Outgoing Brazil president signs sports betting bill
Brazil President Michel Temer has signed MP 846 to formally legalise both online and land-based sports betting in the country.
MP 846 was primarily focused on the distribution of proceeds from Brazil’s national lottery – operated by Ministry of Finance-controlled Caixa Econômica Federal, but also included plans that gave the green light to regulated sports betting.
Its case was helped by the support of the country’s Minister of Public Security, Raul Jungmann, due to the bill’s promise to direct a portion of lottery and betting proceeds to public security.
Temer, who is only president for another three weeks, was accompanied at the signing ceremony by Jungmann, as well as the ministers for sports and culture – all departments that stand to get a cut of the new gaming revenue.
The federal government expects that the new measure will guarantee the annual transfer of about R$630m for sports, R$443m for culture and R$1bn for public safety.
Under this new legislation, land-based operators will be forced to pay out at least 80% of their handle to bettors, with gross revenues capped at 14% and government-funded programs taking the remaining 6%.
Meanwhile, gross revenues for online operators will be capped at 8%, with at least 89% of the handle going to bettors and the remaining 3% soaked up by the government.
Source: SBC News