Brazilian authorities adopt amendments to tax betting

Gambling News and Lucky Stories

The next step in the full legalization of the betting sphere of gambling in Brazil will be the bill on taxation of the sphere, with appropriate amendments. Last week, the document was approved by the Brazilian Chamber of Deputies and has now been sent for final approval to the country’s Senate.

The adopted innovations relate to the amount of taxes for bookmakers: this is a tax on GGR – gross gambling income with a specified rate of thirty percent, mandatory social security contributions – 0.1 percent of GGR from “land-based” rates and 0.05 percent from online betting. It should be noted that the predicted price of a license for betting activities in Brazil may be three million reais, which in dollar terms is approximately equal to 550,000. The period of validity of permits is nine years. The expected profit from this area of ​​gambling can reach $1.5 billion. Recall that in May 2021, the State Lottery Operator of the State of Rio de Janeiro announced the acceptance of applications from operators who want to conduct lottery draws and accept sports bets in the state. The tender will last until July 5, 2021. My Lucky Story also reported that the betting company Betano signed a sponsorship contract with the Brazilian football club Fluminense.

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