Online betting law goes to presidential sanction

Pending

Rule establishes restrictions on games and taxation of bets and prizes

The Chamber of Deputies concluded, in the early hours of today (22), Bill 3626/23 which regulates fixed-odd online sports betting, when the bettor knows in advance the rate of return at the time of the bet, known as bets – term in English to describe games of chance. The matter now goes to President Luiz Inácio Lula da Silva for sanction.

The betting regulation PL bets It was an initiative of the Executive Branch in July and was processed urgently. Initially, the government sent a provisional measure to the National Congress, but it lost its effectiveness as it was not voted on.

When presenting the MP, the government predicted an increase in revenue necessary for fiscal adjustment.

“In a fully regulated, consolidated and fully profitable market, the annual revenue potential is between R$6 billion and R$12 billion. This estimate considers data on the growth of this segment in the world and in Brazil”,

described the Ministry of Finance when announcing the initiative.

Data collected by the Family Budget Survey (IBGE), carried out in 2018 (year of release of the bets), revealed that Brazilians spent R$14.16 per month on betting and games, an amount above the monthly expenses for rice (R$12.79), ground coffee (R$9.92), beans (R$5, 92), among other consumer goods and services.

Taxation

As approved by parliamentarians, bettors who win more than R$2,112, the first bracket on the Personal Income Tax table, must collect 15% of the prize.

The value of bets now includes the payment of a 2% social security contribution. The resource will be divided between education (1.82%), sport (6.63%) and tourism (5%). Companies will keep 88% of gross revenue for costs. The 12% raised will be divided into financing education, public security, sport and other areas.

In October, the Ministry of Finance published an ordinance for companies to express interest in maintaining or operating in betting and more than 130 registered.

Restrictions and casino

The law establishes requirements for these companies. People under the age of 18, people with influence over sporting events or the gaming platform, and people diagnosed with betting disorders cannot place bets.

The law requires that bets verify the identity of bettors with facial recognition. The companies’ electronic platforms must monitor potential damage or abusive use by bettors; and have time-limiting features for users. The law also establishes the suspension of payments for bets investigated for manipulating the results.

The processing of the bill on bets It began in the Chamber of Deputies and went to the Federal Senate where it underwent changes, such as the reduction in the tax rate from 18% to 12% of company revenue, and the withdrawal of betting authorization in so-called casinos online.

Because of the changes, the project returned to the Chamber, the rate was reduced as established by the senators, but the deputies reversed the ban on betting for virtual gaming events online.

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