After many years of legislative efforts, legal sports betting is finally coming to Brazil. President Luiz Inácio Lula da Silva has signed a Provisional Measure attached to a 2018 law that has permitted the vertical.

As law firm Bichara e Motta Advogados shared via Twitter, the signature triggers the kickoff of fixed-odds sports betting in Brazil:

The most eye-catching amendment to the 2018 legislation is the raising of operators’ gross gambling revenue tax to 18%, with firms still to pay federal and state taxes on top.

needs rubber stamping from the National Congress within 120 days

Even though the legislative amendment needs rubber stamping from the National Congress within 120 days, international operators, such as US brands FanDuel and DraftKings, can now apply for Brazilian licenses.

Before any talk of market launch dates, however, an intra-government regulator must set, according to Bichara e Motta Advogados, a “clear framework for the licensing process, establish the definitive requirements/rules, standards, and guidelines.”

An April survey revealed that 25% of Brazilians with a smartphone have wagered money via unregulated sports betting apps. Legislators expect sports betting to raise as much as R$6bn (US$1.26bn) for the government by 2024.