Outgoing Brazil President Michel Temer signs legislation to formally allow online and land-based sports betting in the nation.

Land-based operators in Brazil will be forced to pay out at least 80% of their handle to bettors under the legislation, while online operators will have to pay out at least 89%.

The sports betting measure was fired off in "astonishingly swift fashion" after being first introduced by a Chamber of Deputies commitee in November.

While it's too early to say with certainty which companies may benefit from sports betting in Brazil, it was reported last year that Las Vegas Sands (NYSE:LVS) and Caesars Entertainment (NASDAQ:CZR) were considering at some level setting up casinos in the region.

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