In this article, we will be taking a look at the detailed interview which the Betconsult Legal Advisor, Marcelo Munhoz da Rocha, spoke about. He was talking about the expected sports betting legislation. Let’s take a look.
Before we jump straight into it, feel free to take a look at the latest online gambling news for other interviews which have been added to our collection. All the sagas you may find are directly related to the gambling world.
Betconsult Legal Advisor Rocha Talks In Depth on Brazilian Q4
Without further ado, let’s take a look at what da Rocha had to say in his exclusive interview:
What is the current state of sports betting legislation in Brazil?
In December 2018, Brazil approved law 13756/2018, which legalised the activity of fixed-odds sports betting. This piece of legislation legalised the activity and also gave it the status of a lottery type game.
Even though the activity of fixed-odds sports betting was legalised, it is still pending regulation. To provide the best regulation decree possible, the Federal Administration, via the Ministry of Economy, held a public consultation in August to gather suggestions from the gambling community, with a focus on taxation and license-granting modality.
As a response to the public consultation, an initial regulatory decree has been disclosed with the gaming community. According to the decree, fixed-odds sports betting will be operated in a free market environment, in the authorisation license-granting model, in which the operator or consortium interested in operating must meet certain legal requirements.
The mentioned decree isn’t perfect and it is not definitive. A complimentary decree is expected and, for that, the Ministry of Economy has opened a new public consultation that will end on 27 September. It is expected that the new decree will provide official information about license fees, license terms and other details such as taxation and other incurring fees.
What are the costs of license fees?
It’s still unofficial because it was not the object of the initial regulatory decree but it is expected the license fee will cost R$3m (US$723,150). This is still to be confirmed by a complimentary regulatory decree.
When is sports betting likely to become active in Brazil?
According to forecasts, it is expected regulation will be completed during the last quarter of 2019, with the license-granting process to begin subsequently.
Well, there you have it. We have heard all from the Betconsult Legal Advisor. Let us know what you thought.