According to the Brazilian Chamber of Deputies news agency progress is being made on a bill that would put a spending cap on the total amount that bettors can spend annually on sports betting. The spending cap would be equivalent to 10 per cent of the amount declared by players in their income tax statement of the previous year.
The proposal (Bill 2843/23) requires financial institutions and sports betting companies to adopt mechanisms for monitoring and controlling the amounts spent by individuals. Citizens who exceed the limit will be subject to fines, credit restrictions, and other measures provided for in the law.
The author of the project, Deputy Ricardo Ayres said that the objective was to prevent over-indebtedness and lack of control over assets as a result of addiction to sports betting. The lawmaker first put forward the bill in June.
“It is about balancing individual freedom to make bets with the need to protect against excessive financial risks,” he said.
The bill has already progressed so that it can be reviewed by the relevant committees in the Chamber of Deputies. It will be then be analyzed by the Consumer Protection, Finance and Taxation and Constitution and Justice and Citizenship committees.
The lawmaker has put forward a number of proposals that would impose limits on the industry. In November he presented Bill No. 3915/2023 which would make it illegal for internet celebrities and influencers to promote gambling. The measure was in response to the increased presence of gambling related content on social media platforms. In June he also put forward Bill 2842/2023 which would prohibit betting on events such as yellow and red cards, penalties and corner kicks, among other events during matches.