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Brazilian Betting Law Signed Off

signing contract

The Brazilian President, Michel Temer, has signed off on a new bill that will legalise land-based and online sports betting throughout the country.

The President signed MP 846 on Thursday, ending the process of enacting legislation that its supporters hope will help to boost government revenue.

The Bill was mainly focused on a reorganization of the way that funds from the country’s national lottery – currently run by Caixa Economica Federal, but overseen by the Ministry of Finance – were collected and distributed. But it also included measures that effectively legalise sports betting.

The new legislation, which proposed directing a significant portion of both lottery and betting revenue to public finance, was strongly supported by the Minister of Public Security, Raul Jungmann, which helped to ensure its passage through the Brazilian legislature.

Signing Ceremony

The Bill was formally signed by Temer, whose Presidency ends in three weeks, at a ceremony attended by Jungmann, and the ministers for culture and sports, whose departments are in line to receive a portion of the new gaming revenue stream.

The Brazilian government is hoping that the Bill will lead to the generation of around R$630 million for the sports department, with R$443 million going to culture and R$1 billion to public safety. The new laws will require land-based lottery operators to pay 80 percent of their betting take to players, while their gross revenue will be limited at 14 percent, with the government claiming 6 percent. Online operators will have even tougher restriction, with profits limited to 8 percent.

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