Brazil Begins Final Consultation on Sports Betting Regulations
Brazil’s sports betting operators have until September 27 to offer the government their thoughts on the draft degree regulating sports betting.
The Ministry of the Economy announced a previous public consultation in July. Almost 2000 Brazilians, roughly a third of them industry players, offered their thoughts on what form sports betting regulations should take in the country.
The Ministry of the Economy, or a specially-formed or -appointed governing body, will be in charge of issuing licenses and enforcing compliance.
The current draft decree includes a 1% turnover tax on operators and specifies how those revenues will be allocated - for example, 0.15% of tax revenues will go towards social security programs.
Applicants for a gambling operator’s license will have to prove they have never been convicted of any criminal, financial, civil, or administrative wrongdoing. They must also hold $1.5 million in reserve, in order to pay out winnings.
The license fee has been set at roughly $735,000, with a $4900 monthly fee for traditional operators and a $7300 fee for online sportsbooks. The monthly fee for combined operators will be $11,000.
Any forms of advertising will be required to include warnings about the dangers of gambling, and licensees will need to develop methods of preventing money laundering and the financing of terrorism. Operators who do not comply with regulations could forfeit up to 100% of their revenue, with penalties increasing for repeat offenses.
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