Brazil regulates sports betting, taxes companies amid scandal

Published July 25, 2023 5:16 pm

By MAURICIO SAVARESE
AP Sports Writer

SAO PAULO (AP) — Brazil’s government has issued a provisional decree to authorize sports betting and tax companies’ revenues by 18%. The move comes amid a sprawling investigation that ensnared dozens of players in a match-fixing scandal. President Luiz Inacio Lula da Silva’s decree was sent to congress, which needs to vote on it on the next 120 days so it remains valid. Brazil’s finance ministry expects to collect at least 2 billion Brazilian reals ($420 million) in tax from betting companies next year if the provisional measure is confirmed. Brazilian betters will not pay tax if they make gains amounting to almost $445 on each bet. Any gains above that will make bettors pay 30% income tax on the winnings.

Article Topic Follows: AP National Sports

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