Brazil reports BRL1.09 billion in betting tax revenue for October
Brazil’s regulated betting market generated BRL1.09 billion in tax revenue in October, 9.4% below September, according to the Federal Revenue Service. The Senate’s Economic Affairs Committee was scheduled to vote on a bill that would raise the gross gaming revenue tax rate from 12% to 24%; if approved, it would proceed to the Chamber of Deputies unless referred to the Senate plenary.
The proposed tax increase could double the stated GGR rate for regulated betting operators.