One of the largest countries in the world is one step closer to authorizing legal sports betting.
On Tuesday, the Brazilian Senate passed a piece of legislation that proposes to regulate and tax sports betting in a country with a population of 218.6 million — the seventh-largest country in the world. The bill, which still requires final approval in the lower house, proposes a 12% tax on revenue for online sports betting operators and a 15% tax on the winnings paid to customers.
Brazil — which has already seen more than 130 companies file paperwork to secure a gaming license in the country — would require those operators to pay a $6 million fee for a five-year license.
The operators need to maintain business operations in Brazil to be considered for a license. Brazil’s pending sports betting bill also requires operators to meet certain cybersecurity standards and to have leadership with ample experience in the gaming industry.
Several operators have already established a foundation in Brazil, including bet365 and Betfair. The sportsbooks have established a presence in the country after sports wagers were legalized in 2018 but not regulated by the Brazilian government. Despite the pending opportunity of regulated sports betting in Brazil, online casinos and iGaming operators will be left out.
The current bill under consideration excludes any mention of online casinos or iGaming. However, Brazilian lawmakers may consider iGaming and online casinos in a standalone bill.
