a dedicated regulatory agency creates serious challenges for effective oversight. He argued that due to the fragile regulatory framework, decisions are frequently made through quickly drafted ordinances to address irregularities. When illegal activities are discovered, enforcement responsibilities rest with Anatel. Now the government is looking to raise taxes in order to


boost revenue and help meet the government’s zero-deficit target for 2025. Te reason for increased taxes stems from a failed executive decree raising Brazil's financial transactions tax (IOF) for a range of operations in order to plug the budget gap. Te announcement triggered immediate backlash, prompting the government to walk back the tax increase amid criticism that it was effectively introducing capital controls. President Lula’s approval rating is already at an all-time low. In order to find another source of income rather than cutting government spending the Executive Power has forwarded MP 1.303/2025 as a means to compensate for the revocation of the IOF decree. Te MP increases the tax on betting operators amongst a raft of other financial measures. However, the National Association of Games and Lotteries (ANJL) has warned that the country could lose more than R$2.8bn if the tax on the sector is increased from 12 to 18 per cent permanently. According to estimates from the ANJL, the biggest impact would be on concession fees, with projected losses of R$2.4bn, as many operators would choose not to enter the Brazilian market. Tis would be complemented by a reduction of R$400m due to deposits in federal public securities that companies would need to make as part of the legalisation process. In addition, it will in all likelihood provide a boost to the illegal market which is already thriving. In June a study financed by the Brazilian Institute of Responsible Gaming (IBJR) revealed that three out of four Brazilians who bet online in 2025 used illegal platforms. Meanwhile a number of states are forging ahead with their


own rules over how sports betting is regulated. Each of the 26 states and the federal district are permitted to establish their own lotteries under federal regulations. Sports betting is classified as "sports lotteries" under Law No. 13,756, enacted by President Michel Temer in 2018. We are likely therefore to see a roll out of online and physical sports betting points via state lotteries. In addition sports betting in retail locations will expand further via state owned financial institution Caixa. In August the SPA authorized Caixa Loterías SA to jointly operate the BetCaixa, MegaBet and Xbet Caixa brands in the sports and online gaming segments both in physical and virtual formats until the end of 2029.


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