Last updated on December 5th, 2023 at 04:27 pm
Brazilians have been waiting since 2018 for sports betting to become legal in the country. However, the journey has been long with many hurdles and challenges for Provisional Measure 1182 that makes sports gambling legal. On Monday, President Luiz Inácio Lula da Silva put his signature on it making it one step closer to reality.
According to Gambling Industry News, Provisional Measure 1182 has undergone many changes since its inception in 2018. This is because Brazilian lawmakers could not agree on several aspect of the law until now. It was not until May of 2022 that SECAP were done with its final gambling rules and regulations. From there it finally made it to the President’s office to get the signature of the President.
Unfortunately, the ex-president Jairo Bolsonaro chose not to sign it. Thus, Brazilian sports bettors had to wait for the new President to sign the bill.
Before Sports Betting in Brazil can become available, one last step remains. The Brazilian National Congress, has to review the rules and decide if they are working properly. If, all goes well, the they will give their approval and it will officially become available. However, they only have 4 months to make their decision. In theory, they could still block the measure but for now, sports betting is legal in Brazil.
Legal Sports Betting in Brazil will have an 18% Tax
The Ministry of Finance was an important part in passing Provisional Measure 1182 into law. This is because they agency laid out the plan from taxation to day-to-day operations. Now, they will begin to establish the National Secretariat for Games and Betting (SNJA) which will regulate sports betting. In addition, the ministry has been hiring new regulators since last month and expect to have 70 employees.
Afterwards, the next step will be to start issuing license procedures and other piece of technical regulations. Some of the regulations for the law that we know of include increasing the revenue tax from 16% to 18%. This was don to increases the amount of revenue to the Ministry of Sports from 1% to 3%.
In addition, foreign operators will be able to apply for a sports betting license. The cost of a sports gambling license will be $6.35 million. For those looking to open a sports betting operation in Brazil now is the perfect time to start. The best way is to use the PricePerPlayer.com Pay Per Head Solution as it only takes a few minutes to start.
Of course, not all sports betting operators will qualify to obtain a sports wagering license in Brazil. First, the bookie operation must be done out of an office in Brazil and show good financial standing. In addition, they cannot be under any kind of legal investigation anywhere else.
On the plus side, at the moment there does not seem to be a limit on the number of license available.
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