Brazil Poised to Legalize Online Sports Betting and Gaming
The South American nation of Brazil is on the verge of embracing legal online wagering. The lower house of Parliament has approved legislation to authorize and oversee online sports wagering and internet gaming. This “gaming initiative,” as it’s been dubbed, paves the way for a regulated sector to commence operations as soon as 2024, contingent upon presidential assent.
The bill’s path to passage has not been without obstacles. Following an initial smooth vote, the Senate introduced a complication by attempting to exclude internet gaming from the measure. Nevertheless, the Chamber of Deputies held firm, ultimately succeeding in this legislative back-and-forth.
The final iteration of the bill encompasses provisions for levying taxes on both businesses and individuals, in addition to regulations for licensed entities. Businesses can anticipate retaining the majority of their earnings (88%), with the remaining 12% allocated to vital public sectors such as education, athletics, and law enforcement.
Unsurprisingly, such a substantial shift has ignited controversy. Dissenters, including Congressman Eli Borges, posit that regulation will only exacerbate the potential downsides of wagering, particularly for adolescents.
Conversely, House Speaker Arthur Lira maintains that regulation is crucial to manage a sector already operating clandestinely. He asserts that disregarding the matter will not resolve it, highlighting the prevalence of existing betting platforms, sponsorships, and the income they generate.
Representative Adolfo Viana is strongly supporting this legislation. He emphasizes that remaining passive while these internet gaming platforms generate substantial earnings is not an option. He believes it’s the moment for authorities to intervene, establish regulations, and receive a portion of the revenue. Ignoring this issue, he argues, is akin to granting them unrestricted freedom to function without oversight.
