Brazilian president Luiz Inácio Lula da Silva has signed into law regulations for igaming and sports betting in the country.
The law was officially enacted on the eve of the new year and is the final milestone in the regulatory process in Brazil.
As previously reported, the sports betting tax rate has been set at 12 per cent, with player prizes taxed at 15 per cent.
Operators must pay a BRL30m (€5.5m) licence fee to operate up to three brands and such companies must be based in the country.
Sports betting has been legal in Brazil since 2018 but former president Jair Bolsonaro failed to get the proper regulations over the line before the deadline of the end of 2022.
His successor Lula, however, showed more optimism for regulation and has helped steer the country to completing the process in a single year.
After a Preliminary Measure was introduced for sports betting in August, both the Chamber of Deputies and the Senate Plenary have largely had few concerns about those proposals.
However, igaming has caused more debate, with the Senate Plenary removing igaming from the bill in a key vote in December. However, the Chamber of Deputies brought igaming back into the picture, with both gaming modalities now regulated in Brazil.
