Brazil’s Finance Minister Fernando Haddad has confirmed that the government will soon begin regulating and taxing sports betting, according to a report by Reuters.
Sports bettors have been waiting for months for the government to issue regulations. Now the wait may be nearly over.
Haddad commented, “I will regulate online gaming. They don’t pay any taxes and make a fortune from the county.”
The government has been under increasing pressure to regulate the industry after the publication of news stories of match fixing of some sports. Haddad has also released figures showing that the country is losing out on $385 million to $1.1 billion annually in taxes from sports betting.
The activity was legalized in 2018 but the government has not yet issued regulations.
