The bill to regulate sports betting in Brazil establishes the rules for the online market, such as virtual casinos, is still being discussed in the Federal Senate. The Federal Government published, last Friday (27), the rules so that online betting companies, the so-called “bets”, can operate legally in Brazil.
The ordinance in the Official Gazette of the Union (DOU) was published before the definition of taxation in the Senate. The determinations apply to all companies that commercially operate the “lottery modality of fixed-odd betting in the national territory”. According to the text, there will be no limit on authorizations for operation. The objective is to promote broad competition in the sector and regulation will be the responsibility of two specific secretariats, one in the Ministry of Finance and the other in the Ministry of Sports to monitor their area of competence.
For Beto Sadalla, WYNN representative in Brazil, the country is ripe to have this approval and debate the effects of this bill. “All developed countries in the world have casinos and what this generates in taxes could be allocated to departments of Culture, Health and Education”. For Sadalla, there are several ways to regulate this. “There is no way you can go wrong when it comes to money laundering, casino compliance is very legal, you have to play with your name and it is fully regulated worldwide.”
Furthermore, foreign companies must open national subsidiaries to obtain operating authorization. “Foreign companies that have had their authorization(s) revoked or revoked in other jurisdictions in the last five years will also be vetoed”.
Bets will also have to “implement policies to prevent match-fixing and money laundering”. Companies that have athletes or sports managers on their staff are prohibited. Sadalla believes that the casinos will open up the number of people entering the country. “If you open new casinos and hotels, you will attract a lot of new people to Brazil.”
Proposal in Congress
In July, the government published a Provisional Measure establishing rules for the sector that have not yet been analyzed. However, a bill to regulate betting is being processed in the National Congress.
The project, approved by the Chamber of Deputies in September, also deals with the prohibition of participation of some people, such as minors, people who have influence on the outcome of sports betting (referees, coaches, athletes and sports coaches) and responsible employees by the regulation of the sector in the Ministry of Finance.
The matter is being processed simultaneously by the Senate’s Economic Affairs Committee (CAE), the Economic Affairs Committee and the Sports Committee (CEsp).
Source: CNN Brasil
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
