MARKET INSIGHT: SPORTS BETTING: BRAZIL
Beyond regulating and imposing taxes on operators the senator said that: “Tere are more serious things involved. Te manipulation of football results has everything to do with bookmakers.”
In May, the Ministry of Finance decided to tax online sports betting companies 16 per cent on GGR. Te taxation foreseen at the time was 16 per cent, with one per cent for the ministry of sports. But, according to the new MP, the percentage allocated to the Ministry of sport increased to three per cent, bringing the total to 18 per cent.
It will be up to the Ministry of Finance to fix the cost of the licence. Te executive will also send a bill to congress to deal with the structure and processes for monitoring the sports betting market. Te Ministry of Finance estimates that it should raise about R$2bn in 2024 thanks to the new regulations. Over the coming years, with the fully regulated market and with the growth of the sector, the annual collection could range from R$6bn to R$12bn.
MINISTER OF SPORT APPLAUDS MEASURES
Sports minister Ana Moser has welcomed the publication of Provisional Measure (MP) No. 1,182/2023, which aims to regulate sports betting. Moser stated that regulation will play a vital role in the protection of the integrity and transparency of sport going forwards.
Together with the publication of the MP, the government also sent a bill to congress that covers the structure and administrative processes for monitoring the sports betting market in order to establish clear guidelines for how they operate.
Moser stated: “Tis is another fundamental initiative of the Brazilian government that, by regulating sports betting, it will curb match- fixing and, above all, preserve it.”
In the statement, the government emphasised that the MP would fill ‘a regulatory vacuum’ experienced since the legalisation of sports betting in 2018, when Congress approved Law No. 13,756/2018, which had not been enacted until now.
“Te Provisional Measure grants the Ministries of Finance and Sports, together, new tools to curb bet manipulation, especially those focused on sports-themed events,” the ministry announced, taking into account that both ministries had been in charge of drafting the measure.
At the end of July, the government issued its long-awaited sports betting provisional decree. Te measures will authorise sports betting and impose a tax of 18 per cent on GGR. Te decree signed by President Luiz Inacio Lula da Silva was sent to Congress, which needs to vote on it on the next 120 days.
P78 WIRE / PULSE / INSIGHT / REPORTS
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