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Will Brazil have a legal sports betting industry in the near future?

wetron Brazil legalise betting

Attention, Brazilian football betting fans! Wetron Gaming wants to tell you a piece of good news, that is, in the near future, Brazil is expected to usher in a legalized sports betting industry! This means that online betting platforms will be subject to government supervision and review, football betting enthusiasts’ rights and interests will be guaranteed, and you can enjoy the fun and bonuses of football betting with confidence!

• Brazil’s finance minister actively promotes the legalization of sports betting

A few days ago, Brazilian Finance Minister Fernando Haddad revealed in an interview with local media that the government is planning to promote the legalization of online sports betting websites in the country. He added that there are now many offshore sports betting sites that do not pay any tax because they are not brick-and-mortar casinos, but earn large sums of money from the country. Therefore, they are launching a legislative proposal regarding the regulation and taxation of online casinos. Fernando Haddad believes that Brazil urgently needs legislation to regulate sports betting activities, so that betting can be transferred to officially authorized sports betting websites instead of hundreds of offshore websites.

• Legalization of sports betting is more than just rhetoric

After Fernando Haddad’s statement, the relevant departments took immediate action, including drafting the bill, collecting the signatures of legislative representatives, and creating an official committee to further study and review the bill and send it to the House of Representatives for review. According to estimates by the Brazilian Ministry of Finance, the legalization of online sports in the country will generate potential tax revenues of more than US$387 million per year.

• Legalizing sports betting is only the first step

While Brazilian officials have yet to release more details about the bill, online casinos are expected to be the next target of congressional discussions. According to estimates, there are currently more than 450 active sports betting platforms and online casinos in Brazil, the vast majority of which are offshore companies not regulated under Brazilian law.