American Bookmakers Apply to Operate in Brazil

Following the signing of a law by Brazilian President Lula da Silva permitting betting and gambling in the country, several American operators have expressed interest in entering the burgeoning gambling market in the state. Itatiaia has received a list of 134 companies keen on establishing branches in Brazil. While these organizations have not yet applied for a license, they have formally conveyed their interest in reaching out to the Brazilian Ministry of Finance.

Among the listed operators are companies from the United States, including DraftKings, MGM, and Seminole Hard Rock. These entities own numerous gambling establishments and online casinos across American states. Bookmaker Flutter intends to venture into the Brazilian market through its subsidiary Betfair.

In early January, Brazil took steps to regulate the sports betting and online gambling market after prolonged discussions in Congress, with implementation expected by 2023. The legislation stipulates a tax rate of 12% on the bookmaker's income, excluding the payout of winnings. Operators seeking a license will be required to contribute approximately $6.1 million to the Brazilian treasury.

9 January 2024, 17:30

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