Brazilians spent BRL 54 billion on sports betting in 11 months of 2023

Brazilian residents placed BRL54 billion ($10.93 billion) in bets with offshore bookmakers between January 1 and November 30, 2023. Folha de São Paulo writes about this, citing data from the Central Bank of the Latin American state.

Payouts to customers on bets placed amounted to about 43.3 billion reais, and operating income for operators amounted to 10.2 billion reais.

As the publication writes, citing data from a Datafolha survey, 15% of Brazilians made online bets during the year. On average, Brazilians spent BRL 263 ($53) on online gambling.

Let us recall that at the end of 2023, Brazilian President Lula da Silva signed a law regulating sports betting and online gambling.

According to the contents of the document, only companies registered in accordance with Brazilian law in the country will be allowed to offer gambling. A three-year operator's license, which allows betting under three brands, can be purchased for BRL 30 million. Operators will pay income tax of 12%. The tax on player winnings will be 15%.

Only licensed operators will be able to place advertisements for sports betting and online gambling. However, they will be prohibited from offering bonuses to clients. Operators will also be required to offer customers self-exclusion periods ranging from 24 hours to six weeks.

The law is expected to generate more than 3 billion reais annually in taxes for the Brazilian federal government.

The Ministry of Finance has six months to create a regulatory framework.