Brazil Sports Betting Measure Passes Chamber of Deputies

In a landmark move by the lower legislative body of Brazil, a measure on lottery legislation has passed. This bit of gambling industry news is very important as this Provisional Measure (PM 846/2018) talks about the legalization of sports betting in the country. The measure talks about how the revenue from the lottery will be used: cultural and social programs, and public security. There is also mention of plans to include and allow land-based, as well as online sports betting.

Brazil is a great market for sports betting, especially for a country that is very passionate about sports – football in particular. One of the top bookie pay per head providers enjoys a huge international market of players and bookies, and Latin America proves to be a profitable region.

Brazil Sports Betting Legalization

The measure passed with overwhelming support, with only one member voting against. The legislation details payouts, taxes, and maximum revenues. For land-based operators, there is a minimum payout of 80% of the betting handle to their players. Their gross revenue cannot exceed 14%, and the 6% balance will be split between the government programs that were specified earlier.

As for online operators, there must be a minimum payout of 89%, with an 8% revenue cap for the operators. Meanwhile, the remaining 3% will be for the government. The country’s Ministry of Finance is tasked to come up with regulations, as well as issue licenses to operators. They have two years to formulate the terms of the regulation.

As the measure passed the lower body, it now goes to the Senate of Brazil. As mentioned in the provisional measure, the Senate is given a November 28 deadline to approve the measure for it to become law. This measure, however, already has the endorsement of the new Minister of Justice, Sergio Moro. According to the incoming minister, it was very important for the government’s security forces to be able to get funding.