Brazilians placed bets for more than $6.9 billion in 7 months of 2023

Brazilian residents placed $6.9 billion in bets with offshore bookmakers between January 1 and July 31, 2023. This follows from the results of a study conducted by the Aposta Legal Brasil website based on data from the Central Bank of the Latin American state.

As follows from the contents of the document, compared to the previous year, when the volume of bets was $489 million, it increased 13 times.

About $5 billion returned to Brazil in the form of winnings.

According to Milton Jordao, lawyer and vice-president of the OAB Nacional Special Committee on Lotteries, Sports and Entertainment Law, Brazilians' views on the betting market have changed in recent years.

“We have come to understand that gambling can be a form of entertainment, and for some, even a form of income. You have a different vision than what you had before, and it is an extremely profitable market,” he said.

Let us recall that in September 2023, the Chamber of Deputies of the Brazilian Parliament approved a bill on sports betting and online gambling. The document will replace the temporary measure adopted by President Luiz Inacio Lula da Silva in July this year.

The bill allows gambling to only be offered by companies registered under Brazilian law in the country.

A three-year operator license will be available for BRL 30 million. The tax on income from sports betting will be 18%.

Sports royalties will amount to 6.63% of licensees' income. 5% of revenues will be used to develop the tourism industry, 2% to social security and 1.82% to education.

Only licensed operators will be able to place advertisements for sports betting. However, they will be prohibited from offering bonuses to clients.

Persons over 18 years of age will be able to place bets. Payments of winnings to clients of online operators will be taxed at a rate of 30%.