Brazil Senate approves main text of bill regulating sports bets

Sports Betting

The Brazilian Senate on Tuesday passed a bill regulating and establishing taxes on sports bets, a measure that the government expects to bring in 1.65 billion reais ($332.27 million) next year.

The bill still has to pass the lower house before being signed into law.

The proposal would tack on a 12% revenue tax for online betting companies and 15% on the winnings paid to gamblers.

It would also require betting companies to purchase a 30-million-real ($6.04 million) license to operate in the country.

Sports bets were legalized in Brazil in 2018 but never regulated. Since then, dozens of betting firms, including bet365, Betano and Betfair, have been aggressively expanding in the country.