Brazil Senate approves sports betting

Business News

President of Brazil Michel Temer will pass Bill MP 846/2018 today. The regulation will bring about income redistribution from federal lotteries and legalize online sports betting.

In an event to be held at 3 pm in the Nobra Hall of the Planalto Palace (National Congress), President Temer will sign the measure that divides the revenues from lotteries among the Culture, Sports and Security portfolios, and regulates online sports betting, reviewing the text that was approved at the end of November by both legislative chambers.

The official announcement of the ceremony was made yesterday afternoon through a letter from the Minister of Sports of the Nation, Leandro Cruz Fróes da Silva.

It should be noted that the bill observes a two-year term for the Ministry of Finance to regulate the conditions needed for the exploitation of online sports betting through licenses, and estimates that the annual collection reaches USD 255M for Public Safety, USD 161M for Sports and USD 113M for Culture.

For several analysts, the approval of this law represents a great victory for the sector and a possible first step for the regulation of all types of games of chance. Currently, two projects are waiting to be analyzed by Congress; although the new authorities headed by the elect president Jair Bolsonaro do not seem to be particularly predisposed to a wider opening of the game in the country.