{"id":129976,"date":"2023-11-01T23:51:05","date_gmt":"2023-11-02T02:51:05","guid":{"rendered":"https:\/\/igamingbrazil.com\/uncategorized\/2023\/11\/01\/brazilians-invest-r33-billion-in-international-betting-in-2023\/"},"modified":"2023-11-01T23:55:43","modified_gmt":"2023-11-02T02:55:43","slug":"brazilians-invest-r33-billion-in-international-betting-in-2023","status":"publish","type":"post","link":"https:\/\/igamingbrazil.com\/en\/sports-betting-en\/2023\/11\/01\/brazilians-invest-r33-billion-in-international-betting-in-2023\/","title":{"rendered":"Brazilians invest R$33 billion in international betting in 2023"},"content":{"rendered":"\n

Between January and July 2023, impressive amounts were transferred by Brazilians to international betting<\/a> platforms, reaching the US$6.9 billion mark. This represents around R$33.5 billion, according to a Central Bank<\/a> survey analyzed by the Aposta Legal Brasil portal.<\/p>\n\n\n\n

This volume is 13 times greater than that recorded in the same period of the previous year, where bets totaled US$489 million.<\/p>\n\n\n\n

Of the total handled in 2023, US$1.5 billion corresponded to payments made to foreign operators, while Brazil recorded an inflow of US$5 billion, an amount that includes the prizes paid to winning bettors.<\/p>\n\n\n\n

Growth and regulation of the betting market<\/h2>\n\n\n\n

The significant advancement of the betting market in Brazil comes amid debates about its regulation. Since the sanction of Law 13,756\/2018 in December 2018 by former president Michel Temer, sports betting<\/a> has been allowed in the country.<\/p>\n\n\n\n

The legal opening of the sports betting<\/a> market brought a new era of opportunities for the sector in Brazil.<\/p>\n\n\n\n

In conversation with Aposta Legal Brasil, Milton Jord\u00e3o, lawyer and vice-president of the OAB Nacional’s Special Commission on Gaming Law, highlighted profitability as one of the main reasons for the high volume of transactions in betting operators.<\/p>\n\n\n\n

“We realized that gambling can be entertainment and, for some, a source of income. The view on gambling has changed and we now see a highly profitable market”, he commented.<\/p>\n\n\n\n

However, full regulation of sports betting<\/a> operators in Brazil is still pending.<\/p>\n\n\n\n

On September 13, 2023, the Chamber of Deputies approved a bill regulating fixed-odd sports betting. The text, which now includes MP 1,182\/2023, is in the Senate for evaluation.<\/p>\n\n\n\n

High tax revenue projection<\/h3>\n\n\n\n

Law 13,756\/18 stipulated that betting operators in Brazil would retain 95% of gross revenue, minus prizes and taxes.<\/p>\n\n\n\n

However, the bill approved by the Chamber reduces this margin to 82%. Players will pay 30% tax on prizes above R$2,211, but will be exempt for lower amounts.<\/p>\n\n\n\n

Tax revenue will benefit several areas. The bill allocates specific percentages to:<\/p>\n\n\n\n