Sports Betting NewsGambling News

Future of Brazil Sports Betting Measure

There are speculations that the National Congress will deny Brazil sports betting measure. Last week, lawmakers filed more than 200 amendments to Provisional Measure No. 1,182. It is the presidential decree that confirms the law legalizing sports betting.

Amendments to the planned tax rate and additional advertising limits are among the adjustments proposed. According to sports betting software reports, these are not final. Also, they require Congress’ approval to become law.

The legislation had garnered a mostly unfavorable reaction from industry. Criticisms centered on the high tax rate, payment concerns, and potential regulatory risk.

Brazil Sports Betting Measure

Future of Brazil Sports Betting MeasureAccording to pay per head bookie experts, President Luiz Inacio Lula da Silva released the PM at the end of July. It was the most recent development in the protracted process of regulating sports betting in the world’s seventh-most populated nation. The National Congress must approve the bill within 120 days because the administration posted it unilaterally.

However, there are increasing rumors that lawmakers would ultimately reject ratification. It would be a setback in a protracted regulatory process. There has been a perception that Congress has been playing second fiddle to the administration throughout the process, according to Neil Montgomery, the founding and managing partner of the Brazilian legal firm Montgomery & Associados. It seems like the Brazilian sports wagering industry will suffer the same fate as sports betting in Georgia.

Several revisions aimed to change the portion of gross gaming income casino operators kept for themselves. Many did so to alter the sums designated for certain government agencies.

Many modifications attempted to increase the tax burden, even though the 18 percent tax rate imposed by the PM was more than the industry anticipated and, despite criticism, the actual tax rate would stand closer to 30 percent after further contributions are considered.

Sen. Teresa Leito of the PT, who represents the state of Pernambuco, proposed an amendment to raise the tax on operators to 22%.

According to Leito, the sum should be taken from the operator’s earnings, and the percentage of sports betting money going to basic education should increase from 0.82 percent to 4.82 percent.

Related Articles