Here we go! Brazil yesterday finally published its long-awaited "provisional measure" to regulate #sportsbetting. Here's what that entails... ��
➡️ Whilst the measure takes effect immediately, Congress has 120 days to approve, reject or amend it.
➡️ Unlimited number of licences will be available to both national & international companies (provided they are established in Brazil).
➡️ 18% tax on GGR - an increase from the 16% proposed in a previous draft (industry has raised concerns that this may harm channelisation).
➡️ Licence fee not yet set. The Ministry of Finance will determine this (officials have previously mooted a cost of R$25m-R$30m, but there are some calls from industry to reduce this, to compensate for the tax rate).
➡️ Operation or advertising of unlicensed sports wagering is forbidden. Unlicensed sites or illegal financial transactions can be blocked.
➡️ Sports integrity measures include a ban on sports players, coaches and others (including direct family members) participating in wagering, and prohibition on sports team owners controlling/owning a sports-betting operator.
➡️ See the link in the comments for more detailed analysis from VIXIO Regulatory Intelligence's Talia Samuelson and James Kilsby.
⭐ Importantly, this is only the start of the implementation process. The Ministry of Finance can now proceed with publishing secondary regulatory ordinances, which will map-out more specific requirements on licensing, advertising, responsible gambling and technical matters. VIXIO GamblingCompliance will be following/analysing all the key developments in the months ahead, to keep our subscribers ahead-of-the-curve (drop me a message if you'd like to learn more about our services!)