Bill 2843/23 is under analysis in the Chamber of Deputies. This is a move to contain excess sports betting. The proposal is to create an annual sports betting spending limit set at 10% of the amount declared in the previous year’s Income Tax.
The objective of this move is to restrict how much the taxpayer can invest. Aside from the initiative to restrict the amount taxpayers can invest, it also places responsibility on financial institutions and sports betting companies.
For that reason, companies should adopt rigorous mechanisms to control and monitor the amounts spent by each individual. As a consequence, those who exceed this limit will face serious punishments, such as fines, credit restrictions, and other legal measures.
Ricardo Ayres is the representative and author of the project. He highlights that the intention is to prevent over-indebtedness and lack of wealth control associated with addiction to sports betting.
Ayres says that the proposal seeks to balance individual freedom to place bets with the need for protection against excessive financial risks.
The committees of Consumer Protection, Finance and Taxation, Constitution and Justice and Citizenship will analyze the project. Afterwards, they can conclude the process conclusively.
This action aims to limit sports betting. It also sets its aim to ensure that entertainment does not exceed individual financial limits.
The bill arrives at a time when sports betting continues to grow increasingly across Brazil. It was revealed in a recent study conducted by Tunad that there is a significant increase in TV advertisements from bookmakers.
Last quarter’s highlight of 2023 was the state of Sao Paulo. According to the research, the growth represented 30% compared to the first three months of the same year.
Conar or the National Advertising Self-Regulation Council published an annex that establishes strict rules and standards to be followed by companies in the sector.
For that reason, bookmakers are prohibited to promote the idea of easy winnings or getting rich through betting. The objective is to promote a more responsible environment for consumers.
