Brazil’s President Luiz Inácio Lula da Silva has signed the country’s gambling law, making sports betting legal in Brazil.
Sports betting & igaming legal in Brazil in 2024
Brazil is entering a new era as President Luiz Inácio Lula da Silva officially signed a groundbreaking gambling law, making sports betting legal in the country from this year onward. The approval follows the chamber of deputies’ endorsement on December 21, 2023, marking a significant development in the South American nation’s gambling landscape.
The approved law, known as Bill 3,626/2023, brings about several key changes. One notable aspect is the legalization of online casino games, a provision initially excluded by the Brazilian Senate but reinstated by the chamber of deputies during the approval process.
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Online Gambling Legal in Brazil in 2024
Set to take effect in 2024, the law outlines a comprehensive framework for the regulation of sports betting and online gaming in Brazil. Online bookmakers are required to obtain government permission before legally operating in the country. Essential conditions for a gambling company include having its headquarters based in Brazil and a Brazilian partner holding at least 20% of the company’s capital. This partner must not have direct or indirect ties to professional sports organizations or financial institutions processing bets.
The cost of obtaining a license in Brazil is set at R$30 million (€5.6 million), with the license valid for a period of five years. Contrary to earlier discussions, a licensed gambling company can operate up to three different brands.
Surprisingly, the finalized law includes the legalization of online casino games, a component that had faced opposition in the Senate. The chamber of deputies overturned the Senate’s decision, marking a strategic move in maximizing potential tax revenue, given the significant contribution of online gaming to operators’ income.
Taxes
The gambling tax rate will be 12% of the net gambling revenue, a reduction from the initially proposed 18%. Gamblers will be subject to a 15% gambling tax on their net winnings.
Securing a license in Brazil comes with various responsibilities for gambling companies. These include promoting responsible gambling, preventing minors from participating, and combating money laundering. Providers are prohibited from releasing socially appealing gambling advertisements. Permitted ads must include mandatory warnings about the negative consequences of gambling, with limited appearances in the media.
In light of Brazil’s ongoing struggle with a match-fixing scandal, the Brazilian Institute for Responsible Gambling (IBJR) has initiated a collaboration with the International Betting Integrity Association (IBIA) to address the issue and uphold the integrity of sports betting in the country. With over 130 businesses reportedly interested in applying for licenses, Brazil’s gambling industry is poised for significant growth and transformation in the coming years.
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