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President of Brazil Signs New Sports Betting Bill into Law
- December 21, 2018 By Riley Wilson -
Brazil has finally gotten its new sports betting legislation, after President Michel Temer signed Provisional Measure 846, and effectively making it law.
The President inked the new piece of legislation last week at the Planalto Place in Brasilia, the official presidential residence.
An Important Move
A number of high-profile officials were present at the ceremony, including the Minister of Sports, Leandro Cruz, the Minister of Culture Sérgio Sá Leitão, the Minister of Public Security, Raúl Jungmann and the Minister of Human Rights, Gustavo Rocha.
Commenting on the move, the President emphasised the impact that lottery revenue would have on a number of government branches, as it would bring additional funds to state coffers.
Temer pointed out that everyone should celebrate is the integration, the interaction between safety, sport, and culture, and added this had been an important move for public safety, for culture, for sport and, above all, for the people of Brazil.
Shortly after, he issued a statement via his official Twitter account, where he declared his government had sanctioned the act that would restructure the National Public Security Fund, which was a fundamental issue and priority for Brazilians and the government.
Making Sports Betting Legal Both On and Offline
The bill to allow online and land-based sports betting was given the green light by the Senate last month, and the initiative was included in Provisional Measure 846. Under the provisions of the proposals, a substantial portion of the resources of federal lotteries was meant to be allocated to the National Public Security Fund (FNSP),
It took less than 24 hours for the proposal to get the approval of both legislative chambers.
Provisional Measure 846 introduced changes to the way the federal lottery resources were distributed. This process has so far been conducted by the largest state-owned bank and lottery operator, CAIXA. The changes were made so that a portion of lottery income is designated for public security
The new bill will now provide a significant increase in revenue, which means more money for public security.
After the bill successfully passed the Senate and the Chamber of Deputies, the only remaining step was the President’s signature.