Brazil Tax Increase Nears as Vice President Signals Steeper Hike
The Brazilian Government has officially issued a provisional measure raising the tax on betting operators to 18 percent of GGR, with the country’s vice president hinting the rate could be further increased.
PM No 1,303 was published on June 11, raising the tax rate on operators’ GGR from 12 percent to 18 percent, a 50 percent hike.
The Brazilian Institute of Responsible Gaming labeled the tax rise “unacceptable,” warning it could boost the black market.
Yet, Brazilian Vice President Geraldo Alckmin said the tax burden could be raised even further, saying: “We need to increase the tax [on bets]. Not just 18 percent, which is the government’s proposal, but 27 percent. This will prevent many families from being harmed.”
Codere Online Keeps Nasdaq Listing After Filing 2024 Report
Codere Online has avoided a Nasdaq delisting by submitting the required SEC filings, following a May warning from the exchange.
On May 16, Nasdaq issued a staff determination letter to Codere Online, stating its intention to delist the company for failing to file its 2024 annual report on time.
However on June 6 Codere, which operates in LatAm markets such as Mexico, Colombia and Panama, announced it had received confirmation from Nasdaq that it will remain listed, having filed its 2024 Form 20-F (annual report for foreign companies) with the SEC on June 2.
Loterj President Defends National Operations
Rio de Janeiro State Lottery (Loterj) President Hazenclever Lopes Cançado says the lottery will continue to defend its right to license brands throughout Brazil, despite a recent federal court decision.
Loterj has long been embroiled in a dispute with the Brazil Federal Government, though a recent Supreme Federal Court (STF) preliminary decision prohibited the state lottery from allowing its brands to operate beyond Rio de Janeiro state borders, mandating geolocation tracking for operators to ensure compliance.
However, Lopes Cançado told iGB Loterj remains “fully committed” to battling the STF’s preliminary decision, believing the STF will ultimately rule in favour of Loterj rather than making the current measures permanent.
“These revenues, generated by local lotteries … finance actions in health, education, sports and social assistance, especially for those who need them most,” Lopes Cançado said. “Interfering in this cycle of progress is penalizing the vulnerable population.”
Ban on Betting with Credit and Crypto Proposed in Argentina
An Argentinian politician has introduced a bill that would ban betting online with credit cards and cryptocurrency in Buenos Aires Province.
According to Yogonet, Buenos Aires Province representative Nazarena Mesías introduced the bill with the objective of reducing problem gambling in the region.
Mesías believes the ban would boost transparency among the online gambling industry, saying: “Currently, the law does not explicitly specify the currency in which online gambling transactions must be recorded.
“This omission can lead to operators using credit systems or virtual units of value, which can lead to a lack of clarity about the actual value wagered.”
Betano Global Ambassador Antetokounmpo Opens New Court in Rio
Betano global ambassador Giannis Antetokoumpo has opened a new basketball court in Rio de Janeiro, demonstrating the Kaizen Gaming-owned brand’s dedication to developing sports in LatAm.
On June 9, NBA star Antetokounmpo inaugurated the new court, which features Betano branding, as well as a commemorative plaque and the two-time MVP’s signature.
Betano says the move forms part of its wider strategy to support national sports in LatAm, with the brand already sponsoring the top-flight soccer leagues in both Brazil and Argentina.
Betano’s Brazil Country Manager Guilherme Figueiredo said: “We want to be a major supporter of national sports, whether through sponsorships, the construction of public sports spaces, or social transformation initiatives through sport.”
