The regulatory milestone for online gambling in 2024 in Brazil

In a year-end development that reverberates throughout Brazil’s gambling landscape, this is a highly anticipated one ‘Bet Project’has received approval, paving the way for a regulated online gambling market set to launch in 2024.

The bill, which was first approved in September, has overcome hurdles and is now awaiting official approval from lawmakers president.

Political maneuvers – A second vote and a triumph in the House of Representatives

After a careful examination the SenateThe bill went through a second round of voting in the Chamber of Deputies. Initially, the Senate proposed excluding iGaming from the bill, which sparked strong criticism. However, the board stood firm and overturned the objection in a decisive ruling.

The approved bill is evidence of months of agreements and negotiations. It summarizes a comprehensive regulatory framework and contains provisions for stressful both Companies And Weather. Licensed operators, who are an integral part of the proposed regulated market, are subject to rules and regulations.

Taxation and revenue distribution

According to the approved legislation, companies operating in the regulated market retain 88% of their gross sales. The remaining 12% will be earmarked for various sectors includingg Education, public safety, sports and other relevant social issues. This allocation mechanism underlines the government’s plans to leverage the gaming industry for broader social and civic benefits.

As the President prepares to give his official stamp of approval to this groundbreaking legislation, the stage is set for a year of change in 2024. The regulated online gambling market, born of collective efforts and political determination, promises a new era for both industry players and those interested in betting alike.

Rep. Eli Borges, a critic of the legislation, voices his dissent, claiming that gambling regulation has detrimental effects: “We are taking another step forward to involve young people and Brazilian citizens in an unprecedented game.”

Chamber President Arthur Lira takes a different point of view and emphasizes the advantages of regulation: The existence of unregulated platforms requires effective management: “If we simply don’t vote on regulation, will gambling cease to exist? Are people stopping gambling, betting, and sponsoring teams, events, and tournaments? No!”

Deputy Adolfo Viana added: “We want a law that will definitively establish that these betting sites will be controlled and taxed by the country. If we do not agree to the project, the Games will continue to take place without supervision.”

source:

“Brazil’s Chamber of Deputies approves draft law to regulate online betting”Gamblinginsider.com, December 22, 2023.

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