The much-anticipated vote on the bill that aims to regulate fixed-odd sports betting in Brazil, known as “bets,” faced a delay until the upcoming Tuesday (12). Rodrigo Pacheco, the President of the Senate, disclosed the agreement reached among the senators during the deliberative session on Wednesday (6).
Apart from the regulation of fixed-odd sports betting, the bill also imposes taxes on various other online betting entities. The government’s revenue estimates, considered conservative, are projected at $410 million (R$2 billion) in 2024.
However, according to calculations made by Senator Angelo Coronel (PSD-BA), the rapporteur for the bill, this figure could potentially escalate to $2 billion (R$10 billion) annually. Senator Coronel staunchly advocates for the approval of the proposal.
The funds generated through this measure are anticipated to significantly bolster the government’s revenue stream, potentially aiding in addressing the fiscal deficit. Senator Coronel highlighted during the session that numerous forms of online gaming already operate clandestinely within Brazil.
Opposing senators raise concerns that the bill might pave the way for the unregulated launch of “virtual casinos.” Conversely, those in support of the legislation argue that it does not introduce new betting modalities but rather seeks to regulate a law from 2018.
They contend that the measure is primarily aimed at formalizing and ensuring government revenues from games that are already operational within the country.