Brazil: Passed Law on Fixed-Odd Betting including direct tax provisions (3626/2023)

On 12 December 2023, the Brazilian Senate passed legislative project 3626/2023 on Fixed-Odd Betting, including direct tax provisions. According to this legislation, net winnings accrued from fixed-odds betting, including fantasy sports, are subject to a 15% personal income tax. The term "net prize" is defined as the positive outcome derived from fixed-odds bets made within a given year after deducting any losses incurred from bets of a similar nature. The next step involves presenting the law to the Chamber of Deputies for further consideration.