WA.Technology’s Weekly iGaming News

May 3, 2024

Welcome to WA.Technology’s weekly iGaming Newsletter. This week, we have a selection of interesting iGaming updates and intriguing news from around the world for industry professionals and gaming enthusiasts.

Brazil Sets Regulatory Codes for Sports Betting Income

Brazil's Ministry of Planning and Budget has issued Ordinance 113/2024, which outlines new income classification codes for sports betting revenues. The ordinance aims to streamline the financial management of fixed odds betting, including subsidies, prescribed prizes, inspection fees for operators, and the distribution of free prizes. New codes include those for fixed odds betting, lottery subsidies, prizes, and various costs related to the operation and authorisation of these lotteries.

The ordinance allocates resources to the National Fund for Public Calamities, Protection and Civil Defense, the Integrated Border Monitoring System, and initiatives to mitigate social harms. It also ensures funding for state sports secretariats and equivalent organisations. 

Brazil Betting Law Veto Decision Next Week?

Senate President Rodrigo Pacheco announced that the session to review presidential vetoes on various bills, including Law 14,790/2023, concerning regulating sports betting and online games, is predicted to take place sometime next week, between 7 and 9 May. The session was previously postponed to allow more discussion among the legislators. 

This law includes a veto concerning the income tax exemption for betting winnings under R$2,100. Chamber of Deputies President Arthur Lira highlighted concerns about the limited timeframe available for deliberation, exacerbated by a reduced congressional schedule due to upcoming municipal elections. 

SBC Summit North America 2024

Next week,  May 7 – 9, SBC Summit North America 2024 will occur at New Jersey's Meadowlands Exposition Center. The conference will feature discussions on digital transformation, the economic impact of iGaming, and the development of profitable iGaming applications. Panels cover multiple topics, including ‘Why Online Casino Legislation Hasn't Kept Pace with Sports Betting,’ ‘Omnichannel Effectiveness,’ and ‘Blurred Lines: When Is a Game of Skill Really a Game of Chance?’ 

The event concludes with the SBC Awards on May 9 in New York City, recognising excellence across operators, affiliates, and providers. This summit provides ample networking opportunities for the North American iGaming and sports betting community, drawing in professionals from across America and worldwide.

Uzbekistan to Regulate Gambling in 2025

Uzbekistan's President Shavkat Mirziyoyev has signed a decree to reintroduce regulated gambling by 2025, lifting a 17-year prohibition. The legislation, effective from January 1, 2025, will establish a regulated framework for online gambling, sports betting, and lotteries accessible to individuals aged 18+, including non-residents. 

The National Agency for Prospective Projects (NAPP) will manage licensing and market oversight, collaborating with the Department for Combating Economic Crimes to enhance anti-money laundering protocols. Operators will be taxed 4% of revenue post-deductions, with customer winnings exempt from income tax. This move follows previous halted attempts to regulate the gambling sector in Uzbekistan, including a stalled sports betting proposal. Meanwhile, football and sports clubs can receive sponsorship from foreign betting companies.

Record Betting Expected for 150th Kentucky Derby 

The 150th Kentucky Derby, scheduled for May 4, 2024, is projected to set new betting records, potentially surpassing $300 million. Last year's Derby achieved $188.7 million in the handle, with total bets on Derby Day nearing $288.7 million. Since launching last September, Kentucky's legalised sports betting has gained momentum, and industry experts anticipate a significant increase in wagering for this year’s special event. 

The industry anticipates a surge in interest, with many expecting and preparing for a substantial turnout, forecasting another record-breaking year. The historic horse race will be watched by many in America and across the rest of the globe. Will it be another record-breaking year for the legendary Kentucky Derby?

WA.Technology Weekly

Join us again next time for more iGaming news from WA.Technology. If you want to know more about launching your own iGaming business or expanding your current brand, contact us at hello@watechnology.com.