On Wednesday, the Brazilian Chamber of Deputies approved a bill that would regulate online sports betting and virtual casinos.
and online casinos. Now that Brazil’s lower House has approved of the measure, it will go on to the Senate. Brazil is the largest and most populous country in Latin America. It is the fifth-largest country in the world with a population of roughly 215 million people, representing a huge opportunity for regulated online sportsbooks and virtual casinos. It also signifies a huge opportunity for Brazil’s “new” government to generate much needed tax revenue.
Lula da Silva started his second stint — and his third term — as the country’s president in January. To achieve his administration’s economic goals, Lula da Silva needs more financial resources. Although projections vary, the new regulations could generation upwards of R$2 billion in 2024. The new regulations would tax net revenues for online gambling companies at a rate of 18%. A three-year license to operate will cost companies R$30 million . Bettors will receive an income tax exemption on prizes of up to R$2,112.
Winnings above that will be taxed at a rate of 30 percent. Proceeds will be divided between Social Security, the Ministry of Education, tourism, sports, and the National Public Security Fund. to never miss a story.
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