Brazil creates sports betting regulator

Brazil creates a sports betting regulator. According to local publication O Globo, the new body will be called the Secretaria Nacional de Prêmios e Apostas (SNPA).

The regulator, for whose work 54 to 65 posts will be established, will be subordinate to the Ministry of Finance. In particular, agents of the Federal Police and the Financial Control Board will be included in the regulatory body.

It is planned that the annual maintenance of SNPA will cost the state 4 million reais.

Recall that sports betting was legalized in July this year by decree of Brazilian President Michel Temer. Betting company income will be taxed at 18%, and the cost of the license is expected to be 30 million reais ($6.35 million).