President Luiz Inácio Lula da Silva has partially sanctioned Bill No. 3,626 of 2023, which regulates fixed-odds sports betting, commonly known as "bets."
The measure, published this Saturday (30) in an extra edition of the Official Gazette of the Union, taxes companies and bettors and establishes rules for the operation of the service, as well as determining revenue sharing.
Fixed-odds sports betting involves bettors knowing exactly what the return rate will be at the time of the bet. According to the Palácio do Planalto, with the new law, virtual bets, physical bets, real sports-themed events, online gaming, and virtual events of online gaming are now regulated.
The text explicitly imposes a 15% Personal Income Tax (PIT) on the net value of winnings. The law also stipulates that, from the revenue after deductions, 88% will be allocated to cover the operating costs and maintenance of the lottery operator.
The remaining 12% will be distributed as follows: 10% for education, 13.6% for public security, 36% for sports, 10% for social security, 28% for tourism, and 1% for measures to prevent, control, and mitigate social harm arising from gaming practices in health areas.
"The presidential sanction is also important because it aligns with the Brazilian government's goal of increasing revenue through the regulation of sports betting, contributing to the zero deficit target," highlighted the Palácio do Planalto in a statement.
According to the communication, through regulation from the Ministry of Finance, requirements and guidelines for the issuance and maintenance of authorization to explore fixed-odds bets will be established. This will be conditioned to the demonstration of the implementation of policies, including prevention of money laundering, counter-terrorism financing, proliferation of weapons of mass destruction, betting integrity, and prevention of result manipulation and other frauds.
The law also stipulates that the values of unclaimed prizes will be divided equally between the Student Financing Fund (Fies) and the National Fund for Public Calamities, Protection, and Civil Defense (Funcap), in accordance with the federal Executive's financial and budgetary schedule.
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