When it comes to sports betting, the PPI Council outlined a plan that would allow operators to bid on licenses to offer sports betting legally in the country.<\/p>\n
We include a sports lottery called fixed-odds betting, which will be structured so we can have a concession system,\u201d<\/strong> special secretary for the PPI of the Ministry of Economy Martha Swiller told reporters at a press conference last week. \u201cIn accordance with the legislation for these services, the goal is to attract private partners, in view of the existing regulations, so we can collect taxes and contribute to the fiscal effort of the government.\u201d<\/strong><\/p><\/blockquote>\nBrazil legalized fixed-odds sports betting in December 2018. However, that bill did not include regulatory or licensing rules, where were left for further legislation. The bill set the tax rated for sports betting operators at 3 percent of turnover, despite calls for a lower rate.<\/p>\n
The sports betting initiative is part of a PPI plan to raise more than 37 billion Brazilian Real ($6.9 billion) to help the nation recover from the coronavirus pandemic.<\/p>\n
The council didn\u2019t specify how much of that money it expects to generate from sports betting fees and taxes. However, it did note that gamblers spend about BRL 2 billion ($370 million USD) each year on illegal sports betting. The hope is that legalization will attract enough betting handle to bring significant funds into government coffers.<\/p>\n