The Senate has approved the sports betting bill, PL 3.626/2023. It will now return to the Chamber of Deputies, where it will be analyzed before passing it onto the lower house. The bill is yet to become law, which will happen only after the lower house has signed it.
The bill has been modified and now comes with the following key points:
- 12% revenue tax
- 15% tax on winnings paid to gamblers
The potential forthcoming sports betting law excludes online casino games and the installation of physical machines from the proposal. These were enacted with 37 favorable votes and 27 unfavorable votes, and 45 favorable votes and 23 unfavorable votes, respectively. The bill permits betting advertisements to be displayed in sports arenas. Furthermore, they can sponsor athletes through a marketing campaign.
However, it comes with the responsibility of not onboarding customers by demonstrating how socially attractive sports betting is. Also, betting companies are responsible for not signing a well-known personality who would publicly suggest that gambling makes up for personal or social success in any form.
Gambling-related harm is an issue that the Brazilian sports betting bill has incorporated into the document. Therefore, brands are required to highlight the same with operators tasked with observing restrictions on broadcast channels and times.
Any bet that is placed through corruption or match-fixing has to be declared void. The onus is on operators to have proper actions in place to mitigate both actions in the live event.
Sports betting licenses can be acquired through the Ministry of Finance. According to the betting news, It will be valid for a maximum of 5 years, with every entity allowed to operate a maximum of 3 brands, provided they have a domiciled presence in Brazil. Their team must have at least one representative with proven experience in betting, games, or lotteries. A license will hold its constitutional validity only if betting platforms meet requirements pertaining to cybersecurity and technical aspects.
Other requirements are:
- Leveraging facial recognition to identify a better
- Displaying the date on which the license was published
- Mentioning the address of the headquarters
All of them are in addition to the display of customer support details (contact number and/or email ID).
An overview of the sports betting bill in Brazil pretty much highlights the basic points a country needs to cover to clear the bill and make it law. For instance, the display of warnings and no promotion with a message of social attraction are actually the foundation of responsibly promoting the brand. Its idea is to safeguard the interests of citizens without undermining what the betting platform has to offer.
Sports betting remains a risky entertainment activity, with funds on the edge of being lost. Participants are highly recommended to set aside only that portion of their capital they can afford to lose. It is better if Brazilians indulge in betting on a sport they know and understand.
Read more news on “Brazilian Suppliers Could Be Eligible for a Cut of 40% in the Revenue“.
