The President of Brazil, Lula da Silva, has sanctioned a law that regulates the sports betting and online gambling market within the country. After extensive deliberations in Congress throughout the entirety of 2023, the bill successfully passed through both parliamentary approval and presidential endorsement. The law officially sanctioned the operation of online casinos starting from December 21, 2023.
According to the provisions outlined in the document, a tax rate of 12% is set on bookmakers' income, calculated after deducting the payment of winnings. Additionally, gamers are required to contribute 15% of the amount won. Operators seeking a license must fulfill a financial requirement of 30 million Brazilian reais ($6.1 million). It's specified that only companies registered in Brazil with headquarters within the country will be eligible to engage in betting activities.
