President Luiz Inácio Lula da Silva has officially approved the law regulating sports betting and online casinos in Brazil. This decisive action puts an end to the uncertainty surrounding the gaming industry and paves the way for its future growth.

Finance Minister Fernando Haddad is committed to achieving a zero deficit by 2024, and he believes that the income generated from the regulation of the industry will greatly contribute to this goal.

According to José Francisco Manssur, the special advisor to the Executive Secretariat of Finance, a fully regulated market could potentially bring in R$ 12 billion (US$2.45 billion) annually within five years. Manssur predicts that the revenue for 2024 alone could exceed R$ 3 billion, including the payment made by companies interested in operating in Brazil.

The strong demand for licenses is evident, with 134 companies already seeking authorization to operate in the country. Each company will be required to pay R$ 30 million (US$6.2) for a five-year license.

Under the new legislation, a significant portion of the operator tax will be allocated to various sectors, including sports, tourism, justice, public security, and education. This ensures a balanced distribution of funds to benefit multiple areas.

The recent advancement in legislation aligns perfectly with the upcoming SiGMA Americas Summit in Sao Paulo, which will take place in April 2024. As the gaming industry’s leading event, the summit has experienced a surge in demand for participation from key industry players. With the Senate’s final decision on the gaming regulation bill, the SiGMA Americas Summit will serve as a crucial platform for networking and collaboration, providing invaluable insights into the regulatory changes in Brazil, one of LATAM’s largest markets.

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