Brazil announces preliminary sports betting regulations

[The Buzz]

Alexandre Manoel Angelo da Silva, Head of "Evaluation of Public Policies, Planning, Energy and Lottery" (SECAP) in Brazil announced a preliminary version of the country's sports betting guidelines at last week's Brasil Fútbol Expo. A sports betting bill in Brazil was signed into law back in December.

Operators will be required to pay a one-time license fee of R$3 million (nearly $740,000). This license is valid for nine years and after that time, operators "must renew this authorization with a new readjusted payment."

Other items from the guidelines:

Tax regime
To end the illegality, the tax regime chosen is 1% on revenue. Taxing 1% (of revenues) is equivalent to 5% to 7% on GGR and contemplates the desire of private enterprise, according to the Ministry of Economy.

Mandatory financial reserves
Companies will also have to have their own financial reserve of at least $ 6 million. This amount will serve as a guarantee for the payment of prizes to players.

Monthly payments
On a monthly basis, the bookmaker will also have to shell out an amount according to the operating regime chosen. For those who work exclusively in the physical environment, the rate is $ 20,000. Firms operating only online will have to pay R $ 30,000 per month. Those who explore both modes will pay $ 45,000 per month.

Read more here from iGaming Brazil: https://igamingbrazil.com/legislacao...as-esportivas/

[ApostaGanha]

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