The regulations Brazil is considering could lead to greater offshore gambling
The Brazilian Institute of Responsible Gaming (IBJR, for its Portuguese acronym) has voiced its support for approving the Chamber of Deputies regarding Bill 3626/2023. However, it also published a statement underlining the need for changes in the legislation.
The entity expressed that if the bill is approved in its current format, it would make it impossible for companies to develop competitive and appealing products for players since prizes will be less than what can be found in the illicit gaming market.
In its current form, the project leads operators to avoid acquiring a state license and paying taxes because they’ll be entering an uneven market where it will be impossible for legal operators to compete, according to the IBJR.
The Members of the Institute restated that their concerns have yet to be recognized by the Executive and Legislative Branches. They warned that they are reconsidering possible betting and sponsorship investments in the country, which is an important income source for most football clubs.
“For the markets to succeed, maximizing public revenues and protecting the integrity of sports, betting, and the fight against money laundering, Brazil must change course and take the following measures: extend the duration of the operating license, readjust tax rates, adjust inspection fees, adjust licensing, as well as review the calculation of income tax withholding,” reads the statement.
The IBJR, led by André Gelfi, added:
"Fortunately, there is still time to implement a policy that aligns the interests of the Brazilian society, the government, the consumers, and the companies that make up the national gaming and betting ecosystem."
Emma Rodriguez is the Proofreader at the Big Blind, with seven years of experience and five years in online gambling. She plays a crucial role in maintaining content quality by ensuring error-free, reader-friendly information about the gambling industry.
