The National Congress should receive the provisional measure that is being prepared by the Ministry of Finance this May. The Sports Betting PM will serve to regulate the sector in Brazil.
The practice has been legalized in the country since December 2018 during the government of President Michel Temer. At the time, the law established a period of four years for the market to be properly regulated in the country. However, this period ended in December of last year without the regulation being formalized.
With the return of the joint committees to evaluate the provisional measures, the internal agreement between the Chamber of Deputies and the Federal Senate is for Senator Jorge Kajuru (PDB-GO) to be the rapporteur for the proposal. Therefore, Kajuru will be able to make adjustments to the text forwarded by the federal government and include amendments by other parliamentarians.
According to the R7 portal, the senator is the author of a proposal that regularizes sports betting and provides for the collection of taxes and advertising rules by sports betting houses.
The betting market moved around 35 billion dollars during the 2022 World Cup, played between November and December in Qatar. Among the norms defended by the Senate proposal are the payment for the license to operate in Brazil, in addition to the obligation to publicize responsible gambling.
Sports Betting PM
The Sports Betting PM must grant a period of 180 days for companies operating in this sector to gather all the documentation required to regularize their activities in the country.
The Ministry of Finance will have an additional 30 days to respond to requests made by companies. If these deadlines – which are currently just projects – are fully met, this implies that in 2024 there will be regulation of this market.
Such regulation will be quite different from the current situation, requiring that the houses have their headquarters in Brazil. In addition to having to comply with various requirements, including a 15% tax on profits, companies wishing to operate in Brazil will have to pay a licensing fee of R$30 million.
