such as paying the expensive R $ 30m licence fee and hiring the necessary members of staff for the key positions laid down by the new legislation ,” Montgomery adds .
IGAMING ’ S INCLUSION
The incorporation of igaming into Bill 3,626 / 2023 came after it was previously removed by the Senate on 12 December . However , it soon became clear that igaming would be required if Brazil was to secure the necessary tax revenue .
With an initial target of R $ 1.6bn , the loss of igaming would risk taxation revenue reaching less than half of that amount , which was estimated at R $ 700m . That total is in glaring contrast to what was initially hoped for via taxes and licence fees .
In many ways , Neil Montgomery saw approval of igaming as almost inevitable and has referred to the Brazilian government ’ s aim to hit a zero-deficit target in 2024 .
In total , 36 % of the tax will be directed to sports and 28 % will go to tourism . Public safety initiatives will be given 14 %, and 10 % each will go to education and social security .
Hugo Baungartner , vice-president for global markets at Brazilian casino operator Aposta Ganha , sees the inclusion of igaming as “ an absolute victory for the whole industry . This was something that we were fighting for over the last 15 years ,” he says .
In Baungartner ’ s view , “ that was the first step for Brazil . The other verticals and markets will come with time and conscience .”
Montgomery feels the financial benefits of igaming meant its inclusion in the bill was inevitable . “ It was only natural that igaming be reincluded
ICE LONDON 2024 • ISSUE 135 • 77