Brazils Chamber of Deputies has approved legislation to oversee internet wagering, potentially opening the door for legal online sports wagering and iGaming in 2024.
Referred to as the “gambling initiative,” the legislation now requires presidential approval to become law. Initial approval came in September, but the Senate’s vote to omit online gaming caused a delay. This week, the lower house reversed the Senate’s decision in a final vote.
Culminating months of discussions, the final bill includes stipulations for taxing both operators and players, along with prerequisites for licensed providers. Companies can retain 88% of their gross income, with the remaining 12% allocated to education, law enforcement, athletics, and other sectors.
Reactions to the decision are divided. Detractors, such as Congressman Eli Borges, contend that regulating wagering will have detrimental effects, especially for youth, and could fuel a rise in gambling addiction.
Conversely, supporters, including House Speaker Arthur Lira, maintain that regulation is crucial to manage an already existing, unregulated market. They posit that overseeing online gambling is the sole method to guarantee responsible conduct and safeguard consumers.
Representative Adolfo Viana is advocating for this legislation, claiming it’s about time these internet gaming platforms adhere to regulations. He emphasizes they must be under the government’s oversight and, naturally, contribute their rightful portion of taxes. Should this fail to occur, Viana cautions these websites will persist in operating clandestinely, possibly jeopardizing individuals.
