Brazil to tax online sports betting, says finance minister
Thursday 02 de March 2023 / 12:00
2 minutos de lectura
(Brasilia).- Brazil plans to start taxing sports betting and will propose the measure as early as this month, Finance Minister Fernando Haddad said on Wednesday, in an effort to boost fiscal revenue to offset increased social spending.
In an interview with news portal UOL, he stated that the measure will be taken to compensate for the increase in income tax exemption for workers who earn up to twice the minimum wage, promised by leftist President Luiz Inacio Lula da Silva.
"I will regulate online gambling," said Haddad. "They don't pay any taxes and take a fortune of money from the country."
A law passed in 2018 allowed for the first time in Brazil online fixed odds betting, where bookmakers offer odds on the outcome of sports events.
The taxation proposal in 2021 targeted market revenues estimated at about 2 billion reais ($385 million) a year that was being remitted abroad.
Haddad said that there are no precise estimates yet of how much can be raised through the regulation. His Treasury Secretary had already said that the increase in income tax exemption would cost about 3.2 billion reais ($616 million).
A source from the Finance Ministry, speaking on condition of anonymity since the measure is still being prepared, said that preliminary figures point to a potential revenue of 2 billion to 6 billion reais from the taxation of online sports betting.
Internet sports betting companies have been growing worldwide and boosting their presence in the country, having sponsored major soccer clubs in recent years, ensuring brand exposure during matches. They include sites such as bet365, Betano and Betfair.
By Marcela Ayres
Categoría:Sportsbook
Tags: Sports Betting, Sportsbook , Sports Gaming ,
País: Brazil
Región: South America
Event
GAT EXPO CARTAGENA 2025
28 de April 2025
Colombian Olympic Committee, GAT Expo, and Colombian Official Esports Announce Historic Partnership to Promote Esports as an Olympic Discipline in Colombia
(Cartagena) - The Colombian Olympic Committee (COC) and GAT Esports have sealed a strategic partnership to promote esports as part of the country's professional sports ecosystem. The announcement was made at a formal ceremony held at the gaming industry products and services exhibition hall, attended by Marco Emilio Hincapié, President of Coljuegos, COC executives, José Aníbal Aguirre, CEO of GAT Esports, media, and special guests.
Wednesday 30 Apr 2025 / 12:00
GAT Expo 2025: Novelties, technology, innovation, and high-level networking in the magical city of Cartagena
(Cartagena, SoloAzar Exclusive).- Today concludes GAT Expo Cartagena 2025, which has taken place this week with the presence of 23 countries and more than 70 international brands in the historic city of Cartagena de Indias, with its cobblestone streets, flower-filled balconies, and centuries-old walls.
Wednesday 30 Apr 2025 / 12:00
Successful Start to GAT Expo Cartagena 2025, Which Continues with Two Days of Gaming Sector Exhibitions
(Cartagena, SoloAzar Exclusive).- Perfect attendance and strong performance were the highlights yesterday at the GAT Academy conference series at the start of GAT EXPO Cartagena, which continues today and tomorrow with the exhibition of products and services from important companies in the gaming sector, both traditional and online.
Tuesday 29 Apr 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.