In the latest news in the gambling industry, Brazil is getting closer to launching sports betting. Latin American countries are very passionate sports fans. When soccer matches are in play, the world seemingly stops as fans flock to watch the match either in person or on television or streaming sites. Given that passion for sports, the potential for sports betting is immensely high. Hearing developments in introducing sports wagering in these countries are always welcome news to those in the industry.
There are a lot of challenges, but legislators need only look at countries that offer regulated wagering, and they will see the effect. This is especially true in the funds that countries can generate from licensing fees and taxes. And if you want to put up your own sportsbook in the area, these bookie pay per head reviews can help you.
Brazil is Getting Closer to Launching Sports Betting for Both Retail and Online Betting
The government has recently issued a provisional decree that legalizes the regulation of sports betting for both retail and online wagering. This means that the public has the flexibility to bet either in physical sportsbooks, or get a good sportsbook online. You can even offer this yourself with the help of white label sports betting services of bookie software.
According to the decree, operators will have the tax revenue set at 18%. This is actually quite good, compared to other betting markets. The provisional decree will now head to the congress of Brazil. It will be subject to voting within the next 120 days. The decree all started from the Minister of Finance, Fernando Haddad, with legislation for sports betting. The goal is to help generate revenue to compensate for the loss of tax revenue for the government treasury.
Previous efforts to legalize sports betting in the country has not been successful under former President Jair Bolsonaro. President Luiz Inacio Lula da Silva released this decree, and is hopeful that it will get traction in congress. Projections are set at $420 million in tax revenue from sports betting next year.