Brazil’s Sports Betting Regulations Out Soon!

After years of waiting and a block by former President Jair Bolsonaro, Brazil’s online sports betting regulations could finally arrive this week. Senator Jorge Kajuru announced that the government will submit a proposal to regulate and tax sportsbooks to the National Congress for analysis. The changes will be made via a provisional measure and can be implemented almost immediately, but they still need approval from lawmakers, which could take up to six months. To obtain accreditation and operate legally in the country, companies will have to meet strict requirements in addition to paying a proportional license fee based on their size. The government plans to collect 15% of the total gross gaming revenue from sportsbooks that operate legally in Brazil. The upcoming proposal might also address the country’s General Sports Law, creating new subsegments for the sports industry.