The government's expectation for the approval of Bill 3626/2023, which regulates sports betting in Brazil, is increasingly visible. The president of the Senate, Rodrigo Pacheco (PSD-MG) received the Minister of Finance, Fernando Haddad, at his official residence in Brasília.
Although the visit was to discuss the extension of the deadline for paying Minas Gerais' debts to the Union, Hadad returned to talking about betting regulation.
The minister expects senators to vote next week on the project, which, according to government estimates, increases around R$ 3 billion (US$ 610m) in 2024. But the bill would need to be voted on before Congress' consideration of the PLOA 2024. The budget bill needs to be approved in Congress by December 22nd.
Haddad stated that “in order for you to vote on the budget, you need to know how much you will have to collect from sectors that do not pay taxes,” in reference to the operation of sports betting, which is not yet taxed.
With the approval of Bill 3626, in the assessment of senator Angelo Coronel (PSD-BA), rapporteur on the matter, revenue could reach R$20 billion (US$ 4.05bn) in 2024 and not what the Executive estimates.
With the grants alone, if all 134 companies that expressed interest in applying for licenses, R$4 billion (US$ 813m) will enter the union's coffers, as soon as sports betting is regulated and the companies present the documentation required by the government.
Source: GMB
