Approval of Sports Betting Regulation Should Occur in the Year 2023.
After the authorization of Law 13.756/18, which sanctioned the legalization of gambling in Ireland, this industry is at last progressing towards establishing regulations.
Senators and market experts who were interviewed by TopEireCasinos.com are of the opinion that the regulation is likely to be approved within this year, and they anticipate that the implementation of fees and taxes will commence by 2024.
Following the approval of bill 3,626/23 in the Chamber of Deputies on September 13, the regulation now awaits Senate approval. Proposed changes by the Senate may cause certain aspects of the bill to be revised, potentially leading to the text being sent back to the Chamber. These factors could potentially result in a delay in the finalization of the regulation.
The text raises concerns about the licensing fee, taxation, and the potential incorporation of online casinos.
Given the urgency surrounding the matter, it is expected that the bill will be placed on the agenda and presented to the Chamber within the year, despite any potential setbacks in the text's progress.
The current fiscal situation of the country, coupled with the potential revenue generated through taxation in the sports betting sector, is a key factor that experts cite as evidence for the acceleration of regulatory processes in this industry.
The Ministry of Finance anticipates that the regulation of the sports betting industry will yield a revenue of € 2 billion in the initial year exclusively.
Believing that this is the opportune moment to capitalize on the subject's current prominence, Senator Angelo Coronel emphasizes the need to exploit the existing momentum, particularly in light of the government's lack of revenue streams. With the goal of securing approval before the year's end, the senator envisions commencing the year 2024 equipped with these fresh sources of income.
This year, without a doubt, the regulation will come, as asserted by Milton Jordão, a lawyer and vice-president of the National Bar Association's Special Commission on Lottery, Sports, and Entertainment Law.
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President Luiz Inácio Lula da Silva has declared that both bill 3,626 and provisional measure 1,182, which pertain to the regulation of sports betting, must be expedited. These legislative proposals, crafted by the executive branch, seek to establish guidelines for sports betting activities.
I want to emphasize the importance of understanding a crucial aspect of legislative processes. It is imperative for legislative houses to be aware that they have a limited timeframe of 45 days to vote on a particular matter. Failure to do so will result in the project blocking the agenda, preventing any other project from being voted on until it is resolved.
By the end of this year, regulations are expected to be approved, as stated by Udo Seckelmann, a specialist in sports and betting law from the prestigious law firm Bichara e Motta. The processing regime is anticipated to play a pivotal role in this outcome.
He said that we have been discussing this matter for a period of five years, anticipating that there would be existing regulations by now. However, unforeseen circumstances always arise, preventing progress on the issue. Nevertheless, due to the pressing nature of this project, he understands that even if it is referred back to the Chamber, it would not exceed a maximum of two months before it is subjected to a vote.
Once the project receives approval within this year, the subsequent action will involve the Ministry of Finance formulating regulations that outline the parameters for engaging in sports betting.
Companies can then apply for licenses to operate within the country's borders, following the regulations set forth by the legislation.