The statement made by Arthur Lira,  president of the Chamber of Deputies, follows what was said by the Minister of Finance, Fernando Haddad, who, after a meeting with the Vice-President of the Republic, Geraldo Alckmin, affirmed that the proposal to regulate sports betting is "mature" and close to being sent.

During an event with businessmen, the Chamber leader remarked on the Chamber's commitment to work towards Brazil's economic development, highlighting the multiple benefits that the regulation of sports betting has to offer.

"It is clear that Brazil cannot give up these revenues, it is obvious that things happen in Brazil and we all see them," Lira told reporters after a discussion with businessmen in São Paulo. "I think [the project] will bring a lot to Brazil, because it is regularised, it is officialised, it generates direct employment and taxes are being paid," stated the major.

In addition, Lira mentioned the commitment to approve the Bill 442/91, which seeks to legalise gambling in the country, as an additional measure to boost the national economy. With such initiatives, the expectation is that there will be a significant improvement in the economic scenario, providing new opportunities and advances for Brazil.

"There is bingo, casino, all kinds of games that the Chamber has already voted on, the regulation has been in the Senate for more than a year," said Lira, referring to the gambling bill.

The bill to regulate sports betting

President Luiz Inácio Lula da Silva (PT) signed on Monday (24) a bill and a provisional measure (MP) to regulate sports betting to be published today, Tuesday 25.

As it is a provisional measure, it starts to apply from its publication and the National Congress will have 120 days to analyse it.
The bill brings administrative and sanctioning processes of the business. To be valid, it depends on legislative processing from the beginning.

For government sources, the decision by the President to regulate the activity advances a long-standing issue in Brazil, and could result in revenue for public coffers as early as this year.

The bill brings administrative and sanctioning processes of the business. To be valid, it depends on legislative processing from the outset.

Currently, with the exception of online betting, gambling in the country is illegal.

The regulation allows gaming operators to apply for a licence to operate in Brazil, which, in practice, gives them a fixed-term licence to operate in the country.

According to the texts, the value of the grant will be defined in another act of regulation by the Executive.

The internal estimate is that each company will pay BRL 30 million to operate in the country for five years.

The authorisation to operate in Brazil leads to the implementation of gaming houses, advertising/commercial dissemination and also the regular payment of taxes.

From the amounts obtained from the exploitation of the games, the companies must first pay the prize to the bettor, then deduct federal taxes (such as Income Tax and PIS / Cofins), also local taxes (such as ISS).

After that, the net revenue would be apportioned between the Public Security Fund, the Education Fund, the Ministry of Sports, the profit of the clubs and operators, among others.

It is expected that the regulation of the sports betting sector will result in the collection of BRL 6 billion to BRL 12 billion. For the 2024 budget, R$ 2 billion should be considered, so that there is no legal uncertainty.