist? Do people stop playing, bets stop working and sponsor teams, events and tournaments? No!”
Deputy Adolfo Viana, a supporter of the bill, reflected this sentiment: “We want a law that, definitively, establishes that these betting sites will be inspected and taxed by the country. If we don’t approve the project, the games will continue to take place without supervision.”
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